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    Property profile & analytics

    1701 Raintree Dr Henrico, VA 23238-4219

    • Office buildings
    • 3,640 SF
    • 0.50 lot acres
    OFF-MARKET
    Last Sale
    Jun 07, 2021
    $525,000
    Value Estimations
    $585,000
    Show details
    Cap Rate Potential
    9.4%
    Office buildings
    Location Intelligence
    Property ID
    US87-0015074
    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

    • Eric Cofer - The Horace Mann Companies / Insurance Agency / Auto Insurance Agency
    • Catherine Turner / Practitioner Service Location / Social Worker
    • Claire Lewis Counseling LLC / Psychotherapist

    Property Details for 1701 Raintree Dr

    Year built
    1974
    Lot size
    0.50 lot acres
    Property size
    3,640 SF
    Zone code
    B-1
    Property type
    Office buildings
    APN
    744-747-9241
    APU
    7447479241

    Description

    This exceptional executive office suite, located at 1701 Raintree Dr in Richmond, Virginia, offers 231 square feet of move-in ready space within a 707 square foot building. The property is zoned B-1 and situated in Henrico County (zip code 23238). The building features a total of two suites, providing a small, professional environment ideal for a single business or small team. This freestanding office building boasts convenient access to the Near West End, making it an attractive location for businesses seeking high visibility and easy commutes. Amenities include a shared conference room and kitchenette, enhancing productivity and collaboration. Ample parking is available on-site, ensuring convenient access for clients and employees. The property is currently listed as a multi-tenant building, with one suite available for immediate occupancy. This presents a unique opportunity for a business seeking a well-maintained, conveniently located office space in a thriving Richmond neighborhood. The property's location offers easy access to local amenities and major transportation routes.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $555,000
      ML approach
      $530,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $870,000
      6.5%
      $805,000
      7%
      $745,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $544,000
      Market price range: $351k - $844k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $540,000
      Current use
      AUTO REPAIR, GARAGE
      $665,000
      Change: +23% Conversion: Difficult
      MEDICAL BUILDING
      $605,000
      Change: +13% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $600,000
      Change: +11% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $575,000
      Change: +7% Conversion: Easy
      RETAIL STORES
      $525,000
      Change: -3% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Henrico
    County
    Henrico
    State
    Virginia
    Longitude
    -77.5955
    Latitude
    37.6113
    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
    $4,242
    $108,900
    $390,100
    $499,000
    -
    $108,900
    $390,100
    $499,000

    Comparable in this City

    • Value Estimation
      $240,000
      7,854 SF

      2520 Gaskins Rd

      OFFICE BUILDING • 7,854 SF
      2520 Gaskins Rd, Henrico, VA 23238-1482
      View Details
    • Value Estimation
      $1,220,000
      10,020 SF

      10431 Patterson Ave

      OFFICE BUILDING • 10,020 SF
      10431 Patterson Ave, Henrico, VA 23238-5101
      View Details
    • Value Estimation
      $705,000
      3,142 SF

      2040 John Rolfe Pkwy

      OFFICE BUILDING • 3,142 SF
      2040 John Rolfe Pkwy, Henrico, VA 23238-8111
      View Details
    • Value Estimation
      $255,000
      2,685 SF

      2530 Gaskins Rd Ste A

      OFFICE BUILDING • 2,685 SF
      2530 Gaskins Rd Ste A, Henrico, VA 23238-1483
      View Details
    • Value Estimation
      $530,000
      5,400 SF

      2570 Gaskins Rd Ste B

      OFFICE BUILDING • 5,400 SF
      2570 Gaskins Rd Ste B, Henrico, VA 23238-1484
      View Details
    • Value Estimation
      $305,000
      6,362 SF

      2620 Gaskins Rd, Unit A

      OFFICE BUILDING • 6,362 SF
      2620 Gaskins Rd, Henrico, VA 23238-1402
      View Details

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    Similar Nearby for Lease

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      View Details
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    • $18 SF/Yr
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      Renovated Office Space For Rent

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      View Details
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    1701 Raintree Dr
    Henrico, VA 23238-4219
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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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