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    10960 3rd Chopt Rd Henrico, VA 23233-2056

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    10960 3rd Chopt Rd Henrico, VA 23233-2056

    View on Map
    • Strip malls
    • 8,700 SF
    • 0.92 lot acres
    Off-Market
    Last Sale Nov 5, 2020
    $6,500
    Property ID
    US87-1240866
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $540,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 10960 3rd Chopt Rd

    Year built
    1990
    Lot size
    0.92 lot acres
    Property size
    8,700 SF
    Zone code
    B-1C
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    747-757-6045
    APU
    7477576045

    Description

    This exceptional commercial property, located at 10960 Three Chopt Road in Richmond, Virginia, offers a prime opportunity for businesses seeking office space in the desirable Short Pump market. The building totals 8,700 square feet and features three individual suites available for lease, perfect for a variety of office users. Each suite offers a minimum of 1,044 square feet and a maximum contiguous space of 1,079 square feet, providing flexibility for businesses of different sizes. Currently, 3,193 square feet are vacant and ready for immediate occupancy. The property is classified as both retail and office space, reflecting its versatility and suitability for a range of commercial uses. The building's location ensures high visibility and accessibility, benefiting from its position in a high-traffic area. Ample parking is provided, with a ratio of 4.25 spaces per 1,000 square feet. Situated in Henrico County, Virginia, with a zip code of 23233, this property presents a compelling investment opportunity in a thriving commercial district. The property is ideal for businesses seeking a well-located, versatile, and readily available office space in a vibrant and convenient area. Contact us today to learn more about leasing options and explore the possibilities this exceptional property offers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Henrico
    County
    Henrico
    State
    Virginia
    Longitude
    -77.5859
    Latitude
    37.6388
    CBSA code
    40060
    CBSA name
    RICHMOND, VA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $13,362
    $399,200
    $1,172,800
    $1,572,000
    -
    $399,200
    $1,172,800
    $1,572,000

    Comparable in this City

    • Value Estimation by Request
      6,408 SF

      11051 3rd Chopt Rd

      SHOPPING CENTER, STRIP CENTER • 6,408 SF
      11051 3rd Chopt Rd, Henrico, VA 23233-2023
      View Details
    • Value Estimation
      $1,410,000
      13,529 SF

      3650 Mayland Ct

      SHOPPING CENTER, STRIP CENTER • 13,529 SF
      3650 Mayland Ct, Henrico, VA 23233-1409
      View Details
    • Value Estimation
      $1,665,000
      16,800 SF

      11521 Broad St

      SHOPPING CENTER, STRIP CENTER • 16,800 SF
      11521 Broad St, Henrico, VA 23233-1118
      View Details
    • Value Estimation
      $930,000
      10,010 SF

      11000 3rd Chopt Rd

      SHOPPING CENTER, STRIP CENTER • 10,010 SF
      11000 3rd Chopt Rd, Henrico, VA 23233-2054
      View Details
    • Value Estimation
      $820,000
      5,189 SF

      11591 Broad St

      SHOPPING CENTER, STRIP CENTER • 5,189 SF
      11591 Broad St, Henrico, VA 23233-1186
      View Details
    • Value Estimation
      $3,460,000
      4,510 SF

      11710 Broad St

      SHOPPING CENTER, STRIP CENTER • 4,510 SF
      11710 Broad St, Henrico, VA 23233
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

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      3,600 SF

      Retail Space in Henrico County

      Publix-anchored shopping center with inline spaces and outparcel sites.
      2110 John Rolfe Pkwy, Richmond, VA 23233
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      Retail Space Near Publix

      Retail spaces available near Publix, Total Wine, and Home Sense.
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      1,225 SF

      Retail Space Near Short Pump

      Retail space adjacent to Short Pump Town Center.
      11823-11825 W Broad St, Richmond, VA 23233
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      Retail Spaces Near Short Pump

      Retail, restaurant, and office spaces near Short Pump Town Center.
      11740 W Broad St, Glen Allen, VA 23233
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      Retail Space Near Short Pump

      Retail spaces available in shopping center near Short Pump Towne.
      11740 W Broad St, Richmond, VA 23233
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      3,174 SF

      Retail Space Near Short Pump

      Retail space available near Short Pump Town Center.
      11849 W Broad St, Richmond, VA 23233
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    Henrico, VA 23233-2056
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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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