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

    2678 New Market Rd Richmond, VA 23231

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    4.71 Acres, High-Visibility Location

    Property Features for 2678 New Market Rd

    General Information

    Property type
    Land
    Lot Size
    205,168 SF

    We can help!

    Listing Contact
    Robert Marshall
    Robert Marshall

    Listing Agency: Taylor Long Properties Listing Agent: Robert Marshall

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional commercial land offering encompasses four parcels totaling approximately 4.71 acres, strategically located at 2678, 2698 & 2720 New Market Road in Richmond, Virginia (zip code 23231). The property boasts 562 feet of high-visibility frontage on New Market Road (Rt. 5), providing excellent exposure for any commercial development. Included is a 1,395 square foot existing building. The site benefits from readily available water and sewer connections. This prime location is designated for future commercial use in the 2026 Henrico County Comprehensive Plan, ensuring long-term development potential. Its position along the Virginia Capital Trail, a popular 50-mile paved bike and walking path seeing over 25,000 cyclists annually, adds significant appeal. Enjoy easy access to major thoroughfares like I-895 and I-295, and proximity to numerous residential subdivisions (both existing and planned), Richmond International Airport, and Downtown Richmond. This presents a unique opportunity to capitalize on a thriving area with strong growth prospects. The asking price for this remarkable property is $1,300,000.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    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
    Henrico
    State
    Virginia
    Longitude
    -77.3492894
    Latitude
    37.4438773

    Nearby Similar for Sale

    • $635,000
      Pending

      Richmond Triplex Investment Opportunity

      Triplex in The Fan with strong occupancy history.
      309 N Shields Ave, Richmond, VA 23220
      View Details
    • New
      $829,950
      Pending

      Richmond Triplex Investment Opportunity

      Fully occupied triplex near VCU with development potential.
      1701 W Leigh St, Richmond, VA 23220
      View Details
    • $2,800,000
      Pending

      Downtown Richmond Redevelopment Opportunity

      Historic 23,187 SF building suitable for residential or mixed-use redevelopment.
      422 E Franklin St, Richmond, VA 23219
      View Details
    • New
      $675,000
      1,980 SF

      Richmond Duplex Near Carytown

      Well-appointed duplex in desirable Richmond location near VMFA and Carytown.
      3106 Hanover Ave, Richmond, VA 23221
      View Details
    • New
      $400,000
      2,663 SF

      Richmond Duplex Near VCU Campus

      Duplex near VCU campus with flexible rental options.
      615 Idlewood Ave, Richmond, VA 23220
      View Details
    • $665,000
      Pending

      Richmond Quadplex in Fan District

      Four units in Richmond's Fan District, generating $4,465 monthly.
      311 N Shields Ave, Richmond, VA 23220
      View Details
    • New
      $700,000
      2,640 SF

      Richmond Multifamily Investment Opportunity

      Two ranch-style duplexes totaling four units in Richmond, Virginia.
      1601-1607 Monteiro Ave, Richmond, VA 23222
      View Details
    • $650,000
      0.31 Acres

      Richmond Industrial Cold-Storage Facility For Sale

      6,410 SF industrial/cold-storage facility in Richmond's Chamberlayne Industrial Center.
      1505 Brook Rd, Richmond, VA 23220
      View Details
    • New
      $359,900
      2,306 SF

      Richmond Brick Duplex in Ginter

      Fully occupied brick duplex in Ginter Park near VCU.
      4910 Chamberlayne Ave, Richmond, VA 23227
      View Details
    • New
      $265,000
      1,812 SF

      Richmond Duplex Ready for Renovation

      Investor special: duplex in Battery Park, ready for renovation.
      2714 Edgewood Ave, Richmond, VA 23222
      View Details
    • $525,000
      Pending

      Updated Colonial in Gated Community

      Updated 3-bed, 2-bath home in Richmond's Chatham Square.
      6161 River Rd, Richmond, VA 23226
      View Details
    • $699,000
      Pending

      New Construction Multifamily in Richmond

      New construction duplex in historic Manchester, Richmond, scheduled for completion.
      905 Bainbridge St, Richmond, VA 23224
      View Details

    FAQs

    What type of property is this?
    Land - 4.71 Acres, High-Visibility Location
    Where is this land located?
    The property is located at 2678 New Market Rd Richmond, VA.
    What is the asking price?
    The asking price for this property is $1,300,000.
    What are key features of this property?
    This property features: 4.71-acre commercial land parcel with 1,395 SF building, $1,300,000 asking price.; Designated for future commercial use in the 2026 Henrico County Comprehensive Plan.; On-site water and sewer.
    (804) 864-9788 Call to check price and availability
    Request Owner's contact information
    2678 New Market Rd Richmond, VA 23231
    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.
    2678 New Market Rd
    Richmond, VA 23231
    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
    2678 New Market Rd Richmond, VA 23231
    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

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Robert Marshall
    Robert Marshall
    Real Estate License ID: 0225192463
    (804) 864-9788 (804) 437-4323
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!