Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2664 New Market Rd Henrico, VA

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Retail and office property with existing leases in Henrico, VA.

    Type:RETAIL
    Property size:
    5,656 SF
    Lot size:
    1.67 Acres
    Price / SF:
    $300/SF
    Added:
    May 2, 2025
    Days on Market:
    364
    Last Refresh:
    Apr 5 at 10:35 pm

    Property Features for 2664 New Market Rd

    General Information

    Standard status
    Active
    Size
    5,656 SF
    Lot size
    1.67 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Hamilton Shaheen
    Hamilton Shaheen

    Listing agent Hamilton Shaheen

    Listing office Range Commercial Partners

    Listing date May 2, 2025

    Source Moodyscre

    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 Range Commercial Partners

    Overview

    Retail and Office Investment Opportunity

    This property features two parcels totaling 3.69 acres, zoned B-1. It includes 5,656 square feet occupied by Walgreens, under lease through June 2026, and 3,637 square feet occupied by an office tenant, under lease through June 2025. The property is located at a lighted intersection and is adjacent to the Virginia Capital Trail. It is also less than 1 mile from I-295. The property is suitable for retail and office use.
    Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Big Box & Wholesale Store Hair Salon Nail Salon Hotel & Motel Gym & Fitness Center Pharmacy Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Coinstar Kiosk | Bitcoin ATM — Food Lion, 2599 New Market Rd, Richmond, VA 23231

    Location Insight

    • Map
    • Local Demand
    City
    Henrico
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.6422
    Latitude
    37.5916

    Nearby Similar for Sale

    • $498,000
      1,799 SF

      First Floor Living in Henrico

      Spacious, one-level condo in gated community near University of Richmond.
      6161 River Road, Henrico, VA 23226
      View Details
    • $415,000
      1,638 SF

      Office Condo at Glenside Commons

      End-unit office condo with five offices, available April 2025.
      Glenside Dr, Henrico, VA
      View Details
    • $2,000,000
      3,637 SF

      Retail and Office Investment Opportunity

      3.69 acres with retail and office tenants in place.
      2660 New Market Rd, Henrico, VA
      View Details
    • $3,922,343
      22,447 SF

      Henrico Flex Industrial and Office

      Flex industrial and office asset in Henrico-Richmond submarket.
      3941 Deep Rock Rd, Henrico, VA
      View Details
    • $3,950,000
      7,914 SF

      Retail Property on Broad Street

      Retail property with 7,914 square feet of space.
      8205 W Broad St, Henrico, VA
      View Details
    • $1,250,000
      17,000 SF

      GreenGate Retail/Office/Medical Pad Site

      Located in GreenGate, this pad site is building permit ready.
      3401 Haydenpark Ln, Henrico, VA
      View Details
    • Contact for pricing
      6,000 SF

      Henrico Office Building Opportunity

      Office buildings for sale in Henrico, Virginia. Subdividable.
      Patterson Ave, Henrico, VA
      View Details
    • $4,500,000
      7,189 SF

      Restaurant Space on Laburnum Avenue

      Former restaurant space available for lease, sale, or ground lease.
      4415 S Laburnum Ave, Henrico, VA
      View Details
    • Contact for pricing
      6,000 SF

      Versatile Office Space Available

      Office buildings for rent with customizable buildout options.
      21540 Patterson Ave, Henrico, VA
      View Details
    • $850,000
      4,656 SF

      Retail Space on Patterson Avenue

      4,656 SF retail space available for lease/ground lease.
      8931 Patterson Ave, Henrico, VA
      View Details
    • Contact for pricing
      11,421 SF

      Retail Building on Staples Mill

      Freestanding retail building with high traffic and accessibility.
      9501 Staples Mill Rd, Henrico, VA
      View Details
    • $1,300,000
      12,876 SF

      Colonial Brick Office Building

      Three-story office building with high visibility and ample parking.
      2604 N Parham Rd, Henrico, VA
      View Details

    FAQs

    What type of property is this?
    Shopping center - Retail and office property with existing leases in Henrico, VA.
    Where is this shopping center located?
    The property is located at 2664 New Market Rd Henrico, VA.
    What is the asking price?
    The asking price for this property is $1,700,000.
    What are key features of this property?
    This property features: Located at lighted intersection less than 1 mile from I‑295; Two parcels totaling 3.69 acres, zoned B‑1; 5,656 SF occupied by Walgreens, under lease through June 2026
    (804) 517-2678 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Hamilton Shaheen
    Hamilton Shaheen
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!