Medical Office
For Sale
Contact for pricing
8719 Forest Hill Ave, Richmond, VA 23235
C-3-zoned office property suited to medical and professional office operations.
Property Size4,095 SF
Price / SF$177.05
Days on Market134
Property Features for 8719 Forest Hill Ave
General Information
Standard status
Active
Size
4,095 SF
Property subtype
Office
Zoning
C-3
Listing Agency:
Taylor Long Properties Commercial Real Estate
(804) 864-9788
Listed By:
Rebecca von Meister · License #VA
Source:
Crexi
Added: Apr 21
Changed: Aug 31
Last Checked: Aug 31 at 12:49AM
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 Taylor Long Properties Commercial Real Estate
Investment Insights
Based on property information with market context.
The property is a medical office building containing 4,095 square feet of office space. Its C-3 zoning supports the stated commercial classification and provides the regulatory designation associated with the site.
Located at 8719 Forest Hill Ave in Richmond, Virginia, the property offers an established address for medical office or professional office use.
Located at 8719 Forest Hill Ave in Richmond, Virginia, the property offers an established address for medical office or professional office use.
Key Highlights
- 4,095‑square‑foot medical office building
- C‑3 zoning
- Located at 8719 Forest Hill Ave, Richmond, VA 23235
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
$58,734
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
8.10%
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%
$1,174,680
$1.2M
Cap Rate 7%
$839,057
$839.1K
Cap Rate 9%
$652,600
$652.6K
Market Conditions
NOI Build-Up for 4,095 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
$106.6K $26.04/SF
− Vacancy
−$8.7K −$2.14/SF
EGI
$97.9K $23.90/SF
− OpEx
−$39.2K −$9.56/SF
NOI
$58.7K $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%
$1,174,680
Cap Rate 7%
$839,057
Cap Rate 9%
$652,600
Alternative Uses
Best Use
Healthcare Medical
$839.1K
$734.2K – $978.9K
NOI $58,734 @ 7.0% cap · market cap 8.10%
Second Best
Office B
$786.5K
$688.2K – $917.6K
NOI $55,057 @ 7.0% cap · market cap 7.59%
Theoretical Best
Office A
$946.1K
$827.8K – $1.10M
NOI $66,226 @ 7.0% cap · market cap 9.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
720
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 23235, VA
34,058
Population
14,973
Households
2.3
Avg Household Size
42
Median Age
50%
College-Educated
92%
High-School Grad
17.8 sq mi
ZIP Area
1,913
Density / Sq Mi
$89,959
Median Household Income
$54,403
Median Earnings
$1,663
Median Rent
$324,800
Median Home Value
Market
Vacancy Rate% for Office in Richmond, VA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Bon Air Animal Hospital — 2749 McRae Rd, Richmond, VA 23235
- Dr. Tom Haney — 2749 McRae Rd, Richmond, VA 23235
Frequently Asked Questions
What type of property is this?
Medical Office Space - C-3-zoned office property suited to medical and professional office operations.
Where is this medical office space located?
The property is located at 8719 Forest Hill Ave Richmond, VA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 4,095‑square‑foot medical office building; C‑3 zoning; Located at 8719 Forest Hill Ave, Richmond, VA 23235
