Remodeled Mixed-Use
New
For Sale
$289,999
625 Grove Ave, Petersburg, VA 23803
Two-level commercial space supports flexible office, storefront, studio, or live-work configurations.
Property Size1,764 SF
Price / SF$164.40
Days on Market2
Property Features for 625 Grove Ave
General Information
Standard status
Active
Size
1,764 SF
Property subtype
Multi-Family
Amenities
full bath
rear room/office area
Building Details
Year Built
1890
Buildings
1
Stories
2
Construction
HardiePlank
Listing Agency:
BHG Base Camp
Listed By:
Alex Wang · License #0225214970
(804) 639-9001
Source:
Riverfoxrealty
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 14 at 8:59AM
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 BHG Base Camp
Investment Insights
Based on property information with market context.
This remodeled mixed-use property contains 1,764 square feet across two levels. The street-level area includes a full bathroom and a rear room that can serve as office space. A kitchen may be added, and an interior hallway door connects the levels for combined use or separation into two units. The layout supports office, storefront, studio, potential residential, and live-work applications.
Located at 625 Grove Ave in Petersburg, the property is near shops, restaurants, and attractions in Historic Old Towne Petersburg. Hardiplank exterior siding completes the building’s exterior improvements.
Located at 625 Grove Ave in Petersburg, the property is near shops, restaurants, and attractions in Historic Old Towne Petersburg. Hardiplank exterior siding completes the building’s exterior improvements.
Key Highlights
- 1,764 SF remodeled mixed‑use property across two levels
- Interior hallway door allows the floors to function together or as two separate units
- Street‑level space includes a full bath and rear room/office area
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
$23,717
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
8.18%
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%
$474,340
$474.3K
Cap Rate 7%
$338,814
$338.8K
Cap Rate 9%
$263,522
$263.5K
Market Conditions
NOI Build-Up for 1,764 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
$37.5K $21.24/SF
− Vacancy
−$5.8K −$3.31/SF
EGI
$31.6K $17.93/SF
− OpEx
−$7.9K −$4.48/SF
NOI
$23.7K $13.44/SF
Area
Petersburg County, VA
Vacancy
15.60%
Lease Rate
$21.24 /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%
$474,340
Cap Rate 7%
$338,814
Cap Rate 9%
$263,522
Alternative Uses
Best Use
Office B
$338.8K
$296.5K – $395.3K
NOI $23,717 @ 7.0% cap · market cap 8.18%
Second Best
Mixed Use
$314.7K
$275.4K – $367.1K
NOI $22,028 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$407.5K
$356.6K – $475.5K
NOI $28,528 @ 7.0% cap · market cap 9.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
765
Businesses Nearby
Explore this area
Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level commercial space supports flexible office, storefront, studio, or live-work configurations.
Where is this mixed-use property located?
The property is located at 625 Grove Ave Petersburg, VA.
What is the asking price?
The asking price for this property is $289,999.
What are key features of this property?
This property features: 1,764 SF remodeled mixed‑use property across two levels; Interior hallway door allows the floors to function together or as two separate units; Street‑level space includes a full bath and rear room/office area
