Corner Storefront
New
For Sale
$399,900
505 S ROYAL Avenue, Front Royal, VA 22630
Commercial Sale - FRONT ROYAL, VA
Property Size2,400 SF
Lot Size0.16 Acres
Price / SF$166.63
Days on Market3
Property Features for 505 S ROYAL Avenue
General Information
Property type
Other
Property subtype
Retail
Parking features
Parking Lot, On Street
Elementary school district
WARREN COUNTY PUBLIC SCHOOLS
Middle school district
WARREN COUNTY PUBLIC SCHOOLS
High school district
WARREN COUNTY PUBLIC SCHOOLS
Standard status
Active
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
1750
Utilities
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1965
Building materials
Block, Frame
Listing Agency:
Morris & Co. Realty, LLC
(540) 631-1414
Listed By:
Raymond E Heflin Jr.
(540) 974-7665
Added: Aug 11
Last Checked: Aug 13 at 2:06AM
MLS# VAWR2015252
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This storefront property occupies a corner at a signalized intersection in Front Royal, with a flexible layout that has supported both office and retail operations. The building includes approximately 800 square feet on the lower, street-facing level with its own entrance, while the main and upper floors provide approximately 1,600 square feet combined. Block and frame construction, central air, and electric heat pump service are in place, and the property was built in 1965.
The site is positioned a short distance from the entrance to Skyline Drive and includes both an on-site parking lot and on-street parking. Its multi-level configuration and separate lower-level access provide distinct areas for commercial occupancy or business functions, subject to applicable requirements.
The site is positioned a short distance from the entrance to Skyline Drive and includes both an on-site parking lot and on-street parking. Its multi-level configuration and separate lower-level access provide distinct areas for commercial occupancy or business functions, subject to applicable requirements.
Key Highlights
- Approximately 800 SF lower level with private street‑side entrance
- Approximately 1,600 SF across the main and upper levels
- Corner position at a signalized intersection
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
$32,134
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
8.04%
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%
$642,680
$642.7K
Cap Rate 7%
$459,057
$459.1K
Cap Rate 9%
$357,044
$357.0K
Market Conditions
NOI Build-Up for 2,400 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
$50.1K $20.88/SF
− Vacancy
−$7.3K −$3.03/SF
EGI
$42.8K $17.85/SF
− OpEx
−$10.7K −$4.46/SF
NOI
$32.1K $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%
$642,680
Cap Rate 7%
$459,057
Cap Rate 9%
$357,044
Alternative Uses
Best Use
Retail
$1.15M
$1.00M – $1.34M
NOI $80,284 @ 7.0% cap · market cap 20.08%
Second Best
Office B
$459.1K
$401.7K – $535.6K
NOI $32,134 @ 7.0% cap · market cap 8.04%
Theoretical Best
Specialty Retail
$1.33M
$1.17M – $1.56M
NOI $93,312 @ 7.0% cap · market cap 23.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
Under-served
Demand for This Use
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?
Storefront property - Multi-level commercial space offers separate street-level access for office or retail use.
Where is this storefront property located?
The property is located at 505 S ROYAL Avenue Front Royal, VA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Approximately 800 SF lower level with private street‑side entrance; Approximately 1,600 SF across the main and upper levels; Corner position at a signalized intersection
