Grocery-Anchored Retail Shopping
For Sale
$23,000,000
5610 Hopkins Road, Richmond, VA 23234
Meadowbrook Plaza is anchored by Walmart Neighborhood Market and features recent renovations plus added Burlington and Marshalls.
Property Size162,671 SF
Days on Market115
Property Features for 5610 Hopkins Road
General Information
Standard status
Active
Size
162,671 SF
Property subtype
Retail
Additional Details
Traffic Count
71,930 vehicles/day
Building Details
Building Size
162,671 SF
Listing Agency:
CP Partners
Listed By:
Zeb Ripple · License #CalDRE #01242540
(415) 274-2702
Source:
Cppcre
Added: May 14
Changed: Sep 4
Last Checked: Sep 5 at 6:01AM
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 CP Partners
Investment Insights
Based on property information with market context.
Meadowbrook Plaza is a grocery-anchored retail shopping center with Walmart Neighborhood Market on a long-term ground lease. The property has recently undergone major renovations, including new roofs, structural work, new signage, and a refreshed facade. The tenant roster has been strengthened with the recent addition of Burlington and Marshalls, with both now open for business.
Two outparcel buildings (NAP) have recently signed new leases. Grow Generation is shown as dark, with its space recently subleased to Hair Depot on the same contractual lease terms. A new national QSR is under development at the hard corner, and may be available separately; contact the broker for additional details.
The shopping center benefits from its access at the off-ramp of Chippenham Parkway (VA State Route 150), with combined traffic counts of 71,930 VPD reported.
Two outparcel buildings (NAP) have recently signed new leases. Grow Generation is shown as dark, with its space recently subleased to Hair Depot on the same contractual lease terms. A new national QSR is under development at the hard corner, and may be available separately; contact the broker for additional details.
The shopping center benefits from its access at the off-ramp of Chippenham Parkway (VA State Route 150), with combined traffic counts of 71,930 VPD reported.
Key Highlights
- Meadowbrook Plaza is anchored by Walmart Neighborhood Market on a long‑term ground lease
- Burlington and Marshalls recently opened after signing 10‑year leases; Marshalls relocated from Meadowdale Center
- Recent major renovations include new roofs, structural work, new signage, and facade improvements
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
$2,110,412
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
9.18%
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%
$42,208,240
$42.2M
Cap Rate 7%
$30,148,743
$30.1M
Cap Rate 9%
$23,449,022
$23.4M
Market Conditions
NOI Build-Up for 162,671 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
$3.03M $18.60/SF
− Vacancy
−$211.8K −$1.30/SF
EGI
$2.81M $17.30/SF
− OpEx
−$703.5K −$4.32/SF
NOI
$2.11M $12.97/SF
Area
Richmond, VA
Vacancy
7.00%
Lease Rate
$18.60 /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%
$42,208,240
Cap Rate 7%
$30,148,743
Cap Rate 9%
$23,449,022
Alternative Uses
Best Use
Specialty Retail
$30.15M
$26.38M – $35.17M
NOI $2,110,412 @ 7.0% cap · market cap 9.18%
Second Best
Retail
$25.36M
$22.19M – $29.59M
NOI $1,775,411 @ 7.0% cap · market cap 7.72%
Theoretical Best
Office A
$37.58M
$32.88M – $43.85M
NOI $2,630,773 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
71,930 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
252
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 23234, VA
46,610
Population
18,167
Households
2.6
Avg Household Size
35
Median Age
20%
College-Educated
80%
High-School Grad
19.1 sq mi
ZIP Area
2,440
Density / Sq Mi
$63,630
Median Household Income
$37,661
Median Earnings
$1,321
Median Rent
$237,300
Median Home Value
Market
Vacancy Rate% for Retail in Richmond, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Meadowbrook Plaza is anchored by Walmart Neighborhood Market and features recent renovations plus added Burlington and Marshalls.
Where is this shopping center located?
The property is located at 5610 Hopkins Road Richmond, VA.
What is the asking price?
The asking price for this property is $23,000,000.
What are key features of this property?
This property features: Meadowbrook Plaza is anchored by Walmart Neighborhood Market on a long‑term ground lease; Burlington and Marshalls recently opened after signing 10‑year leases; Marshalls relocated from Meadowdale Center; Recent major renovations include new roofs, structural work, new signage, and facade improvements
