Two-Building Flex
New
For Sale
$295,000
690 690 N Franklin Street, Christiansburg, VA 24073
B3-zoned commercial property combines office, storage, and garage areas across two buildings.
Property Size2,779 SF
Lot Size0.79 Acres
Price / SF$106.15
Days on Market7
Property Features for 690 690 N Franklin Street
General Information
Standard status
Active
Size
2,779 SF
Lot size
0.79 Acres
Property subtype
General Commercial
Zoning
B3
Additional Details
Utilities to Site
Yes
Three-Phase Power
Yes
Taxes and HOA fees
Annual Taxes
$3,679
Building Details
Year Built
1990
Buildings
2
Listing Agency:
UC/Blue Ridge Land & Auction
(540) 745-2005
Listed By:
Matthew Gallimore · License #0225062681
(540) 239-2585
Source:
Xome
Added: Aug 30
Changed: Sep 4
Last Checked: Sep 5 at 6:01AM
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 UC/Blue Ridge Land & Auction
Investment Insights
Based on property information with market context.
This flex property includes two commercial buildings on a +/-0.788-acre parcel zoned B3. The primary building contains approximately 2,779 sqft with a main lobby, multiple office areas, substantial storage or garage space, and 1.5 baths. Three-phase power serves the building. A second approximately 30'x40' metal building adds office space, a large garage door, and lofted storage reached by exterior rear stairs. It also has three-phase power and a natural gas hookup.
The property is located at 690 N Franklin Street in Christiansburg, Virginia. The improvements were built in 1990 and provide a combination of office, storage, and work-oriented areas within the same commercial property.
The property is located at 690 N Franklin Street in Christiansburg, Virginia. The improvements were built in 1990 and provide a combination of office, storage, and work-oriented areas within the same commercial property.
Key Highlights
- Two commercial buildings on +/-0.788 acre
- Primary building contains approximately 2,779 sqft
- Second building measures approximately 30'x40'
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
$26,116
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
8.85%
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%
$522,320
$522.3K
Cap Rate 7%
$373,086
$373.1K
Cap Rate 9%
$290,178
$290.2K
Market Conditions
NOI Build-Up for 2,779 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
$41.7K $15.00/SF
− Vacancy
−$4.4K −$1.58/SF
EGI
$37.3K $13.43/SF
− OpEx
−$11.2K −$4.03/SF
NOI
$26.1K $9.40/SF
Area
Montgomery County, VA
Vacancy
10.50%
Lease Rate
$15.00 /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%
$522,320
Cap Rate 7%
$373,086
Cap Rate 9%
$290,178
Alternative Uses
Best Use
Flex RnD
$657.7K
$575.5K – $767.3K
NOI $46,036 @ 7.0% cap · market cap 15.61%
Second Best
Office B
$485.2K
$424.5K – $566.1K
NOI $33,963 @ 7.0% cap · market cap 11.51%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
518
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 24073, VA
32,093
Population
14,248
Households
2.3
Avg Household Size
39
Median Age
42%
College-Educated
94%
High-School Grad
89.6 sq mi
ZIP Area
358
Density / Sq Mi
$75,103
Median Household Income
$46,396
Median Earnings
$1,150
Median Rent
$247,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - B3-zoned commercial property combines office, storage, and garage areas across two buildings.
Where is this flex space located?
The property is located at 690 690 N Franklin Street Christiansburg, VA.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two commercial buildings on +/-0.788 acre; Primary building contains approximately 2,779 sqft; Second building measures approximately 30'x40'
