Multi-Tenant Flex Office
For Sale
Contact for pricing
3941 Deep Rock Road, Richmond, VA 23233
Multi-tenant flex office and industrial asset anchored by a lease with National Seating & Mobility.
Property Size20,615 SF
Price / SF$184.33
Days on Market121
Property Features for 3941 Deep Rock Road
General Information
Standard status
Active
Size
20,615 SF
Property subtype
Industrial
Occupancy
100%
Lease Type
NNN
Net Operating Income
$281,590
Building Details
Year Built
1987
Tenancy
Multi
Listing Agency:
Sands Investment Group Austin
Listed By:
Austin Marsh · License #TX 734360
Source:
Crexi
Added: May 8
Changed: Aug 31
Last Checked: Sep 3 at 3:06AM
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 Sands Investment Group Austin
Investment Insights
Based on property information with market context.
This multi-tenant flex office and industrial asset is offered for sale as an income-producing property with an existing lease in place. The offering includes flex office and industrial space configured to support a range of business operations within a shared, multi-tenant environment.
The property is located at 3941 Deep Rock Road in Richmond, Virginia, in the core Henrico submarket. The asset is anchored by National Seating & Mobility, which is described in the remarks as a leader in custom wheelchair and chair lift solutions.
The property is presented as a flex-office and industrial investment opportunity with a defined tenant anchor, supported by the leased occupancy referenced in the public remarks.
The property is located at 3941 Deep Rock Road in Richmond, Virginia, in the core Henrico submarket. The asset is anchored by National Seating & Mobility, which is described in the remarks as a leader in custom wheelchair and chair lift solutions.
The property is presented as a flex-office and industrial investment opportunity with a defined tenant anchor, supported by the leased occupancy referenced in the public remarks.
Key Highlights
- Multi‑tenant flex office and industrial asset at 3941 Deep Rock Rd, Richmond, VA
- Built in 1987
- Anchored by a lease with National Seating & Mobility
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
$195,764
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
5.15%
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%
$3,915,280
$3.9M
Cap Rate 7%
$2,796,629
$2.8M
Cap Rate 9%
$2,175,156
$2.2M
Market Conditions
NOI Build-Up for 20,615 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
$242.4K $11.76/SF
− Vacancy
−$12.1K −$0.59/SF
EGI
$230.3K $11.17/SF
− OpEx
−$34.5K −$1.68/SF
NOI
$195.8K $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 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%
$3,915,280
Cap Rate 7%
$2,796,629
Cap Rate 9%
$2,175,156
Alternative Uses
Best Use
Warehouse
$2.80M
$2.45M – $3.26M
NOI $195,764 @ 7.0% cap · market cap 5.15%
Second Best
Flex RnD
$2.22M
$1.94M – $2.59M
NOI $155,330 @ 7.0% cap · market cap 4.09%
Theoretical Best
Office A
$4.76M
$4.17M – $5.56M
NOI $333,393 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,588
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 23233, VA
32,610
Population
13,184
Households
2.5
Avg Household Size
40
Median Age
71%
College-Educated
98%
High-School Grad
12.9 sq mi
ZIP Area
2,528
Density / Sq Mi
$117,500
Median Household Income
$66,115
Median Earnings
$1,779
Median Rent
$442,100
Median Home Value
Market
Vacancy Rate% for Industrial in Richmond, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-tenant flex office and industrial asset anchored by a lease with National Seating & Mobility.
Where is this flex space located?
The property is located at 3941 Deep Rock Road Richmond, VA.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Multi‑tenant flex office and industrial asset at 3941 Deep Rock Rd, Richmond, VA; Built in 1987; Anchored by a lease with National Seating & Mobility
