Auto Shop with Existing
New
For Sale
$1,450,000
6311 Iron Bridge Pl, Richmond, VA 23234
CC-zoned auto shop occupied by Strickland Brothers Oil Change.
Property Size4,477 SF
Price / SF$323.88
Days on Market2
Property Features for 6311 Iron Bridge Pl
General Information
Standard status
Active
Size
4,477 SF
Zoning
CC
Occupancy
100%
Additional Details
Highway Access
Yes
Building Details
Year Built
2000
Buildings
1
Tenancy
Single
Abandoned
No
Listing Agency:
CR8TIVE Realty LLC
Listed By:
Olatokunbo Oni · License #0225072567
(804) 405-6094
Source:
Riverfoxrealty
Added: Sep 18
Last Checked: Sep 18 at 3:14PM
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 CR8TIVE Realty LLC
Investment Insights
Based on property information with market context.
This 4,477-square-foot auto shop was constructed in 2000 and is currently fully occupied by Strickland Brothers Oil Change. The property carries CC zoning and is configured as an operating automotive service location with an established tenant in place.
The site is at 6311 Iron Bridge Pl in Richmond, Virginia, near Chesterfield Towne Center and Southside Plaza. Route 10 and Interstate 95 provide access to the property, while surrounding commercial and residential development contributes to an established retail corridor.
The building combines a recognizable automotive service use, existing occupancy, and a location near major retail destinations. These characteristics support continued operation as an auto-service property within the Richmond area.
The site is at 6311 Iron Bridge Pl in Richmond, Virginia, near Chesterfield Towne Center and Southside Plaza. Route 10 and Interstate 95 provide access to the property, while surrounding commercial and residential development contributes to an established retail corridor.
The building combines a recognizable automotive service use, existing occupancy, and a location near major retail destinations. These characteristics support continued operation as an auto-service property within the Richmond area.
Key Highlights
- 4,477 SF auto shop building
- Built in 2000
- Fully occupied by Strickland Brothers Oil Change
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
$48,863
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
3.37%
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%
$977,260
$977.3K
Cap Rate 7%
$698,043
$698.0K
Cap Rate 9%
$542,922
$542.9K
Market Conditions
NOI Build-Up for 4,477 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
$76.3K $17.04/SF
− Vacancy
−$6.5K −$1.45/SF
EGI
$69.8K $15.59/SF
− OpEx
−$20.9K −$4.68/SF
NOI
$48.9K $10.91/SF
Area
Richmond, VA
Vacancy
8.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
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%
$977,260
Cap Rate 7%
$698,043
Cap Rate 9%
$542,922
Alternative Uses
Best Use
Retail
$698.0K
$610.8K – $814.4K
NOI $48,863 @ 7.0% cap · market cap 3.37%
Second Best
Industrial
$405.5K
$354.8K – $473.1K
NOI $28,386 @ 7.0% cap · market cap 1.96%
Theoretical Best
Office A
$1.03M
$905.1K – $1.21M
NOI $72,404 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
205
Businesses Nearby
64k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 50%
Groceries 43%
Dining 7%
Food Lion Grocery Store
Groceries
27,569 visits/mo
0.1 miles
BP
Shops & Services
9,630 visits/mo
0.3 miles
Dollar General
Shops & Services
7,276 visits/mo
0.1 miles
7-Eleven
Shops & Services
4,736 visits/mo
0.3 miles
Waffle House
Dining
3,746 visits/mo
0.3 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Richmond, VA
Questions? Ask Rey
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Similar Off Market Nearby
- Good Year — 6445 Iron Bridge Rd, Richmond, VA 23234
- Seredni Tire & Auto Center — 6445 Iron Bridge Rd, Chesterfield, VA 23234
- Strickland Brothers 10 Minute Oil Change — 6312 Iron Bridge Pl, North Chesterfield, VA 23234
- The Virginia Lube Center Inc — 6311 Iron Bridge Rd, Richmond, VA 23234
- Meadowbrook Tire and Auto — 6101 Iron Bridge Rd, Richmond, VA 23234
Frequently Asked Questions
What type of property is this?
Auto shop - CC-zoned auto shop occupied by Strickland Brothers Oil Change.
Where is this auto shop located?
The property is located at 6311 Iron Bridge Pl Richmond, VA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 4,477 SF auto shop building; Built in 2000; Fully occupied by Strickland Brothers Oil Change
