Single-Level Medical Office
For Sale
$349,900
Pending
2801 Turner Rd, North Chesterfield, VA 23224
Functional layout includes a foyer, private offices, communal workspace, additional rooms, and two bathrooms.
Property Size1,950 SF
Lot Size0.57 Acres
Days on Market77
Property Features for 2801 Turner Rd
General Information
Standard status
Pending
Size
1,950 SF
Lot size
0.57 Acres
Additional Details
Road Access
Yes
Building Details
Buildings
1
Stories
1
Building Size
1,950 SF
Construction
brick
Listing Agency:
River City Elite Properties - Real Broker
(804) 704-1944
Listed By:
James Nay · License #0225221595
(804) 704-1944
Source:
Exprealty
Added: May 26
Changed: Jul 31
Last Checked: Aug 9 at 11:48AM
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 River City Elite Properties - Real Broker
Investment Insights
Based on property information with market context.
Located at 2801 Turner Rd in North Chesterfield, this single-level medical office property includes approximately 1,950 finished square feet on a .57-acre lot. The brick-front building features a foyer and lobby, several private offices, a large communal workspace, multiple additional rooms, and both a half bathroom and full bathroom. A 2,100 square foot concrete parking area supports on-site access.
The property has prominent signage along Turner Road and road visibility. Building improvements include a newer roof, vinyl energy-efficient windows, and a newer HVAC system. Previously operated as a veterinarian clinic, the interior configuration is adaptable for medical office, office, retail, and service-based uses as described in the property information.
The property has prominent signage along Turner Road and road visibility. Building improvements include a newer roof, vinyl energy-efficient windows, and a newer HVAC system. Previously operated as a veterinarian clinic, the interior configuration is adaptable for medical office, office, retail, and service-based uses as described in the property information.
Key Highlights
- Approximately 1,950 finished square feet on a .57‑acre lot
- 2,100 square foot concrete parking area
- Brick front with prominent signage along Turner Road
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
$27,969
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
7.99%
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%
$559,380
$559.4K
Cap Rate 7%
$399,557
$399.6K
Cap Rate 9%
$310,767
$310.8K
Market Conditions
NOI Build-Up for 1,950 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
$50.8K $26.04/SF
− Vacancy
−$4.2K −$2.14/SF
EGI
$46.6K $23.90/SF
− OpEx
−$18.6K −$9.56/SF
NOI
$28.0K $14.34/SF
Area
Richmond, VA
Vacancy
8.20%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
40.00%
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%
$559,380
Cap Rate 7%
$399,557
Cap Rate 9%
$310,767
Alternative Uses
Best Use
Healthcare Medical
$399.6K
$349.6K – $466.2K
NOI $27,969 @ 7.0% cap · market cap 7.99%
Second Best
Office B
$374.5K
$327.7K – $437.0K
NOI $26,218 @ 7.0% cap · market cap 7.49%
Theoretical Best
Office A
$450.5K
$394.2K – $525.6K
NOI $31,536 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
422
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23224, VA
39,468
Population
18,201
Households
2.2
Avg Household Size
33
Median Age
19%
College-Educated
80%
High-School Grad
11.6 sq mi
ZIP Area
3,402
Density / Sq Mi
$49,263
Median Household Income
$36,275
Median Earnings
$1,268
Median Rent
$189,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Pocoshock Animal Hospital — 2801 Turner Rd, North Chesterfield, VA 23224
- Jenny N. Larsen, DVM — 2801 Turner Rd, Richmond, VA 23224
Frequently Asked Questions
What type of property is this?
Medical Office Space - Functional layout includes a foyer, private offices, communal workspace, additional rooms, and two bathrooms.
Where is this medical office space located?
The property is located at 2801 Turner Rd North Chesterfield, VA.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Approximately 1,950 finished square feet on a .57‑acre lot; 2,100 square foot concrete parking area; Brick front with prominent signage along Turner Road
