Remodeled Commercial Property on Corner
For Sale
$589,900
429 N ROYAL Ave, Front Royal, VA 22630
Versatile 3,300+ sq ft property with modern updates and expansion potential.
Property Size3,300 SF
Price / SF$178.76
Days on Market138
Property Features for 429 N ROYAL Ave
General Information
Standard status
Active
Size
3,300 SF
Property subtype
Commercial
Building Details
Year Built
1926
Listing Agency:
Preslee Real Estate
(540) 333-1093
Listed By:
Brian Doman · License #0225217540
(540) 333-1093
Source:
Elliman
Added: Apr 15
Changed: Jul 10
Last Checked: Aug 30 at 4:02PM
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 Preslee Real Estate
Investment Insights
Based on property information with market context.
This remodeled commercial property is located on a desirable corner lot in Warren County. The stone bungalow, originally built in 1926, offers over 3,300 square feet of versatile space plus a partially finished basement. The property has high visibility and easy access to major high-traffic routes, including the I-66/I-81 corridor and Routes 340 and 522. The main level features a lobby/entrance, a conference room or private office, and refinished hardwood floors. A painted stone, wood-burning fireplace with mantel adds character, along with a sunroom. There is also a designated area suitable for a kitchen or breakroom, built-ins, and a stairwell leading to the upper level. The upper level includes four spacious offices or conference rooms, each with closets, a sitting area, and additional refinished hardwood flooring. A full bathroom with a stand-up shower and luxury vinyl plank flooring completes the upper level. Each level is equipped with its own HVAC system. The conditioned basement includes a bonus room, two storage rooms with luxury vinyl plank flooring, and an unfinished utility room with painted concrete flooring. Exterior features include a covered side porch, rear covered porch, and a front porch with columns, all with stair access. Additional highlights include a metal roof, rear fencing, and a 17’ x 21’ stone storage building with electricity. An additional vacant lot located at the rear of the property offers potential for parking, expansion, or future development. The property is somewhat walkable with a walk score of 54 and somewhat bikeable with a bike score of 32. The flexible layout allows for a variety of business uses.
Key Highlights
- High‑visibility corner lot location in Warren County with easy access to major highways.
- Versatile 3,300+ sq ft of remodeled commercial space with flexible layout.
- Additional vacant lot included, offering potential for parking, expansion, or future development.
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
$44,185
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
7.49%
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%
$883,700
$883.7K
Cap Rate 7%
$631,214
$631.2K
Cap Rate 9%
$490,944
$490.9K
Market Conditions
NOI Build-Up for 3,300 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
$68.9K $20.88/SF
− Vacancy
−$10.0K −$3.03/SF
EGI
$58.9K $17.85/SF
− OpEx
−$14.7K −$4.46/SF
NOI
$44.2K $13.39/SF
Area
Warren County, VA
Vacancy
14.50%
Lease Rate
$20.88 /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%
$883,700
Cap Rate 7%
$631,214
Cap Rate 9%
$490,944
Alternative Uses
Best Use
Office B
$631.2K
$552.3K – $736.4K
NOI $44,185 @ 7.0% cap · market cap 7.49%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.83M
$1.60M – $2.14M
NOI $128,304 @ 7.0% cap · market cap 21.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,139
Businesses Nearby
Explore this area
Business Placement
Demographics for 22630, VA
33,829
Population
14,465
Households
2.3
Avg Household Size
42
Median Age
26%
College-Educated
89%
High-School Grad
121.9 sq mi
ZIP Area
278
Density / Sq Mi
$84,513
Median Household Income
$44,771
Median Earnings
$1,183
Median Rent
$329,500
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 - Versatile 3,300+ sq ft property with modern updates and expansion potential.
Where is this office building located?
The property is located at 429 N ROYAL Ave Front Royal, VA.
What is the asking price?
The asking price for this property is $589,900.
What are key features of this property?
This property features: High‑visibility corner lot location in Warren County with easy access to major highways.; Versatile 3,300+ sq ft of remodeled commercial space with flexible layout.; Additional vacant lot included, offering potential for parking, expansion, or future development.
