Commercial Property with Redevelopment
For Sale
$575,000
604 & 602 RADHAM STREET, Front Royal, VA 22630
Commercial property in high-traffic area with redevelopment opportunities.
Property Size2,190 SF
Price / SF$262.56
Days on Market301
Property Features for 604 & 602 RADHAM STREET
General Information
Standard status
Active
Size
2,190 SF
Property subtype
MixedUse
Taxes and HOA fees
Annual Taxes
$4,000
Building Details
Building Size
2,190 SF
Year Built
1910
Listing Agency:
Pearson Smith Realty, LLC
Listed By:
Gregg Herpst · License #0225205331
(301) 461-3231
Source:
Kerishull
Added: Nov 12, 2025
Changed: Sep 8
Last Checked: Sep 8 at 5:28AM
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 Pearson Smith Realty, LLC
Investment Insights
Based on property information with market context.
This commercial property, zoned C-1 (commercial community district), is located in an area with high traffic volume in Front Royal. The site currently features two single-family homes that could be modified for various uses, including office, medical, restaurant, retail, or salon purposes. The property is adjacent to a park and offers mountain views. The sale includes five or more additional parcels situated in a flood plain, which could potentially be used for additional parking. Both houses are currently rented.
Key Highlights
- Zoned C‑1 Commercial offering unlimited opportunities
- Located in an area with one of the highest traffic counts in Front Royal
- Existing structures can be modified for various commercial uses
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
$29,323
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
5.10%
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%
$586,460
$586.5K
Cap Rate 7%
$418,900
$418.9K
Cap Rate 9%
$325,811
$325.8K
Market Conditions
NOI Build-Up for 2,190 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
$45.7K $20.88/SF
− Vacancy
−$6.6K −$3.03/SF
EGI
$39.1K $17.85/SF
− OpEx
−$9.8K −$4.46/SF
NOI
$29.3K $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%
$586,460
Cap Rate 7%
$418,900
Cap Rate 9%
$325,811
Alternative Uses
Best Use
Specialty Retail
$1.22M
$1.06M – $1.42M
NOI $85,147 @ 7.0% cap · market cap 14.81%
Second Best
Retail
$1.05M
$915.7K – $1.22M
NOI $73,259 @ 7.0% cap · market cap 12.74%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,115
Businesses Nearby
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?
Retail space - Commercial property in high-traffic area with redevelopment opportunities.
Where is this retail space located?
The property is located at 604 & 602 RADHAM STREET Front Royal, VA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Zoned C‑1 Commercial offering unlimited opportunities; Located in an area with one of the highest traffic counts in Front Royal; Existing structures can be modified for various commercial uses
