Multi-Unit Office Building For
For Sale
$775,000
2815 Linkhorne Dr, Lynchburg, VA 24503
Multi-unit office building on corner lot near shopping and businesses.
Property Size4,225 SF
Price / SF$183.43
Days on Market689
Property Features for 2815 Linkhorne Dr
General Information
Standard status
Active
Size
4,225 SF
Listing Agency:
Coldwell Banker Commercial Read & Company
(434) 455-2285
Listed By:
Ricky Read · License #0225188167
(434) 841-3659
Source:
Exprealty
Added: Oct 22, 2024
Changed: Aug 20
Last Checked: Sep 9 at 11:43AM
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 Coldwell Banker Commercial Read & Company
Investment Insights
Based on property information with market context.
This multi-unit office building is situated on a signalized corner lot, offering entrances on both Old Forest Road and Linkhorne Drive. The property presents the potential for three individual office units or for owner-occupancy with tenants. A new roof was installed in 2012, and the cupola was replaced in 2023. The building is located across from Forest Hill Shopping Center and is near various medical and retail businesses.
Key Highlights
- Multi‑Unit Office Building offering flexibility for investors or owner‑occupiers, with potential for 3 individual units.
- Located on a highly visible signalized corner lot with entrances on Old Forest Road and Linkhorne Drive.
- Prime location across from Forest Hill Shopping Center and near medical and retail businesses.
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
$63,882
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
8.24%
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%
$1,277,640
$1.3M
Cap Rate 7%
$912,600
$912.6K
Cap Rate 9%
$709,800
$709.8K
Market Conditions
NOI Build-Up for 4,225 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
$88.7K $21.00/SF
− Vacancy
−$3.5K −$0.84/SF
EGI
$85.2K $20.16/SF
− OpEx
−$21.3K −$5.04/SF
NOI
$63.9K $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%
$1,277,640
Cap Rate 7%
$912,600
Cap Rate 9%
$709,800
Alternative Uses
Best Use
Office B
$912.6K
$798.5K – $1.06M
NOI $63,882 @ 7.0% cap · market cap 8.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,610 @ 7.0% cap · market cap 11.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
344
Businesses Nearby
Explore this area
Business Placement
Demographics for 24503, VA
19,810
Population
8,755
Households
2.3
Avg Household Size
44
Median Age
59%
College-Educated
96%
High-School Grad
36.7 sq mi
ZIP Area
540
Density / Sq Mi
$92,025
Median Household Income
$46,521
Median Earnings
$972
Median Rent
$320,500
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 Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Multi-unit office building on corner lot near shopping and businesses.
Where is this office building located?
The property is located at 2815 Linkhorne Dr Lynchburg, VA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Multi‑Unit Office Building offering flexibility for investors or owner‑occupiers, with potential for 3 individual units.; Located on a highly visible signalized corner lot with entrances on Old Forest Road and Linkhorne Drive.; Prime location across from Forest Hill Shopping Center and near medical and retail businesses.
