Building Details

Year Built 1976

Listing Agency: Upton Realty

Listed By: Donald Upton Show Phone

Source: Riverfoxrealty

Added: Apr 24 Changed: Oct 3 Last Checked: Oct 24 at 7:17PM

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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 Upton Realty

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Investment Insights

Based on property information with market context.

Located at 6505 Old Warwick Road in Richmond, VA, this 10,550 sq ft single-story commercial building presents a strategic investment opportunity. The property is fully leased and zoned B-3, offering flexibility for industrial, office, or mixed-use purposes. It features two long-term tenants, each benefiting from dedicated loading docks and independent footprints, making it suitable for warehouse, distribution, or flex office use. A third tenant has recently leased a unit. The property is tractor-trailer accessible with 3 dedicated bays. The location provides prime connectivity, with convenient access to Chippenham Pkwy, I-95, I-64, and Powhite Pkwy. The property benefits from a newer roof and a drive-through parking lot. Situated within a Virginia Enterprise Zone, Opportunity Zone, and HUBZone, the property is eligible for grant funding, tax credits, and other financial incentives.

Key Highlights

• Fully leased with stable rental history, providing immediate income.
• Located within a Virginia Enterprise Zone, Opportunity Zone, and HUBZone, offering potential grant funding and tax credits.
• Zoned B‑3, allowing for flexible industrial, office, or mixed‑use development.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$66,891

Cap Rate

8.36%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,337,820 $1.3M

Cap Rate 7%

$955,586 $955.6K

Cap Rate 9%

$743,233 $743.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 10,550 SF

Gross rent

$105.1K $9.96/SF

− Vacancy

−$9.5K −$0.90/SF

EGI

$95.6K $9.06/SF

− OpEx

−$28.7K −$2.72/SF

NOI

$66.9K $6.34/SF

Area

Richmond, VA

Vacancy

9.06%

Lease Rate

$9.96 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,337,820

Cap Rate 7%

$955,586

Cap Rate 9%

$743,233

Alternative Uses

Best Use

Flex RnD

$1.14M

$993.7K – $1.32M (±1% cap)

NOI $79,492 @ 7.0% cap · market cap 9.94%

Second Best

Industrial

$955.6K

$836.1K – $1.11M (±1% cap)

NOI $66,891 @ 7.0% cap · market cap 8.36%

Theoretical Best

Office A

$2.44M

$2.13M – $2.84M (±1% cap)

NOI $170,618 @ 7.0% cap · market cap 21.33%

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

Property Analytics

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Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Dental Office Electrical Service Bakery (Bike/Boat/Book/etc) Store Spa & Massage Center Locksmith

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

Location Intelligence

Trade Area within ½ mile

533

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 23225, VA

40,876

Population

21,545

Households

1.9

Avg Household Size

38

Median Age

41%

College-Educated

91%

High-School Grad

13.9 sq mi

ZIP Area

2,941

Density / Sq Mi

$60,865

Median Household Income

$43,550

Median Earnings

$1,311

Median Rent

$292,800

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Similar Off Market Nearby

• ChiConey LLC — 6836 Atmore Dr Ste E, Richmond, VA 23225
• Abuelita's — 6400 Midlothian Tpke, Richmond, VA 23225

Frequently Asked Questions

What type of property is this?

Flex space - Turnkey commercial asset in Richmond's Midlothian Corridor.

Where is this flex space located?

The property is located at 6505 Old Warwick Rd Ampthill, VA.

What is the asking price?

The asking price for this property is $800,000.

What are key features of this property?

This property features: Fully leased with stable rental history, providing immediate income.; Located within a Virginia Enterprise Zone, Opportunity Zone, and HUBZone, offering potential grant funding and tax credits.; Zoned B‑3, allowing for flexible industrial, office, or mixed‑use development.