Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Commercial Land with Future Potential Title is generated by Realmo AI

    2678 2698 & 2720 New Market Rd, Richmond, VA 23231

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    4.71 acres with building, designated future commercial use.

    Type:Land
    Property size:
    1,395 SF
    Lot size:
    4.71 Acres
    Price / SF:
    $1,075/SF
    Added:
    Oct 6, 2021
    Days on Market:
    1703
    Last Refresh:
    May 19 at 8:55 pm

    Property Features for 2678 2698 & 2720 New Market Rd

    General Information

    Standard status
    Active
    Size
    1,395 SF
    Lot size
    4.71 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Robert Marshall

    Listing agent Robert Marshall License #VA 0225192463

    Listing office Taylor Long Properties

    Listing date Oct 6, 2021

    Source Crexi

    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

    HighLights

    • Designated as future Commercial in 2026 Henrico Comprehensive Plan.
    • ± 4.71 Acres Total Across 4 Parcels
    • High visibility with 562 feet of direct frontage on New Market Road.
    • Water and sewer on site.
    • Includes a 1,395 SF Building
    • Located on New Market Road

    Overview

    Four parcels totaling approximately 4.71 acres are available for sale, including a 1,395 square foot building. The property is designated for future commercial use in the 2026 Henrico Comprehensive Plan. It features 562 feet of direct frontage on New Market Road, offering high visibility. Water and sewer services are available on site.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Nail Salon Gym & Fitness Center Pharmacy Accounting Firm Big Box & Wholesale Store Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.34819
    Latitude
    37.444303

    Nearby Similar for Sale

    • $989,000
      6,448 SF

      Richmond Multifamily Investment Opportunity

      Nine-unit multifamily property with stabilized income in Richmond, Virginia.
      2115 Phaup Street, Richmond, VA 23223
      View Details
    • $650,000

      Richmond Industrial Cold-Storage Facility

      6,410 SF warehouse ideal for cold storage or distribution.
      1505 Brook Rd, Richmond, VA 23220
      View Details
    • $1,100,000

      Richmond Automotive Service Property

      Commercial property ideal for automotive, contractor, or light industrial use.
      6509 Dickens Pl, Richmond, VA 23230
      View Details
    • $1,150,000
      6,087 SF

      Turnkey Multifamily with Heat Pumps

      Fully leased-feeling rental property with separate electric meters, owner-paid water, and four off-street parking spaces in Richmond.
      2517 Grove Avenue, Richmond, VA 23220
      View Details
    • $699,000
      2,669 SF

      New Construction Multifamily in Richmond

      New construction duplex in historic Manchester, near downtown Richmond.
      115 W 10th Street, Richmond, VA 23224
      View Details
    • $599,950
      3,148 SF

      Richmond Duplex Near McGuire Center

      Well-maintained duplex on a spacious lot near McGuire VA.
      1400 Broad Rock Boulevard, Richmond, VA 23224
      View Details
    • $699,000
      2,620 SF

      Richmond Duplex: Leased Investment Opportunity

      Classic Richmond duplex with updated units and strong rental income.
      4412 Cutshaw Avenue, Richmond, VA 23230
      View Details
    • $135,000

      Commercial Lot in High-Traffic Area

      Prime commercial land for sale in Richmond, Virginia.
      9017 Oak Lawn Street, Richmond, VA 23237
      View Details
    • $429,900
      3,116 SF

      Renovated Duplex in Richmond

      Beautifully renovated duplex in Richmond with new kitchens and baths.
      4202 Chamberlayne Avenue, Richmond, VA 23227
      View Details
    • $595,000
      3,319 SF

      Corner Commercial Building in Richmond

      Single-story, open brick building zoned B2 for retail or office.
      1201 N 25th St, Richmond, VA 23223
      View Details
    • $1,050,000
      3,302 SF

      Renovated Duplex Near VCU

      Newly renovated duplex near VCU, perfect for investment or owner-occupancy.
      16 S Harrison Street, Richmond, VA 23220
      View Details
    • $499,900
      2,214 SF

      Colonial Duplex in Historic Richmond

      Charming, renovated duplex in the heart of Jackson Ward.
      613 Price Street, Richmond, VA 23220
      View Details

    FAQs

    What type of property is this?
    Commercial land - 4.71 acres with building, designated future commercial use.
    Where is this commercial land located?
    The property is located at 2678 2698 & 2720 New Market Rd Richmond, VA.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: Designated as future Commercial in 2026 Henrico Comprehensive Plan.; ± 4.71 Acres Total Across 4 Parcels; **High visibility with 562 feet of direct frontage on New Market Road.**
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Robert Marshall
    Real Estate License ID: VA 0225192463
    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

    Thank You for Inquiry
    2678, 2698 & 2720 New Market Rd, Richmond, VA 23231
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!