Multi-Tenant Office
For Sale
$1,350,000
3601 Boulevard, Colonial Heights, VA 23834
Well-maintained brick office building with a professional lobby and ample parking, offering three multi-tenant units.
Property Size6,378 SF
Price / SF$211.67
Days on Market41
Property Features for 3601 Boulevard
General Information
Standard status
Active
Size
6,378 SF
Class
C
Property subtype
Office - General Office
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
3
Amenities
professional lobby
Building Details
Building Size
6,378 SF
Year Built
1988
Units
3
Tenancy
Multi
Listing Agency:
Taylor Long Properties
Listed By:
Robert Marshall · License #0225192463
(804) 864-9788
Source:
Commercialcafe
Added: Jul 26
Changed: Sep 3
Last Checked: Sep 4 at 2:05AM
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 Taylor Long Properties
Investment Insights
Based on property information with market context.
This well-maintained multi-tenant office building at 3601 Boulevard includes 3 units within a total 6,378 SF building constructed in 1988. The exterior features a maintained brick design, and the property includes a professional lobby intended for tenant and visitor arrivals.
Located in Colonial Heights, the property is positioned off Rte. 1 with convenient access to I-95. The surrounding area includes retail, dining, and entertainment options, with Southpark Mall referenced nearby.
The building’s configuration supports office operations, supported by on-site parking, efficient circulation, and an overall setup designed for contemporary tenant needs.
Located in Colonial Heights, the property is positioned off Rte. 1 with convenient access to I-95. The surrounding area includes retail, dining, and entertainment options, with Southpark Mall referenced nearby.
The building’s configuration supports office operations, supported by on-site parking, efficient circulation, and an overall setup designed for contemporary tenant needs.
Key Highlights
- 6,378 SF, multi‑tenant office building built in 1988 with 3 units
- Well‑maintained brick exterior with a professional lobby
- Ample parking and efficient circulation for tenant and visitor access
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
$85,752
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
6.35%
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%
$1,715,040
$1.7M
Cap Rate 7%
$1,225,029
$1.2M
Cap Rate 9%
$952,800
$952.8K
Market Conditions
NOI Build-Up for 6,378 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
$135.5K $21.24/SF
− Vacancy
−$21.1K −$3.31/SF
EGI
$114.3K $17.93/SF
− OpEx
−$28.6K −$4.48/SF
NOI
$85.8K $13.44/SF
Area
Colonial Heights County, VA
Vacancy
15.60%
Lease Rate
$21.24 /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%
$1,715,040
Cap Rate 7%
$1,225,029
Cap Rate 9%
$952,800
Alternative Uses
Best Use
Office B
$1.23M
$1.07M – $1.43M
NOI $85,752 @ 7.0% cap · market cap 6.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,147 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
386
Businesses Nearby
Explore this area
Business Placement
Demographics for 23834, VA
26,635
Population
11,493
Households
2.3
Avg Household Size
40
Median Age
29%
College-Educated
93%
High-School Grad
23.8 sq mi
ZIP Area
1,119
Density / Sq Mi
$82,314
Median Household Income
$45,000
Median Earnings
$1,214
Median Rent
$236,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained brick office building with a professional lobby and ample parking, offering three multi-tenant units.
Where is this office building located?
The property is located at 3601 Boulevard Colonial Heights, VA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 6,378 SF, multi‑tenant office building built in 1988 with 3 units; Well‑maintained brick exterior with a professional lobby; Ample parking and efficient circulation for tenant and visitor access
