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    Property profile & analytics

    11923 Ctr St Chester, VA 23831-1702

    • Office buildings
    • 2,560 SF
    • 0.61 lot acres
    OFF-MARKET
    Last Sale
    Mar 18, 2025
    $587,500
    Value Estimations
    $695,000
    Show details
    Cap Rate Potential
    4.3%
    Office buildings
    Location Intelligence
    Property ID
    US87-3858024
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Clarity Hearing, Inc / Hearing Aid Store / Audiologist
    • Building Bridges Therapeutic & Consulting Services / Counselor
    • Sunzraye McCargo, Prestige Realty / Real Estate Agent
    • Joy Drumgold Terry / Psychologist
    • Kelly's Sewing Room / Sewing Shop

    Property Details for 11923 Ctr St

    Year built
    1978
    Lot size
    0.61 lot acres
    Property size
    2,560 SF
    Zone code
    C3 - COMMUNITY BUS DIST
    Property type
    Office buildings
    APN
    789-65-50-45-600-000
    APU
    789655045600000

    Description

    This newly renovated 1,280 square foot office suite is available for lease at 11923 Centre St, Chester, VA 23831. Located on the second floor of a two-story, multi-tenant Class C office building constructed in 1978, this space offers a direct entry, private reception/waiting area, two large private offices, an extra-large conference room, a breakroom, and restrooms. The building totals 8,706 square feet and comprises 16 suites. The minimum divisible space is 1,280 square feet, which is also the maximum contiguous space currently available. The building does not have elevators

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $700,000
      ML approach
      $630,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $610,000
      6.5%
      $565,000
      7%
      $525,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $699,000
      Market price range: $186k - $700k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Chester
    County
    Chesterfield
    State
    Virginia
    Longitude
    -77.4467
    Latitude
    37.3578
    CBSA code
    40060
    CBSA name
    RICHMOND, VA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $5,101
    $274,100
    $275,200
    $549,300
    -
    $274,100
    $275,200
    $549,300

    Comparable in this City

    • Value Estimation
      $260,000
      3,944 SF

      2667 Osborne Rd

      OFFICE BUILDING • 3,944 SF
      2667 Osborne Rd, Chester, VA 23831-2139
      View Details
    • Value Estimation
      $730,000
      1,971 SF

      4312 Old 100th Rd

      OFFICE BUILDING • 1,971 SF
      4312 Old 100th Rd, Chester, VA 23831-4231
      View Details
    • Value Estimation
      $1,010,000
      7,846 SF

      4211 Old 100th Rd

      OFFICE BUILDING • 7,846 SF
      4211 Old 100th Rd, Chester, VA 23831-4401
      View Details
    • Value Estimation
      $925,000
      936 SF

      2710 100th Rd

      OFFICE BUILDING • 936 SF
      2710 100th Rd, Chester, VA 23831-2309
      View Details
    • Value Estimation
      $270,000
      1,200 SF

      3800 100th Rd

      OFFICE BUILDING • 1,200 SF
      3800 100th Rd, Chester, VA 23831-1920
      View Details
    • Value Estimation
      $240,000
      600 SF

      4403 100th Rd

      OFFICE BUILDING • 600 SF
      4403 100th Rd, Chester, VA 23831-1739
      View Details

    Similar Nearby for Sale

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      0.51 Acres

      Jefferson Davis Hwy Retail Pad

      High-traffic Chester, VA retail site.
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    • $750,000
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      Chester Commercial Property - Prime Location

      Historic Chester building, 2.25 acres, $750,000.
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    • $80,000
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      Land For Sale, Chester, VA

      Land available in Chester, Virginia.
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      View Details
    • $495,000
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      Chester Village Outparcel Retail Space

      Prime Retail Outparcel in Chester, VA
      4406 Hundred Rd, Chester, VA 23831
      View Details
    • $375,000

      Prime Commercial Land Opportunity

      1.5 AC parcel with frontage on W Hundred Road.
      4725 W Hundred Rd, Chester, VA 23831
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    • $399,000

      Chester Land Parcel For Sale

      Usable acreage suitable for daycare, school, church, or office.
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      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,251 SF

      Office Space in Chester, VA

      Office space available for rent in Chester, Virginia.
      11601 Iron Bridge Rd, Chester, VA 23831
      View Details
    • $20 SF/Yr
      6,318 SF

      Second Floor Office Space Available

      6,318 SF office space with elevator access.
      3700 Festival Park Plz, Chester, VA 23831
      View Details
    • Contact for pricing
      7,400 SF

      Office/Medical Space on Iron Bridge

      Office and medical spaces available for lease on Iron Bridge.
      12240 Iron Bridge Rd, Chester, VA 23831
      View Details
    • Contact for pricing

      Prime Chester Retail Pad

      High-visibility land, ideal for development.
      12141 Jefferson Davis Hwy, Chester, VA 23831
      View Details
    • Contact for pricing
      2,658 SF

      Retail Space Available for Lease

      2,658 SF retail space with high visibility and signage.
      12540 Jefferson Davis Hwy, Chester, VA 23831
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space on Iron Bridge

      Retail space available at a signalized intersection on Iron Bridge.
      10322 Iron Bridge Rd, Chester, VA 23831
      View Details
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    Chester, VA 23831-1702
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    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
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