Automotive Service Flex
For Sale
$995,000
6509 Dickens Place, Richmond, VA 23230
Two connected automotive service buildings offer multiple work areas, service bays with lifts, and overhead doors with office space.
Property Size5,450 SF
Lot Size0.26 Acres
Price / SF$182.57
Days on Market257
Property Features for 6509 Dickens Place
General Information
Standard status
Active
Size
5,450 SF
Lot size
0.26 Acres
Property subtype
General Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Drive-In Doors
3
Service Bays
2
Amenities
3
Level
None, Level.
Building Details
Year Built
1982
Listing Agency:
Long & Foster REALTORS
(804) 288-8888
Listed By:
James Strum
(804) 432-3408
Source:
Xome
Added: Dec 24, 2025
Changed: Sep 1
Last Checked: Sep 7 at 4:59AM
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 Long & Foster REALTORS
Investment Insights
Based on property information with market context.
6509 and 6511 Dickens Place present an automotive service property consisting of two primary buildings on a single lot, totaling approximately 5,450 square feet. Building 1 includes two service bays with auto lifts and overhead doors sized 10’6” wide by 12’ tall, supporting vehicle and equipment access. Building 2 features a main workspace along with an additional rear section, plus an overhead bay door sized 10’6” by 11’, and includes an office with a bathroom and shower, a secondary work area, and a storage room with overhead attic storage.
The buildings are equipped with gas heat, 220 electrical service, exhaust ventilation, and front and rear pedestrian doors. The office area is heated electrically. The property is described as offering convenient access just off Broad Street (Route 250), with quick connectivity to I-64 for the greater Richmond area.
With its functional layout of service bays, overhead doors, and interior work areas, the property supports automotive repair and other light industrial or contractor-oriented uses, along with flexible space considerations for investors.
The buildings are equipped with gas heat, 220 electrical service, exhaust ventilation, and front and rear pedestrian doors. The office area is heated electrically. The property is described as offering convenient access just off Broad Street (Route 250), with quick connectivity to I-64 for the greater Richmond area.
With its functional layout of service bays, overhead doors, and interior work areas, the property supports automotive repair and other light industrial or contractor-oriented uses, along with flexible space considerations for investors.
Key Highlights
- 5,450 SF automotive service property at 6509 & 6511 Dickens Place on a 0.258‑acre level lot
- Two primary buildings with multiple work areas for auto repair, contractor use, or light industrial use
- Building #1 (6509) ~48’ x 59’ with 2 service bays, auto lifts, and 10’6” x 12’ overhead doors
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
$59,482
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
5.98%
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%
$1,189,640
$1.2M
Cap Rate 7%
$849,743
$849.7K
Cap Rate 9%
$660,911
$660.9K
Market Conditions
NOI Build-Up for 5,450 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
$92.9K $17.04/SF
− Vacancy
−$7.9K −$1.45/SF
EGI
$85.0K $15.59/SF
− OpEx
−$25.5K −$4.68/SF
NOI
$59.5K $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%
$1,189,640
Cap Rate 7%
$849,743
Cap Rate 9%
$660,911
Alternative Uses
Best Use
Retail
$849.7K
$743.5K – $991.4K
NOI $59,482 @ 7.0% cap · market cap 5.98%
Second Best
Industrial
$493.6K
$431.9K – $575.9K
NOI $34,555 @ 7.0% cap · market cap 3.47%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,139 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
2
Service bays
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,097
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23230, VA
8,263
Population
5,066
Households
1.6
Avg Household Size
35
Median Age
52%
College-Educated
89%
High-School Grad
4.3 sq mi
ZIP Area
1,922
Density / Sq Mi
$71,189
Median Household Income
$55,121
Median Earnings
$1,608
Median Rent
$343,500
Median Home Value
Market
Vacancy Rate% for Retail in Richmond, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - Two connected automotive service buildings offer multiple work areas, service bays with lifts, and overhead doors with office space.
Where is this auto shop located?
The property is located at 6509 Dickens Place Richmond, VA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 5,450 SF automotive service property at 6509 & 6511 Dickens Place on a 0.258‑acre level lot; Two primary buildings with multiple work areas for auto repair, contractor use, or light industrial use; Building #1 (6509) ~48’ x 59’ with 2 service bays, auto lifts, and 10’6” x 12’ overhead doors
