Four-Unit Office
New
For Sale
$395,000
5324 Twin Hickory Road, Glen Allen, VA 23059
Flexible ownership profile with leased suites and an owner-occupied unit in a professionally maintained office property.
Property Size1,200 SF
Price / SF$329.17
Days on Market7
Property Features for 5324 Twin Hickory Road
General Information
Standard status
Active
Size
1,200 SF
Property subtype
General Commercial
Additional Details
Highway Access
Yes
Office Units
4
Amenities
3
Building Details
Year Built
2004
Buildings
1
Tenancy
Multi
Owner Occupied
Yes
Listing Agency:
NextHome Advantage
(804) 545-6400
Listed By:
Mona Bhatia · License #0225239232
(804) 304-4332
Source:
Xome
Added: Sep 2
Changed: Sep 8
Last Checked: Sep 8 at 2:30PM
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 NextHome Advantage
Investment Insights
Based on property information with market context.
Built in 2004, this 1,200-square-foot office property contains four individual units. Three units are leased, while the owner occupies the fourth, creating a configuration that combines existing tenancy with space for an owner-user. Current tenants may have the option to remain or relocate, subject to applicable arrangements.
The property is located at 5324 Twin Hickory Road in Glen Allen, within the Hickory Office Condos near Nuckols and Twin Hickory. Parking is available on site, and the setting provides access to restaurants, hotels, shopping, and other services. I-295 is nearby for travel throughout the Richmond area, with Innsbrook and Short Pump also within minutes.
The property is located at 5324 Twin Hickory Road in Glen Allen, within the Hickory Office Condos near Nuckols and Twin Hickory. Parking is available on site, and the setting provides access to restaurants, hotels, shopping, and other services. I-295 is nearby for travel throughout the Richmond area, with Innsbrook and Short Pump also within minutes.
Key Highlights
- Four individual office units within a 1,200‑square‑foot property
- Three units leased; one unit occupied by the owner
- Built in 2004
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
$13,101
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
3.32%
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%
$262,020
$262.0K
Cap Rate 7%
$187,157
$187.2K
Cap Rate 9%
$145,567
$145.6K
Market Conditions
NOI Build-Up for 1,200 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
$19.9K $16.56/SF
− Vacancy
−$2.4K −$2.00/SF
EGI
$17.5K $14.56/SF
− OpEx
−$4.4K −$3.64/SF
NOI
$13.1K $10.92/SF
Area
Henrico County, VA
Vacancy
12.10%
Lease Rate
$16.56 /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%
$262,020
Cap Rate 7%
$187,157
Cap Rate 9%
$145,567
Alternative Uses
Best Use
Office B
$187.2K
$163.8K – $218.4K
NOI $13,101 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$313.0K
$273.9K – $365.2K
NOI $21,913 @ 7.0% cap · market cap 5.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
970
Businesses Nearby
Explore this area
Business Placement
Demographics for 23059, VA
40,249
Population
15,783
Households
2.6
Avg Household Size
40
Median Age
70%
College-Educated
97%
High-School Grad
45.8 sq mi
ZIP Area
879
Density / Sq Mi
$153,719
Median Household Income
$78,867
Median Earnings
$1,840
Median Rent
$573,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Flexible ownership profile with leased suites and an owner-occupied unit in a professionally maintained office property.
Where is this office building located?
The property is located at 5324 Twin Hickory Road Glen Allen, VA.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Four individual office units within a 1,200‑square‑foot property; Three units leased; one unit occupied by the owner; Built in 2004
