7293 Hanover Green DrMechanicsville, VA 23111

Property Details for 7293 Hanover Green Dr

Year built

1979

Lot size

0.57 AC

Property size (Sq ft)

6,544 SF

Zone code

B-1

Property type

Commercial real estate

APN

8704-85-3505

APU

8704853505

Description

This exceptional three-story office building, located at 7293 Hanover Green Drive in Mechanicsville, Virginia, presents a compelling investment or owner-occupant opportunity. The 9,600 square foot building, constructed in 1979 and renovated in 2020, sits on a 0.57-acre lot and is currently 90% occupied across its 20 units. The property boasts a Class B designation and is zoned B-1, offering considerable flexibility for various business uses. The gross lease structure simplifies management, while the multi-tenancy provides a diversified income stream. The asking price is $960,000, translating to $100 per square foot. Key features include a single building on three stories, providing ample space for a variety of business needs. The property's location in Mechanicsville, VA, zip code 23111, offers convenient access to local amenities and transportation routes. This well-maintained property represents a strong investment opportunity with significant potential for future growth and return. The building's recent renovation ensures modern functionality and aesthetics, making it an attractive option for both investors and businesses seeking a prime location in a thriving community.

• CAP approach

  CAP return

  Valuation

  6%

  $1,778,630

  6.5%

  $1,641,810

  7%

  $1,524,540

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,092,910

  Geo Method

  $1,092,910

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $3,249,650

  Retail / Commercial

  $1,663,020

  Mixed-Use / Specialty

  $1,654,420

  Hospitality / Lodging

  $1,210,320

  Office

  $1,641,810

  Institutional / Educational

  $1,718,970

  Residential Income

  $2,011,200

  Multifamily

  $2,426,920

  Automotive / Energy

  $1,473,410

  Parking / Income-Based Land

  $511,092

  Restaurant / Food Service

  $854,778

  Healthcare / Senior Housing

  $1,699,310

Location Insight

City

Mechanicsville

County

Hanover

State

Virginia

Latitude

37.6044

Longitude

-77.3767

CBSA code

40060

CBSA name

RICHMOND, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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