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    Property profile & analytics

    11028 Washington Hwy Glen Allen, VA 23059-1904

    • Commercial real estate
    • 8,504 SF
    • 4.52 lot acres
    OFF-MARKET
    Value Estimations
    $830,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0912237
    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.

    Current Use by Public Records

    • Asplundh Tree Expert Co / Landscaping / General Contractor

    Property Details for 11028 Washington Hwy

    Year built
    1967
    Lot size
    4.52 lot acres
    Property size
    8,504 SF
    Zone code
    M-1
    Property type
    Commercial real estate
    APN
    7788-20-8567
    APU
    7788208567

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,245,000
      6.5%
      $1,150,000
      7%
      $1,065,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $654,000
      Market price range: $328k - $1.82M

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

    Location Insight

    • Map
    • Local Demand
    City
    Glen Allen
    County
    Hanover
    State
    Virginia
    Longitude
    -77.4632
    Latitude
    37.7014
    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
    2024
    $7,500
    $650,500
    $275,400
    $925,900
    -
    $650,500
    $275,400
    $925,900

    Comparable in this City

    • Value Estimation
      $47,510,000
      50.20 Acres

      11129 Washington Hwy

      COMMERCIAL (GENERAL) • 50.20 Acres
      11129 Washington Hwy, Glen Allen, VA 23059-1908
      View Details
    • Value Estimation by Request
      1.10 Acres

      Cedar Ln Ln

      COMMERCIAL (GENERAL) • 1.10 Acres
      Cedar Ln Ln, Glen Allen, VA 23059
      View Details
    • Value Estimation
      $580,000
      3,750 SF

      11000 Washington Hwy

      COMMERCIAL (GENERAL) • 3,750 SF
      11000 Washington Hwy, Glen Allen, VA 23059-1904
      View Details
    • Value Estimation
      $1,200,000
      12,375 SF

      11209 Washington Hwy

      COMMERCIAL (GENERAL) • 12,375 SF
      11209 Washington Hwy, Glen Allen, VA 23059
      View Details
    • Value Estimation
      $1,245,000
      12,772 SF

      11067 Washington Hwy

      COMMERCIAL (GENERAL) • 12,772 SF
      11067 Washington Hwy, Glen Allen, VA 23059-1906
      View Details
    • Value Estimation
      $3,290,000
      13,260 SF

      10231 Washington Hwy

      COMMERCIAL (GENERAL) • 13,260 SF
      10231 Washington Hwy, Glen Allen, VA 23059-1961
      View Details

    Similar Nearby for Sale

    • $5,000,000

      Residential Land Development Opportunity

      Land for residential development near shopping and major roads.
      Wyndham Park Dr, Glen Allen, VA 23059
      View Details
    • Contact for pricing

      317 Acres of Land Parcels

      Multiple land parcels totaling 317 acres for sale.
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      5,798 SF

      Glen Allen Office Building For Sale

      Two-story office building with basement storage and ample parking.
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      Luxury Multifamily Community in Richmond

      420-unit luxury multifamily community in Richmond's West End retail corridor.
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    • $450,000
      1.50 Acres

      Glen Allen Land For Sale

      1.5-acre parcel in Short Pump area, Henrico County, Virginia.
      12701 Kain Rd, Glen Allen, VA 23059
      View Details
    • $5,000,000
      17.41 Acres

      Glen Allen Commercial Land - 17 Acres

      Prime 17-acre commercial lot, ideal for development.
      0 Wyndham Park Dr At Nuckols Rd, Glen Allen, VA 23059
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      65,935 SF

      Glen Allen Retail Center

      Grocery-anchored shopping center, 1,600 SF available
      11321-11391 Nuckols Rd, Glen Allen, VA 23059
      View Details
    • Contact for pricing
      1,015 SF

      Glen Allen Office Space Available

      Office space for rent in Glen Allen, Virginia.
      5300 Hickory Park Dr, Glen Allen, VA 23059
      View Details
    • Contact for pricing
      80,000 SF

      Glen Allen Medical Office Space

      80,000 SF Medical Office Available
      & Jeb Stuart Pky Brook Rd, Glen Allen, VA 23059
      View Details
    • Contact for pricing
      50,000 SF

      Retail Development with Pad Sites

      Retail and restaurant spaces with drive-thru and patio options.
      Virginia Center Pkwy, Glen Allen, VA 23059
      View Details
    • Contact for pricing
      1,799 SF

      Retail Space in Glen Allen

      Retail space available with access from Route 1.
      1090 Virginia Center Pkwy, Glen Allen, VA 23059
      View Details
    • Contact for pricing
      11,718 SF

      Glen Allen Office/Warehouse Space

      Class A office/warehouse with access to major routes.
      1001-1067 Technology Park Dr, Glen Allen, VA 23059
      View Details
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    11028 Washington Hwy
    Glen Allen, VA 23059-1904
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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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