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

    2661 New Market Rd Richmond, VA 23231

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3743484
    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

    • Commercial real estate

    Property Details for 2661 New Market Rd

    Property type
    Commercial real estate

    Description

    This exceptional 3.8-acre commercial land parcel presents a remarkable investment opportunity in Richmond, Virginia. Strategically located at the signalized intersection of New Market Road and I-295, this property boasts high visibility and convenient access to major transportation arteries. The B-2C zoning allows for a wide range of commercial development possibilities, making it ideal for businesses seeking a prominent location with significant traffic flow. The site's advantageous position is further enhanced by its proximity to a thriving commercial center anchored by a Food Lion grocery store. Nearby amenities include a bank, a gas station with a Subway restaurant, medical offices, and Varina Elementary School, ensuring a robust and established surrounding community. The property's address is 2661 New Market Road, Richmond, VA 23231, within Henrico County. This is a rare chance to acquire a substantial commercial land parcel in a high-demand area with excellent potential for significant return on investment. The asking price for this exceptional property is $1,300,000. Don't miss this opportunity to secure a prime location for your next commercial venture.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Henrico
    State
    Virginia
    Longitude
    -77.350835207568
    Latitude
    37.444050934402

    Comparable in this City

    • $85,000
      0.11 Acres

      Land in Richmond, Virginia

      Residential land available in Richmond, build or rent.
      5709 Campbell Ave, Richmond, VA 23231
      View Details
    • New
      $34,950
      0.21 Acres

      Land Available in Henrico, VA

      Land for sale in Henrico, Virginia, 0.21 acres.
      6008 New Osborne Tpke, Richmond, VA 23231
      View Details
    • Contact for pricing
      24 SF

      Henrico County Land For Sale

      Land available in Henrico County, Richmond.
      5600 Audubon Dr, Richmond, VA 23231
      View Details
    • $225,000

      Corner Lot in Eastern Henrico

      1.55 AC corner lot, owner financing available.
      4131 Darbytown Rd, Richmond, VA 23231
      View Details
    • $92,500
      5.01 Acres

      5 Acres Undeveloped Land, Henrico

      5 acres of residentially zoned undeveloped land in Henrico, VA.
      3470 Britton Rd, Richmond, VA 23231
      View Details
    • $1,300,000
      4.71 Acres

      New Market Road Commercial Land

      4.71 Acres, High-Visibility Location
      2678 New Market Rd, Richmond, VA 23231
      View Details

    Similar Nearby for Sale

    • $225,000

      Corner Lot in Eastern Henrico

      1.55 AC corner lot, owner financing available.
      4131 Darbytown Rd, Richmond, VA 23231
      View Details
    • $92,500
      5.01 Acres

      5 Acres Undeveloped Land, Henrico

      5 acres of residentially zoned undeveloped land in Henrico, VA.
      3470 Britton Rd, Richmond, VA 23231
      View Details
    • $1,300,000
      4.71 Acres

      New Market Road Commercial Land

      4.71 Acres, High-Visibility Location
      2678 New Market Rd, Richmond, VA 23231
      View Details
    • New
      $159,950
      Pending

      Henrico Land For Sale

      8.72 acres of field/pasture and wooded property in Henrico.
      Charles City Rd, Richmond, VA 23231
      View Details
    • $345,000

      Darbytown Road Opportunity Zone Land

      0.75 acre commercial land in an Opportunity Zone.
      1591 Darbytown Rd, Richmond, VA 23231
      View Details
    • $250,000

      Darbytown Road Opportunity Zone Land

      Two M1-zoned lots in Opportunity Zone, buildable and visible.
      Acton St, Richmond, VA 23231
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Prime Commercial Land for Lease

      Land available in high-traffic retail area near major anchors.
      4581 S Laburnum Ave, Richmond, VA 23231
      View Details
    • Contact for pricing

      Land Available For Lease

      Corner lot near residential and commercial developments.
      509 Goddin St, Richmond, VA 23231
      View Details
    • $5,000 /Mo

      Richmond Yard Space For Lease

      One acre gravel and fenced yard space for lease.
      300 Orleans St, Richmond, VA 23231
      View Details
    • $8,000 /Mo

      Richmond Industrial Yard For Lease

      2-acre industrial yard with secure fencing for lease.
      2201 Jennie Scher Rd, Richmond, VA 23231
      View Details
    • Contact for pricing
      6,272 SF

      Richmond Warehouse Space Available

      6,272 SF warehouse space for rent in Richmond, VA.
      2031 Jennie Scher Rd, Richmond, VA 23231
      View Details
    • $7 SF/Yr
      30,920 SF

      Richmond Industrial Warehouse Space Available

      20,694 SF industrial space with rail access for lease.
      4200-4222 Sarellen Rd, Richmond, VA 23231
      View Details
    Request Owner's contact information
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    2661 New Market Rd
    Richmond, VA 23231
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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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