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    6921 Cmns Plz Chesterfield, VA 23832
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    6921 Cmns Plz Chesterfield, VA 23832

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    • Lifestyle centers
    • 12,335 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 6921 Cmns Plz

    Property size
    12,335 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    This exceptional retail opportunity is located at 6921 Commons Plaza in Chesterfield, Virginia, zip code 23832. The Courthouse Shops is a multi-tenant building totaling 12,335 square feet, offering four suites with 5,059 square feet currently available for lease. Individual spaces range from a minimum of 1,250 square feet to a maximum contiguous space of 1,278 square feet. The property boasts excellent visibility, situated just off Route 288 and fronting Iron Bridge Road, which sees over 53,000 vehicles daily. This strategic location places the Courthouse Shops between Chesterfield County's government complex to the north and the Food Lion-anchored Commons Plaza Shopping Center to the south, ensuring high foot traffic and strong consumer demographics. Three inline spaces are available, providing co-tenancy with established national brands including Jersey Mike's, The UPS Store, and Tropical Smoothie Cafe. Ample parking is provided with 52 spaces available for customers and tenants. This property presents a unique opportunity for businesses seeking high visibility and a strong location within a thriving Chesterfield County commercial district. The property is classified as a shopping center within Chesterfield County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Chesterfield
    County
    Chesterfield
    State
    Virginia
    Longitude
    -77.5121
    Latitude
    37.3761

    Comparable in this City

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      84,094 SF

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      167,146 SF

      6411-6551 Centralia Rd

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      7,768 SF

      6441 Centralia Rd

      SHOPPING CENTER COMMON AREA • 7,768 SF
      6441 Centralia Rd, Chesterfield, VA 23832-6556
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    • Value Estimation by Request
      9,667 SF

      7201 Hancock Vlg Dr

      SHOPPING CENTER COMMON AREA • 9,667 SF
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      1.20 AC Pad Site Available

      Pad site for sale in a fully leased shopping center.
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    Similar Nearby for Lease

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      Retail Space at Centralia Road

      Retail spaces for lease in a thriving trade area.
      6411-6551 Centralia Rd, Chesterfield, VA 23832
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    • $32 SF/Yr

      Mixed-Use Development Retail/Office Space

      Retail and office spaces available in mixed-use development.
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      Planned Mixed-Use Development Land

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      1,250 SF

      Retail Space Near Route 288

      Retail spaces available in high-traffic Chesterfield location near Route 288.
      6921-6945 Commons Plz, Chesterfield, VA 23832
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      Retail Space For Lease

      Retail space available for lease in Chesterfield, Virginia.
      Courthouse Lndg Dr, Chesterfield, VA 23832
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      2,500 SF

      Retail Space at Centralia Road

      Retail space available in a thriving trade area.
      6421-6429 Centralia Rd, Chesterfield, VA 23832
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    Chesterfield, VA 23832
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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.

    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
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