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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2303 Hungary Rd Henrico, VA 23228-2121

    • Auto shops
    • 1,799 SF
    • 0.50 lot acres
    OFF-MARKET
    Value Estimations
    $245,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3925838
    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

    • G & R Auto Service, Inc / Auto Repair Shop

    Property Details for 2303 Hungary Rd

    Year built
    1958
    Lot size
    0.50 lot acres
    Property size
    1,799 SF
    Zone code
    B-1
    Property type
    Auto shops
    APN
    774-758-1383
    APU
    7747581383

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $245,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $242,000
      Market price range: $109k - $243k

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $330,000
      Current use
      MEDICAL BUILDING
      $300,000
      Change: -9% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $295,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Henrico
    County
    Henrico
    State
    Virginia
    Longitude
    -77.4941
    Latitude
    37.642
    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
    $3,406
    $194,400
    $206,300
    $400,700
    -
    $194,400
    $206,300
    $400,700

    Comparable in this City

    • Value Estimation
      $345,000
      4,560 SF

      4101 Glenside Dr

      AUTO REPAIR, GARAGE • 4,560 SF
      4101 Glenside Dr, Henrico, VA 23228-4103
      View Details
    • Value Estimation
      $330,000
      3,484 SF

      8409 Staples Ml Rd Ste B

      AUTO REPAIR, GARAGE • 3,484 SF
      8409 Staples Ml Rd Ste B, Henrico, VA 23228-2750
      View Details
    • Value Estimation
      $270,000
      1,346 SF

      9411 Old Staples Ml Rd

      AUTO REPAIR, GARAGE • 1,346 SF
      9411 Old Staples Ml Rd, Henrico, VA 23228-2013
      View Details
    • Value Estimation
      $310,000
      17,640 SF

      9407 Old Staples Ml Rd

      AUTO REPAIR, GARAGE • 17,640 SF
      9407 Old Staples Ml Rd, Henrico, VA 23228-2013
      View Details
    • Value Estimation
      $245,000
      2,642 SF

      5308 Lakeside Ave

      AUTO REPAIR, GARAGE • 2,642 SF
      5308 Lakeside Ave, Henrico, VA 23228-6008
      View Details
    • Value Estimation
      $240,000
      2,194 SF

      5218 Lakeside Ave

      AUTO REPAIR, GARAGE • 2,194 SF
      5218 Lakeside Ave, Henrico, VA 23228-6059
      View Details

    Similar Nearby for Sale

    • $275,000
      1,277 SF

      Office Space on Staples Mill

      Office space with full kitchen and various amenities for sale.
      5603 Staples Mill Rd, Richmond, VA 23228
      View Details
    • Contact for pricing

      Undeveloped Land in Henrico

      Raw land available for sale in Henrico County.
      13 Fernwood St, Richmond, VA 23228
      View Details
    • $249,900
      0.57 Acres

      Residential Land in Brookland Gardens

      Prime land opportunity in Henrico County's Brookland Gardens neighborhood.
      8625, Henrico, VA 23228
      View Details
    • $150,000
      Pending

      Henrico County Development Opportunity

      Two residential lots for sale in prime Henrico location.
      Bethlehem Rd, Richmond, VA 23228
      View Details
    • $1,900,000

      Land in Glenside Submarket

      Land suitable for independent living units in Richmond, Virginia.
      7098 Fernwood St, Richmond, VA 23228
      View Details
    • $150,000
      Pending

      Henrico County Development Opportunity

      Two residential lots in a prime Henrico location.
      Bethlehem Rd, Richmond, VA 23228
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      87,190 SF

      Hungary Brook Retail Center

      Prime Retail Space in Henrico, VA
      1200-1300 Concord Ave, Henrico, VA 23228
      View Details
    • Contact for pricing
      4,953 SF

      Retail Space on Staples Mill

      Retail space available in shopping center with high traffic.
      7101 Staples Mill Rd, Richmond, VA 23228
      View Details
    • Contact for pricing
      7,872 SF

      Staples Mill Rd Retail Spaces

      Grocery-anchored retail spaces in Henrico, VA.
      9114 Staples Ml Rd, Henrico, VA 23228
      View Details
    • Contact for pricing
      96,343 SF

      Staples Mill Square Retail Center

      High-traffic retail space available.
      8943 Staples Ml Rd, Henrico, VA 23228
      View Details
    • Contact for pricing
      1,990 SF

      Retail Space in Verizon Center

      Retail spaces for lease in Henrico County, Virginia.
      7300-7336 Staples Mill Rd, Richmond, VA 23228
      View Details
    • $9 SF/Yr
      22,204 SF

      Richmond Warehouse - 22,204 SF

      Modern warehouse, excellent location, immediate occupancy.
      5701 Greendale Rd, Richmond, VA 23228
      View Details
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    2303 Hungary Rd
    Henrico, VA 23228-2121
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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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