Listing Agency: One South Commercial Show Phone

Listed By: Chris Corrada · License #0225066800 Show Phone

Source: Moodyscre

Added: Nov 24, 2025 Changed: Oct 5 Last Checked: Oct 19 at 8:51AM

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Investment Insights

Based on property information with market context.

This office building, located in Henrico, Virginia, offers 42,774 square feet of space for rent. The property benefits from excellent access to I-64 and Broad Street. The building's exterior has new building potential. Planned renovations include the lobby and restrooms. Ample parking is available, with an approximate ratio of 4 spaces per 1,000 square feet.

Key Highlights

• Ample parking with an approximate ratio of 4:1,000 SF
• Excellent access to I‑64 and Broad
• Planned lobby renovation

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$245,705

Cap Rate

4.73%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,914,100 $4.9M

Cap Rate 7%

$3,510,071 $3.5M

Cap Rate 9%

$2,730,056 $2.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 42,774 SF

Gross rent

$354.2K $8.28/SF

− Vacancy

−$26.6K −$0.62/SF

EGI

$327.6K $7.66/SF

− OpEx

−$81.9K −$1.91/SF

NOI

$245.7K $5.74/SF

Area

Richmond City County, VA

Vacancy

7.50%

Lease Rate

$8.28 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,914,100

Cap Rate 7%

$3,510,071

Cap Rate 9%

$2,730,056

Alternative Uses

Best Use

Office B

$3.51M

$3.07M – $4.10M (±1% cap)

NOI $245,705 @ 7.0% cap · market cap 4.73%

Second Best

—

—

no second resolved use

Theoretical Best

Mixed Use

$7.42M

$6.50M – $8.66M (±1% cap)

NOI $519,704 @ 7.0% cap · market cap 9.99%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Office buildings

Suggested Use

Top Pick Real Estate Agency Building Supply Big Box & Wholesale Store Storage Facility Plumbing Service Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

55

Businesses Nearby

Explore this area Business Placement

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Office building with excellent access and planned renovations.

Where is this office building located?

The property is located at 9881 Mayland Dr Henrico, VA.

What is the asking price?

The asking price for this property is $5,200,000.

What are key features of this property?

This property features: Ample parking with an approximate ratio of 4:1,000 SF; Excellent access to I‑64 and Broad; Planned lobby renovation