Building Details

Year Built 1947

Buildings 1

Building Size 1,485 SF

Construction cape cod

Listing Agency: EXP Realty LLC Show Phone

Listed By: Ana Nuckols · License #0225249764 Show Phone

Source: Exitrealty

Added: Apr 12, 2025 Changed: Sep 30 Last Checked: Sep 30 at 9:46AM

Report an Issue

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 EXP Realty LLC

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This 1,485-square-foot office building dates to 1947 and presents a Cape Cod-style exterior with hardwood floors, four private office rooms, and two larger areas suited to conferences or reception. Interior amenities include a full kitchen, bathroom, washer and dryer, rear exit, side porch, and dual-zone central air. Much of the approximately 0.3-acre parcel is paved, with a two-car carport providing additional covered parking.

The property is positioned near E. Nine Mile Road and Oak Avenue in Henrico, Virginia, with access to I-64 and I-295. Highland Springs High School, White Oak Village, Eastgate Town Center, and Richmond International Airport are located nearby. Commercial B3 zoning supports the current office configuration and the other uses identified for the property, including a law office, day care, or used car lot.

Key Highlights

• 1,485‑square‑foot office building constructed in 1947
• Commercial B3 zoning
• Four office rooms plus two larger conference or waiting areas

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$16,212

Cap Rate

3.81%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$324,240 $324.2K

Cap Rate 7%

$231,600 $231.6K

Cap Rate 9%

$180,133 $180.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,485 SF

Gross rent

$24.6K $16.56/SF

− Vacancy

−$3.0K −$2.00/SF

EGI

$21.6K $14.56/SF

− OpEx

−$5.4K −$3.64/SF

NOI

$16.2K $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 Rate 5%

$324,240

Cap Rate 7%

$231,600

Cap Rate 9%

$180,133

Alternative Uses

Best Use

Office B

$231.6K

$202.7K – $270.2K (±1% cap)

NOI $16,212 @ 7.0% cap · market cap 3.81%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$387.4K

$339.0K – $452.0K (±1% cap)

NOI $27,117 @ 7.0% cap · market cap 6.38%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Office buildings

Suggested Use

Top Pick Real Estate Agency Law Firm Building Supply Dental Office Skin Care Clinic Gym & Fitness Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Office units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

242

Businesses Nearby

Explore this area Business Placement

Demographics for 23075, VA

10,236

Population

3,796

Households

2.7

Avg Household Size

38

Median Age

22%

College-Educated

89%

High-School Grad

4.6 sq mi

ZIP Area

2,225

Density / Sq Mi

$50,947

Median Household Income

$34,407

Median Earnings

$1,252

Median Rent

$198,900

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Similar For Sale Nearby

See more

Two-Story Office Building

1007 East 9 Mile Road, Highland Springs, VA 23075

$339,950

2,200 SF

View details

Spacious Duplex with Two Units

3 N Daisy Ave, Highland Springs, VA 23075

$385,000

2,550 SF

View details

Frequently Asked Questions

What type of property is this?

Office building - B3-zoned office property with flexible interior rooms, paved parking, and a two-car carport.

Where is this office building located?

The property is located at 605 E Nine Mile Road Highland Springs, VA.

What is the asking price?

The asking price for this property is $425,000.

What are key features of this property?

This property features: 1,485‑square‑foot office building constructed in 1947; Commercial B3 zoning; Four office rooms plus two larger conference or waiting areas