Adaptable Mixed-Use Development
For Sale
$7,850,000
700 University City Boulevard, Blacksburg, VA 24060
2.56-acre parcel near Virginia Tech suitable for mixed-use redevelopment.
Property Size56,044 SF
Price / SF$140.07
Days on Market336
Property Features for 700 University City Boulevard
General Information
Standard status
Active
Size
56,044 SF
Class
A
Property subtype
Office
Building Details
Building Size
56,044 SF
Year Built
1985
Listing Agency:
(540) 520-3085
Listed By:
Stephen Pendergrass, SIOR, CCIM
(540) 520-3085
Source:
Tcnworldwide
Added: Sep 25, 2025
Changed: Aug 19
Last Checked: Aug 25 at 6:15AM
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 Stephen Pendergrass, SIOR, CCIM
Investment Insights
Based on property information with market context.
This 2.56-acre parcel features a well-maintained two-story office building and is strategically located adjacent to Virginia Tech, presenting an exceptional opportunity for redevelopment into a premium mixed-use property. The location is highly sought after, with proximity to the university ensuring a steady flow of traffic, making it ideal for a blend of residential, retail, and commercial spaces. The existing structure offers modern architectural features, abundant natural light, and flexible interior layouts that make it adaptable for various uses. The property includes a 20,044 square foot addition. The flat parcel provides room for expansion and new development, offering the potential to incorporate residential, retail, and commercial spaces in a mixed-use development. The property is further enhanced with 90 on-site parking spaces and is near the Blacksburg Transit bus stop. The two-level office building has large floor plates that allow for transition to multiple types of new uses. It is conveniently located just off of Prices Fork Road on University City Boulevard, within short walking distance to the Virginia Tech campus and downtown Blacksburg. A potential short-term lease-back opportunity allows a future owner to generate revenue immediately.
Key Highlights
- Prime location adjacent to Virginia Tech, ensuring high traffic and visibility.
- Exceptional redevelopment opportunity for a premium mixed‑use property.
- Large 2.56 acre parcel offering room for expansion and new development.
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
$684,929
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
8.73%
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%
$13,698,580
$13.7M
Cap Rate 7%
$9,784,700
$9.8M
Cap Rate 9%
$7,610,322
$7.6M
Market Conditions
NOI Build-Up for 56,044 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
$1.10M $19.68/SF
− Vacancy
−$189.7K −$3.38/SF
EGI
$913.2K $16.30/SF
− OpEx
−$228.3K −$4.07/SF
NOI
$684.9K $12.22/SF
Area
Montgomery County, VA
Vacancy
17.20%
Lease Rate
$19.68 /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%
$13,698,580
Cap Rate 7%
$9,784,700
Cap Rate 9%
$7,610,322
Alternative Uses
Best Use
Mixed Use
$10.57M
$9.25M – $12.33M
NOI $739,781 @ 7.0% cap · market cap 9.42%
Second Best
Office B
$9.78M
$8.56M – $11.42M
NOI $684,929 @ 7.0% cap · market cap 8.73%
Theoretical Best
Flex RnD
$13.26M
$11.61M – $15.47M
NOI $928,405 @ 7.0% cap · market cap 11.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
Explore this area
Business Placement
Demographics for 24060, VA
46,755
Population
22,797
Households
2.1
Avg Household Size
28
Median Age
63%
College-Educated
98%
High-School Grad
130.8 sq mi
ZIP Area
357
Density / Sq Mi
$63,496
Median Household Income
$31,827
Median Earnings
$1,266
Median Rent
$412,300
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?
Office building - 2.56-acre parcel near Virginia Tech suitable for mixed-use redevelopment.
Where is this office building located?
The property is located at 700 University City Boulevard Blacksburg, VA.
What is the asking price?
The asking price for this property is $7,850,000.
What are key features of this property?
This property features: Prime location adjacent to Virginia Tech, ensuring high traffic and visibility.; Exceptional redevelopment opportunity for a premium mixed‑use property.; Large 2.56 acre parcel offering room for expansion and new development.
