Henrico Office Space For
For Sale
Contact for pricing
9881 Mayland Dr, Henrico, VA
Office building with excellent access and planned renovations.
Property Size42,774 SF
Lot Size2.82 Acres
Price / SF$121.57
Days on Market271
Property Features for 9881 Mayland Dr
General Information
Standard status
Active
Size
42,774 SF
Lot size
2.82 Acres
Property subtype
OFFICE
Listing Agency:
One South Commercial
(804) 833-7909
Listed By:
Chris Corrada · License #0226037201
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Aug 8
Last Checked: Aug 22 at 6:28AM
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 One South Commercial
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$245,705
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.73%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,914,100
$4.9M
Cap Rate 7%
$3,510,071
$3.5M
Cap Rate 9%
$2,730,056
$2.7M
Market Conditions
NOI Build-Up for 42,774 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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
NOI $519,704 @ 7.0% cap · market cap 9.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
55
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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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
