Multi-Level Flex
For Sale
$979,000
3506 Memorial Ave, Lynchburg, VA 24501
Updated commercial interiors provide showroom, office, kitchen, and basement storage areas for varied business operations.
Property Size17,706 SF
Price / SF$55.29
Days on Market36
Property Features for 3506 Memorial Ave
General Information
Standard status
Active
Size
17,706 SF
Zoning
B-3
Listing Agency:
Legacy Realty
(804) 402-3725
Listed By:
June H Smith · License #0225206355
Source:
Exprealty
Added: Jul 14
Changed: Aug 15
Last Checked: Aug 17 at 10:01PM
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 Legacy Realty
Investment Insights
Based on property information with market context.
This multi-level flex property in Lynchburg offers updated interior spaces that can accommodate retail showroom functions, professional offices, kitchens, and basement storage. The configuration supports a combination of customer-facing, administrative, and back-of-house areas within one commercial asset.
The property is located at 3506 Memorial Ave in the heart of Lynchburg, near restaurants, shopping, and other local amenities. B-3 zoning supports a range of commercial and office possibilities. Multiple levels and dedicated storage add functional variety for an owner-user or commercial occupant.
The property is located at 3506 Memorial Ave in the heart of Lynchburg, near restaurants, shopping, and other local amenities. B-3 zoning supports a range of commercial and office possibilities. Multiple levels and dedicated storage add functional variety for an owner-user or commercial occupant.
Key Highlights
- Multi‑level commercial property with updated interiors
- Flexible layout includes retail showroom and professional office areas
- Kitchen spaces and ample basement storage included
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
$89,424
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
9.13%
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%
$1,788,480
$1.8M
Cap Rate 7%
$1,277,486
$1.3M
Cap Rate 9%
$993,600
$993.6K
Market Conditions
NOI Build-Up for 17,706 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
$138.1K $7.80/SF
− Vacancy
−$10.4K −$0.59/SF
EGI
$127.7K $7.22/SF
− OpEx
−$38.3K −$2.16/SF
NOI
$89.4K $5.05/SF
Area
Lynchburg County, VA
Vacancy
7.50%
Lease Rate
$7.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,788,480
Cap Rate 7%
$1,277,486
Cap Rate 9%
$993,600
Alternative Uses
Best Use
Office B
$3.82M
$3.35M – $4.46M
NOI $267,715 @ 7.0% cap · market cap 27.35%
Second Best
Retail
$3.07M
$2.69M – $3.58M
NOI $214,841 @ 7.0% cap · market cap 21.94%
Theoretical Best
Office A
$5.25M
$4.59M – $6.12M
NOI $367,152 @ 7.0% cap · market cap 37.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,422
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 24501, VA
27,160
Population
12,157
Households
2.2
Avg Household Size
33
Median Age
25%
College-Educated
87%
High-School Grad
36.3 sq mi
ZIP Area
748
Density / Sq Mi
$45,305
Median Household Income
$28,790
Median Earnings
$936
Median Rent
$155,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Blondie's Catering — 2420 12th St, Lynchburg, VA 24501
Frequently Asked Questions
What type of property is this?
Flex space - Updated commercial interiors provide showroom, office, kitchen, and basement storage areas for varied business operations.
Where is this flex space located?
The property is located at 3506 Memorial Ave Lynchburg, VA.
What is the asking price?
The asking price for this property is $979,000.
What are key features of this property?
This property features: Multi‑level commercial property with updated interiors; Flexible layout includes retail showroom and professional office areas; Kitchen spaces and ample basement storage included
