Industrial Property for Sale in Henrico VA: How Owner-Users and Investors Actually Buy Warehouse and Flex Buildings

Industrial property for sale in Henrico VA is hard to find if you want a building your own business will occupy. Most modern warehouses in the county are owned by institutional investors and trade as fully leased portfolios. The smaller flex and service buildings that suit owner-users rarely come to market, and good ones often sell without a public listing.

That doesn’t make buying a bad plan. It means starting earlier, getting SBA or bank financing lined up before you find the building, and doing environmental and zoning diligence up front. This post covers the buy side. For leasing, submarkets, and building specs, see our Henrico industrial and warehouse space guide.

Why is owner-user industrial property for sale in Henrico VA so scarce?

There are three main reasons. First, investors own much of the modern stock. The larger Henrico industrial sales Richmond BizSense reported in 2025 were multi-tenant, leased buildings sold from one investor to another. Second, the market is tight. Cushman & Wakefield | Thalhimer’s Q2 2026 MarketBeat put vacancy at 1.2% in the Southeast quadrant, which includes the airport area. When space is that full, owners have little reason to sell. Third, other buyers want the same buildings. In 2024, data center developer QTS bought Lumber Liquidators’ 1 million SF Sandston warehouse out of bankruptcy for $104 million to use for itself, per Richmond BizSense.

Owner-users usually end up looking at older single-tenant buildings and small flex buildings in western and northern Henrico, around Parham Road, Staples Mill Road, and Route 1, or at buying land and building. Our Richmond small-bay flex space guide covers that product type.

What have Henrico industrial buildings sold for recently?

Only use sales you can verify. Asking prices and broker opinions aren’t evidence. These recorded sales show what institutional buyers have paid for leased, modern product near the airport:

Don’t apply these numbers directly to a 15,000 SF shop on Parham Road. They are leased, multi-building investment sales, and investors price them on rental income. An owner-user buys a vacant or soon-to-be-vacant building and pays for location and fit, so small-building values are set one deal at a time. Before you make an offer, ask your broker or appraiser for comparable sales of similar size, age, and clear height.

How do owner-users finance an industrial building with SBA loans?

For an operating business buying a building it will occupy, the SBA’s two main programs are the 504 and the 7(a). Per the SBA 504 program page, a 504 loan can fund the purchase, construction, or renovation of real estate. It has a maximum of $5.5 million, terms of 10, 20, or 25 years, and a rate tied to the 10-year Treasury. A 7(a) loan can also finance real estate, up to $5 million.

Under SBA’s lending rules (SOP 50 10 8.1, effective Oct. 1, 2026), a typical 504 project is split three ways. A third-party lender provides 50% or more, a Certified Development Company (CDC) provides up to 40% through an SBA-guaranteed debenture, and the borrower puts in at least 10%. New businesses and limited or special-purpose properties need 15%, and 20% if both apply. Occupancy is the rule that trips people up: the business must occupy 51% of an existing building and can lease out up to 49%. For new construction, the business must occupy 60%.

Closing costs, fees, and any renovation budget are extra. A lender or CDC will quote the actual structure based on your financials and the property.

Is it cheaper to buy or lease industrial space in Henrico?

There’s no single answer, but the math follows a pattern. On a triple-net lease you pay rent plus taxes, insurance, and maintenance. As an owner you pay debt service plus the same taxes, insurance, and maintenance, and you also pay for roofs, HVAC, and paving when they wear out. So the comparison is roughly this: annual rent on a comparable building versus annual debt service plus a capital reserve plus the return you give up on your down payment. Principal paydown and any appreciation go to the owner. Flexibility goes to the tenant.

Buying usually makes sense when you’ll stay ten years or more, need specialized power, cranes, or floors that a landlord won’t fund, and can tie up the cash without starving the business. Leasing usually wins when growth is uncertain or capital is better spent on equipment and people. Run both cases with your CPA.

What taxes does an industrial owner pay in Henrico?

Per Henrico’s approved tax rates, real estate is taxed at $0.83 per $100 of assessed value. The county says that rate is the lowest among Virginia’s ten largest localities, and its proposed FY2026-27 budget left all tax rates unchanged. Machinery used for manufacturing or mining is taxed at $0.30 per $100, and business personal property at $3.35 per $100. For example, a building assessed at $2 million would owe about $16,600 a year in real estate tax at today’s rate. Recordation taxes are due when you close; see who pays Virginia grantor’s and recordation tax. Confirm how your equipment is classified with the Department of Finance and your CPA.

What due diligence should a Henrico industrial buyer do?

Zoning: Henrico’s industrial districts are M-1 Light Industrial, M-2 General Industrial, and M-3 Heavy Industrial. The O/S Office/Service district also allows some light industrial uses, per Henrico County Planning. Ask Planning to confirm your exact use, and check for proffered conditions on the parcel.

Environmental: Industrial sites carry contamination risk from past users. A Phase I environmental site assessment under ASTM E1527-21 satisfies EPA’s All Appropriate Inquiries rule, which buyers need to claim CERCLA liability protections. It must be completed within one year before you acquire the property, and key parts within 180 days. SBA lenders have their own environmental requirements. Some industries must start with a Phase I no matter how small the loan.

1. 1Get SBA or bank pre-qualification before you tour, so you can move quickly when a building comes up.
2. 2Confirm zoning district, proffers, and permitted use in writing from Henrico Planning.
3. 3Order a Phase I ESA, and a Phase II if the Phase I recommends one.
4. 4Inspect the roof, HVAC, slab, sprinklers, electrical service, and dock equipment, and price the deferred maintenance.
5. 5Check clear height, doors, truck court, and parking against your operation.
6. 6Order a survey and a title commitment, and check floodplain status.
7. 7Model real estate and machinery and tools taxes against the assessed value and the price you are paying.
8. 8If you are an investor, review leases, estoppels, and tenant credit. If you are replacing sold property, see our 1031 exchange guide.

Get help finding a Henrico building to buy

When owner-user buildings rarely reach the market, it helps to have someone contacting owners directly and checking every building against your specs and financing. Browse the listings page, revisit our Henrico industrial guide for the leasing side, or reach out to talk through your requirement.