Freestanding Flex
For Sale
Contact for pricing
500 W City Point Rd, Hopewell, VA 23860
Corner property combines storefront presentation with warehouse functionality and B-2 zoning.
Property Size4,914 SF
Lot Size0.39 Acres
Price / SF$132.28
Days on Market14
Property Features for 500 W City Point Rd
General Information
Standard status
Active
Size
4,914 SF
Lot size
0.39 Acres
Property subtype
OFFICE
Zoning
B-2
Additional Details
Road Access
Yes
Clear Span
Yes
Building Details
Buildings
1
Building Size
4,914 SF
Listing Agency:
Dominion Commercial - Corporate
(855) 530-2300
Listed By:
Nathan Jones · License #0225043719
Source:
Moodyscre
Added: Aug 10
Changed: Aug 13
Last Checked: Aug 22 at 7:22AM
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 Dominion Commercial - Corporate
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.
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 = 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
$53,632
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
8.25%
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%
$1,072,640
$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
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
$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 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%
$1,072,640
Cap Rate 7%
$766,171
Cap Rate 9%
$595,911
Alternative Uses
Best Use
Office B
$943.8K
$825.9K – $1.10M
NOI $66,068 @ 7.0% cap · market cap 10.16%
Second Best
Retail
$766.2K
$670.4K – $893.9K
NOI $53,632 @ 7.0% cap · market cap 8.25%
Theoretical Best
Office A
$1.14M
$993.4K – $1.32M
NOI $79,471 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Similar Off Market Nearby
- Lunch Break LLC — 332 Maryland Ave, Hopewell, VA 23860
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
