Building Details

Buildings 1

Building Size 4,914 SF

Listing Agency: Dominion Commercial - Corporate Show Phone

Listed By: Nathan Jones · License #0225043719

Source: Moodyscre

Added: Aug 10 Changed: Oct 5 Last Checked: Oct 7 at 2:22PM

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Investment Insights

Based on property information with market context.

This freestanding flex property contains approximately 4,914 square feet within an approximately 0.26-acre parcel, plus an adjacent vacant parcel of approximately 0.13 acres. The combined land area is approximately 0.39 acres. Existing storefront glazing and a reception area support customer-facing operations, while the open-span warehouse offers high ceilings and adaptable space for showroom, storage, or light industrial functions. A mezzanine and office buildout add usable area, and grade-level access with a rear service area supports deliveries and daily operations.

The property occupies a signalized corner at City Point Rd and 6th Avenue in Hopewell, along a primary corridor. B-2 Limited Commercial zoning supports retail, office, and service uses. The adjacent parcel provides additional land for parking or expansion.

Key Highlights

• Approximately 4,914 SF freestanding building on approximately 0.26 acres
• Adjacent vacant parcel adds approximately 0.13 acres; combined land area is approximately 0.39 acres
• Signalized corner at City Point Rd and 6th Avenue

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$53,632

Cap Rate

8.25%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,072,640 $1.1M

Cap Rate 7%

$766,171 $766.2K

Cap Rate 9%

$595,911 $595.9K

Market Conditions

NOI Build-Up for 4,914 SF

Gross rent

$83.7K $17.04/SF

− Vacancy

−$7.1K −$1.45/SF

EGI

$76.6K $15.59/SF

− OpEx

−$23.0K −$4.68/SF

NOI

$53.6K $10.91/SF

Area

Hopewell County, VA

Vacancy

8.50%

Lease Rate

$17.04 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,072,640

Cap Rate 7%

$766,171

Cap Rate 9%

$595,911

Alternative Uses

Best Use

Office B

$943.8K

$825.9K – $1.10M (±1% cap)

NOI $66,068 @ 7.0% cap · market cap 10.16%

Second Best

Retail

$766.2K

$670.4K – $893.9K (±1% cap)

NOI $53,632 @ 7.0% cap · market cap 8.25%

Theoretical Best

Office A

$1.14M

$993.4K – $1.32M (±1% cap)

NOI $79,471 @ 7.0% cap · market cap 12.23%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Skin Care Clinic Parking Lot & Garage Bakery (Bike/Boat/Book/etc) Store Catering Service Home Appliance Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

827

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 23860, VA

32,139

Population

12,254

Households

2.6

Avg Household Size

39

Median Age

14%

College-Educated

87%

High-School Grad

45.2 sq mi

ZIP Area

711

Density / Sq Mi

$55,104

Median Household Income

$36,663

Median Earnings

$1,103

Median Rent

$187,800

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Corner property combines storefront presentation with warehouse functionality and B-2 zoning.

Where is this flex space located?

The property is located at 500 W City Point Rd Hopewell, VA.

What is the asking price?

The asking price for this property is $650,000.

What are key features of this property?

This property features: Approximately 4,914 SF freestanding building on approximately 0.26 acres; Adjacent vacant parcel adds approximately 0.13 acres; combined land area is approximately 0.39 acres; Signalized corner at City Point Rd and 6th Avenue