Three-Bay Auto
New
For Sale
$350,000
601 E Wythe St, Petersburg, VA 23803
Wide-bay configuration with interior rooms, an updated roof, and electrical improvements.
Property Size1,524 SF
Price / SF$229.66
Days on Market2
Property Features for 601 E Wythe St
General Information
Standard status
Active
Size
1,524 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Service Bays
3
Building Details
Year Built
1946
Stories
1
Listing Agency:
(804) 297-9171
Listed By:
Jonathan Hock
(804) 297-9171
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 4:55AM
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 Jonathan Hock
Investment Insights
Based on property information with market context.
This 1,524 sqft auto shop in Petersburg, Virginia, includes three service bays arranged as two wide bays and one single bay. The building also provides two interior rooms and 1.5 bathrooms, supporting a compact automotive service layout. An updated roof, electrical upgrades, and wall repair work are among the recent property improvements.
Located at 601 E Wythe St, the property has frontage on a thoroughfare road and is positioned near interstate access. Built in 1946, the building offers an established commercial structure for continued automotive-oriented use or another compatible operation supported by its bay configuration and interior space.
Located at 601 E Wythe St, the property has frontage on a thoroughfare road and is positioned near interstate access. Built in 1946, the building offers an established commercial structure for continued automotive-oriented use or another compatible operation supported by its bay configuration and interior space.
Key Highlights
- 1,524 sqft auto shop building
- Three bays: 2 wide and 1 single
- Two interior rooms and 1.5 bathrooms
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
$19,772
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
5.65%
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%
$395,440
$395.4K
Cap Rate 7%
$282,457
$282.5K
Cap Rate 9%
$219,689
$219.7K
Market Conditions
NOI Build-Up for 1,524 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
$28.3K $18.60/SF
− Vacancy
−$2.0K −$1.30/SF
EGI
$26.4K $17.30/SF
− OpEx
−$6.6K −$4.32/SF
NOI
$19.8K $12.97/SF
Area
Petersburg County, 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%
$395,440
Cap Rate 7%
$282,457
Cap Rate 9%
$219,689
Alternative Uses
Best Use
Specialty Retail
$282.5K
$247.2K – $329.5K
NOI $19,772 @ 7.0% cap · market cap 5.65%
Second Best
Retail
$237.6K
$207.9K – $277.2K
NOI $16,633 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$352.1K
$308.1K – $410.8K
NOI $24,647 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Service bays
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
639
Businesses Nearby
13k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 65%
Dining 26%
Hotels & Casinos 9%
Marathon
Shops & Services
4,618 visits/mo
0.1 miles
Krispy Krunchy Chicken
Dining
3,474 visits/mo
0.4 miles
Valero Energy
Shops & Services
2,359 visits/mo
0.1 miles
Motel 6
Hotels & Casinos
1,174 visits/mo
0.1 miles
Tire Discounters
Shops & Services
1,079 visits/mo
0.3 miles
Demographics for 23803, VA
44,377
Population
19,826
Households
2.2
Avg Household Size
36
Median Age
24%
College-Educated
88%
High-School Grad
72.2 sq mi
ZIP Area
615
Density / Sq Mi
$55,820
Median Household Income
$35,122
Median Earnings
$1,132
Median Rent
$208,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Walt's Automotive & Electric — 4 S Market St, Petersburg, VA 23803
- Ace Auto Body And Service Center — 42 S Market St, Petersburg, VA 23803
- Crater tire — 544 S Crater Rd, Petersburg, VA 23803
- Master Transmissions-Auto Care — petersburg, va 23803
- Pennzoil — 578 S Crater Rd, Petersburg, VA 23803
Frequently Asked Questions
What type of property is this?
Auto shop - Wide-bay configuration with interior rooms, an updated roof, and electrical improvements.
Where is this auto shop located?
The property is located at 601 E Wythe St Petersburg, VA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 1,524 sqft auto shop building; Three bays: 2 wide and 1 single; Two interior rooms and 1.5 bathrooms
