Retail Condo in Multi-Tenant
For Sale
$575,000
7001 HARRISON Road, Fredericksburg, VA 22407
Commercial Sale, FREDERICKSBURG, VA
Property Size1,400 SF
Price / SF$410.71
Days on Market1316
Property Features for 7001 HARRISON Road
General Information
Property type
Other
Property subtype
Retail
Parking
60
Elementary school district
SPOTSYLVANIA COUNTY PUBLIC SCHOOLS
Middle school district
SPOTSYLVANIA COUNTY PUBLIC SCHOOLS
High school district
SPOTSYLVANIA COUNTY PUBLIC SCHOOLS
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
23211
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Building Details
Year built
2007
Number of units
6
Building materials
Masonry, Dryvit
Listing Agency:
Janet M Bahmer
(540) 785-6295
Listed By:
Janet M Bahmer · License #0225110975
(703) 732-5331
Added: Feb 3, 2023
Changed: Sep 5
Last Checked: Sep 11 at 2:06PM
MLS# VASP2015358
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1400 sq ft retail condominium occupies space within a 14,000 sq ft multi-tenant building completed in 2007. The property is positioned on a corner lot with frontage along Harrison Road and Old Plank Road. Masonry and Dryvit construction, along with heat-pump heating and cooling, are part of the existing improvements.
The property is located in Harrison Crossing South near Giant Foods, Lidl, Home Depot, Walgreens, McDonalds, PetCo, Taco Bell, and Harry's Ale House, all identified as within walking distance. Riverbend High School, Chancellor HS, and Harrison Rd Elementary are also nearby. 2022 VDOT estimates report 39,000 vpd on Route 3, 15,000 vpd on Harrison Road, and 11,000 vpd on Old Plank Road.
C-3 zoning allows uses within retail, office, or medical categories. Co-tenants include Creative Child Care, Creative Music Academy, and State Farm Insurance.
The property is located in Harrison Crossing South near Giant Foods, Lidl, Home Depot, Walgreens, McDonalds, PetCo, Taco Bell, and Harry's Ale House, all identified as within walking distance. Riverbend High School, Chancellor HS, and Harrison Rd Elementary are also nearby. 2022 VDOT estimates report 39,000 vpd on Route 3, 15,000 vpd on Harrison Road, and 11,000 vpd on Old Plank Road.
C-3 zoning allows uses within retail, office, or medical categories. Co-tenants include Creative Child Care, Creative Music Academy, and State Farm Insurance.
Key Highlights
- 1400 sq ft retail condominium in a 14,000 sq ft multi‑tenant building
- Corner‑lot frontage on Harrison Road and Old Plank Road
- C‑3 zoning allows retail, office, and medical uses
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
$19,930
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
3.47%
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%
$398,600
$398.6K
Cap Rate 7%
$284,714
$284.7K
Cap Rate 9%
$221,444
$221.4K
Market Conditions
NOI Build-Up for 1,400 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
$29.2K $20.88/SF
− Vacancy
−$760 −$0.54/SF
EGI
$28.5K $20.34/SF
− OpEx
−$8.5K −$6.10/SF
NOI
$19.9K $14.24/SF
Area
Spotsylvania County, VA
Vacancy
2.60%
Lease Rate
$20.88 /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%
$398,600
Cap Rate 7%
$284,714
Cap Rate 9%
$221,444
Alternative Uses
Best Use
Retail
$284.7K
$249.1K – $332.2K
NOI $19,930 @ 7.0% cap · market cap 3.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$438.8K
$384.0K – $512.0K
NOI $30,719 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
354
Businesses Nearby
311k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 56%
Groceries 23%
Shops & Services 16%
Apparel 3%
Giant
Groceries
48,940 visits/mo
0.4 miles
McDonald's
Dining
27,654 visits/mo
0.2 miles
SONIC Drive In
Dining
24,800 visits/mo
0.4 miles
Lidl
Groceries
23,827 visits/mo
0.4 miles
Wendy's
Dining
20,248 visits/mo
0.4 miles
Demographics for 22407, VA
62,668
Population
23,305
Households
2.7
Avg Household Size
38
Median Age
33%
College-Educated
90%
High-School Grad
61.0 sq mi
ZIP Area
1,027
Density / Sq Mi
$105,218
Median Household Income
$47,282
Median Earnings
$1,758
Median Rent
$376,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Retail space - C-3 zoning supports retail, office, and medical uses.
Where is this retail space located?
The property is located at 7001 HARRISON Road Fredericksburg, VA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 1400 sq ft retail condominium in a 14,000 sq ft multi‑tenant building; Corner‑lot frontage on Harrison Road and Old Plank Road; C‑3 zoning allows retail, office, and medical uses
