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    6800 Paragon Pl Richmond, VA 23230

    Sponsored
    For Lease
    Contact for pricing

    Class A Office Space Available Now

    Lot size:
    146,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    One Paragon Place, located at 6800 Paragon Pl in Richmond, VA (zip code 23230), offers exceptional executive office suites within a prestigious Class A building. This six-story building boasts a total of 146,000 square feet, with multiple tenancy options available. Currently, there are 22,328 square feet of vacant space, divisible into units ranging from a minimum of 1,006 square feet to a maximum contiguous space of 8,178 square feet. The building comprises five total suites, providing a range of sizes to accommodate various business needs. Situated in Henrico County, this prime location offers easy access to Richmond's vibrant business district. The property's modern design and amenities cater to discerning businesses seeking a sophisticated and efficient workspace. This is an unparalleled opportunity to secure high-quality office space in a highly desirable location. Contact us today to schedule a viewing and explore the possibilities of establishing your business at One Paragon Place. The building's strategic location in Henrico County, Virginia, ensures convenient access to major transportation routes and essential amenities. This is an ideal opportunity for businesses seeking a prestigious and functional office space in a thriving urban environment.

    Property Features for 6800 Paragon Pl

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    146,000 SF
    Class
    A

    Building Details

    Stories
    6

    Unit(s) available at that property

    Space
    Suite 640
    Size
    3,280 SF
    Space
    Suite 210
    Size
    4,129 SF
    Space
    Suite 226
    Size
    1,006 SF
    Space
    Suite 400
    Size
    8,178 SF
    Space
    Suite 470
    Size
    5,735 SF

    HighLights

    • 6‑story, 146,000 square foot Class A office building.
    • Convenient location off Glenside Drive with easy access to West Broad Street (Rt. 250) and I‑64.
    • Minutes from Richmond International Airport and numerous amenities.
    • First‑floor conference facilities with Wi‑Fi, plus additional space in adjacent building.
    • Full‑service loading dock.
    • On‑site café and nearby full‑service restaurant.
    Property Profile Location Intelligence

    Current Use by Public Records

    Medicus Staffing Employment Agency Tina Motley, LCSW Mental Health Service Williamson & Lavecchia Attorney Kennondale Capital Management Investment Company Lawyers' Staffing Inc Employment Agency

    Suggested Use

    Restaurant Law Firm Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Henrico
    State
    Virginia
    Longitude
    -77.5137586
    Latitude
    37.6088111

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    FAQs

    What type of property is this?
    Office Property / Space - Class A Office Space Available Now
    Where is this office property / space located?
    The property is located at 6800 Paragon Pl Richmond, VA.
    What are key features of this property?
    This property features: 6-story, 146,000 square foot Class A office building.; Convenient location off Glenside Drive with easy access to West Broad Street (Rt. 250) and I-64.; Minutes from Richmond International Airport and numerous amenities.
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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.

    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
    6800 Paragon Pl Richmond, VA 23230
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