Mixed-Use Property with
For Sale
$1,290,000
663 Old Plantation Dr, Lynchburg, VA 24502
Business-General Commercial zoning combines a shop, storage areas, and residential space with frontage on two roads.
Property Size5,695 SF
Price / SF$226.51
Days on Market13
Property Features for 663 Old Plantation Dr
General Information
Standard status
Active
Size
5,695 SF
Zoning
Business-General Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Warehouse Space
3,400 SF
Land Use
commercial
Amenities
pond
enclosed shed
Building Details
Buildings
1
Listing Agency:
John Stewart Walker, Inc
(434) 385-6655
Listed By:
Stephen Garrett Mock
Source:
Exprealty
Added: Jul 30
Changed: Aug 11
Last Checked: Aug 11 at 11:32AM
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 John Stewart Walker, Inc
Investment Insights
Based on property information with market context.
This mixed-use property includes a 3,400-square-foot shop, warehouse, and garage with three large overhead doors, plus an enclosed rear shed for additional storage or equipment. The adjoining 2,295-square-foot home provides three bedrooms and 1.5 baths on the main level, along with approximately 500 finished square feet and a full bath in the basement. An additional 900+ square feet of basement area remains unfinished for laundry or storage. The home has a heat pump and panel installed approximately five years ago.
The property spans just under 13 acres and is zoned Business-General Commercial. Frontage extends along Old Plantation Drive and Rte 460, with a reported daily traffic count of over 20,000. Old Plantation Drive provides access to 460 and Timberlake Road, while Lynchburg Regional Airport, Liberty University, Wards Road/Hwy 29, Forest, Evington, and Bedford are identified in the surrounding area. The residential and commercial improvements can be used together, rented separately, or adapted for office space, subject to applicable requirements.
The property spans just under 13 acres and is zoned Business-General Commercial. Frontage extends along Old Plantation Drive and Rte 460, with a reported daily traffic count of over 20,000. Old Plantation Drive provides access to 460 and Timberlake Road, while Lynchburg Regional Airport, Liberty University, Wards Road/Hwy 29, Forest, Evington, and Bedford are identified in the surrounding area. The residential and commercial improvements can be used together, rented separately, or adapted for office space, subject to applicable requirements.
Key Highlights
- Just under 13 acres zoned Business‑General Commercial
- 3,400 SF shop/warehouse/garage with 3 large overhead doors
- 2,295 SF home with 3 bedrooms and 1.5 baths on the main level
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
$86,108
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
6.68%
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%
$1,722,160
$1.7M
Cap Rate 7%
$1,230,114
$1.2M
Cap Rate 9%
$956,756
$956.8K
Market Conditions
NOI Build-Up for 5,695 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
$119.6K $21.00/SF
− Vacancy
−$4.8K −$0.84/SF
EGI
$114.8K $20.16/SF
− OpEx
−$28.7K −$5.04/SF
NOI
$86.1K $15.12/SF
Area
Lynchburg County, VA
Vacancy
4.00%
Lease Rate
$21.00 /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%
$1,722,160
Cap Rate 7%
$1,230,114
Cap Rate 9%
$956,756
Alternative Uses
Best Use
Office B
$1.23M
$1.08M – $1.44M
NOI $86,108 @ 7.0% cap · market cap 6.68%
Second Best
Mixed Use
$617.5K
$540.3K – $720.4K
NOI $43,225 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,092 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
111
Businesses Nearby
Explore this area
Business Placement
Demographics for 24502, VA
41,058
Population
18,576
Households
2.2
Avg Household Size
36
Median Age
39%
College-Educated
92%
High-School Grad
29.9 sq mi
ZIP Area
1,373
Density / Sq Mi
$66,027
Median Household Income
$35,923
Median Earnings
$1,166
Median Rent
$214,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Business-General Commercial zoning combines a shop, storage areas, and residential space with frontage on two roads.
Where is this mixed-use property located?
The property is located at 663 Old Plantation Dr Lynchburg, VA.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: Just under 13 acres zoned Business‑General Commercial; 3,400 SF shop/warehouse/garage with 3 large overhead doors; 2,295 SF home with 3 bedrooms and 1.5 baths on the main level
