Listing Agency: One South Commercial Show Phone

Listed By: Tom Rosman · License #0225030879 Show Phone

Source: Moodyscre

Added: Jul 30, 2024 Changed: Oct 25 Last Checked: Oct 26 at 4:17PM

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Investment Insights

Based on property information with market context.

This warehouse offers 41,396 square feet with 12' ceilings and three loading docks. The property includes a new roof with a 20-year warranty, and it is currently occupied by a strong local tenant.

The building fronts I-95, providing high daily exposure with more than 10,000 vehicles per day reported on the interstate.

For sale at 3405 Commerce Rd in Richmond, VA 23234, this facility is positioned for straightforward industrial use within an established, roadway-accessible setting.

Key Highlights

• 41,396 SF warehouse fronting I‑95 with three loading docks
• 12' ceilings
• New roof with a 20‑year warranty

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$404,804

Cap Rate

7.94%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$8,096,080 $8.1M

Cap Rate 7%

$5,782,914 $5.8M

Cap Rate 9%

$4,497,822 $4.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 42,628 SF

Gross rent

$501.3K $11.76/SF

− Vacancy

−$25.1K −$0.59/SF

EGI

$476.2K $11.17/SF

− OpEx

−$71.4K −$1.68/SF

NOI

$404.8K $9.50/SF

Area

Richmond, VA

Vacancy

5.00%

Lease Rate

$11.76 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$8,096,080

Cap Rate 7%

$5,782,914

Cap Rate 9%

$4,497,822

Alternative Uses

Best Use

Warehouse

$5.78M

$5.06M – $6.75M (±1% cap)

NOI $404,804 @ 7.0% cap · market cap 7.94%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$9.85M

$8.62M – $11.49M (±1% cap)

NOI $689,395 @ 7.0% cap · market cap 13.52%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

CC Staffing service Employment Agency Git The Trucking Commercial ... (Bike/Boat/Book/etc) Store 69 Chosen LLC (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Dental Office Building Supply Parking Lot & Garage HVAC Service Pharmacy Real Estate Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

12 ft

Clear height

3

Dock-high doors

10,000 VPD

Traffic count

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

85

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 23234, VA

46,610

Population

18,167

Households

2.6

Avg Household Size

35

Median Age

20%

College-Educated

80%

High-School Grad

19.1 sq mi

ZIP Area

2,440

Density / Sq Mi

$63,630

Median Household Income

$37,661

Median Earnings

$1,321

Median Rent

$237,300

Median Home Value

Market

Vacancy Rate% for Industrial in Richmond, VA

2.9% 2019

3.7% 2020

2.5% 2021

2.8% 2022

3.1% 2023

3.7% 2024

3.9% 2025

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Frequently Asked Questions

What type of property is this?

Warehouse - Warehouse fronting I-95 with three loading docks, 12' ceilings, and a new roof with 20-year warranty.

Where is this warehouse located?

The property is located at 3405 Commerce Rd Richmond, VA.

What is the asking price?

The asking price for this property is $5,100,000.

What are key features of this property?

This property features: 41,396 SF warehouse fronting I‑95 with three loading docks; 12' ceilings; New roof with a 20‑year warranty