Charming Office Building in
For Sale
$479,000
3453 W Hundred Rd, Chester, VA 23831
2.5-level office building with historic charm in central Chester.
Property Size3,224 SF
Price / SF$148.57
Days on Market140
Property Features for 3453 W Hundred Rd
General Information
Standard status
Active
Size
3,224 SF
Property subtype
Commercial
Building Details
Year Built
1940
Listing Agency:
Napier Realtors, ERA
Listed By:
Jonathan Hock
(804) 297-9171
Source:
Elliman
Added: Apr 26
Changed: Aug 16
Last Checked: Sep 12 at 7:12AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Napier Realtors, ERA
Investment Insights
Based on property information with market context.
This 2.5-level office building offers 3,224 square feet of space. The interior features multiple separate rooms, a full kitchen, and two full bathrooms. Hardwood floors and ceiling fans are present throughout the building. Additional amenities include a laundry area and ample storage space, including a large attic. The building is equipped with 2-zoned heat and air. A covered porch and multiple entrance points enhance accessibility. The property provides great parking. Located in the heart of Chester, the brick building possesses historic charm and is conveniently situated near surrounding cities, schools, shopping, restaurants, and residential neighborhoods. The location has a walk score of 2, indicating car-dependence, and a bike score of 13, suggesting it is somewhat bikeable. This property presents a fantastic commercial opportunity.
Key Highlights
- Prime location in the heart of Chester, convenient to surrounding cities, schools, shopping, restaurants, and residential neighborhoods.
- 3,224 square feet of office space with multiple separate rooms, ideal for various business needs.
- Two full bathrooms and a full kitchen.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$35,393
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.39%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$707,860
$707.9K
Cap Rate 7%
$505,614
$505.6K
Cap Rate 9%
$393,256
$393.3K
Market Conditions
NOI Build-Up for 3,224 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$54.9K $17.04/SF
− Vacancy
−$7.7K −$2.40/SF
EGI
$47.2K $14.64/SF
− OpEx
−$11.8K −$3.66/SF
NOI
$35.4K $10.98/SF
Area
Chesterfield County, VA
Vacancy
14.10%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$707,860
Cap Rate 7%
$505,614
Cap Rate 9%
$393,256
Alternative Uses
Best Use
Office B
$505.6K
$442.4K – $589.9K
NOI $35,393 @ 7.0% cap · market cap 7.39%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$6.46M
$5.65M – $7.54M
NOI $452,162 @ 7.0% cap · market cap 94.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
171
Businesses Nearby
Explore this area
Business Placement
Demographics for 23831, VA
37,216
Population
15,430
Households
2.4
Avg Household Size
40
Median Age
37%
College-Educated
94%
High-School Grad
23.6 sq mi
ZIP Area
1,577
Density / Sq Mi
$92,092
Median Household Income
$52,114
Median Earnings
$1,560
Median Rent
$300,200
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - 2.5-level office building with historic charm in central Chester.
Where is this office building located?
The property is located at 3453 W Hundred Rd Chester, VA.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: Prime location in the heart of Chester, convenient to surrounding cities, schools, shopping, restaurants, and residential neighborhoods.; 3,224 square feet of office space with multiple separate rooms, ideal for various business needs.; Two full bathrooms and a full kitchen.
