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Property profile & analytics
FOR LEASE
Office buildings
2820 Waterford Lake Dr Midlothian, VA 23112
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US87-3796060
For Lease
1 / 13
$24 SF/Yr
2820 Waterford Lake Dr, Midlothian, VA 23112
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Property summary
AI-generated overview
Waterford One offers exceptional office space at the intersection of Routes 288 and 76. This 48,000 square foot Class A building sits on 4.96 acres of lakefront property, boasting stunning walking trails and water views. Currently, three suites are available, ranging from 2,251 to 8,132 square feet, ideal for executive or medical office uses. Built in 1989, the building is zoned I-1 and features ADA accessibility. New ownership has ambitious plans for extensive interior and exterior renovations, promising a modern and updated workspace. The property's prime location and impressive amenities make it an attractive option for businesses seeking a prestigious and functional office environment. The building's substantial size and multiple tenancy options provide flexibility for various business needs. The parcel number is 729-68-97-67-800-000. Don't miss this opportunity to secure your ideal office space in this desirable location. Contact us today to learn more about available suites and leasing options.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1989
Total area
23,495 SF
Lot
4.96 ac (216,058 SF)
Zoning code
I1 - LT INDUSTRIAL DIST
APN
729-68-97-67-800-000
UPID
US87-3796060
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Fedyszen Anne C MD Physician Medical Clinic
-
Family Behavioral Crisis Center Medical Clinic
-
Ashley Redden Physician
-
Kelly Nixon Physician
-
Eric Jorde Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$4.24M
Comparable Approach
Comparable
$4.44M
Blend (final)
Blend
$3.97M
Owner & transaction history
Ulam Waterford LLC · 7 yrs held
Ulam Waterford LLC
since 2019
7 recorded transactions
Zoning & alternative use
I1 - LT INDUSTRIAL DIST · Midlothian, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$5.8M
+44.5%
Retail stores
$4.7M
+18.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Midlothian submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Midlothian submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$4,585,000
6.5%
$4,235,000
7%
$3,930,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$4,020,000
Current use
AUTO REPAIR, GARAGE
$5,810,000
Change: +44% · Conversion: Difficult
RETAIL STORES
$4,745,000
Change: +18% · Conversion: Moderate
Blend value · Realmo final
$3.97M
Range $3.57M – $4.37M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$169 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$36,402
Tax year 2024
Assessed value
$3,972,700
Assessed 2024
Previous assessed
$4,184,900
-5.1% YoY
Effective rate
0.92%
On assessed value
Assessed land
$1,244,500
Assessed improvement
$2,728,200
Land market value
$1,244,500
Improvement market value
$2,728,200
Total market value
$3,972,700
Applied tax rate
2.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1989
Heating
NONE
Stories
1
Total area
23,495 SF
Lot
4.96 ac (216,058 SF)
Zoning code
I1 - LT INDUSTRIAL DIST
APN
729-68-97-67-800-000
UPID
US87-3796060
Jurisdiction
CHESTERFIELD
Zoning & alternative use
I1 - LT INDUSTRIAL DIST · Midlothian, VA
Zoning I1 - LT INDUSTRIAL DIST · permitted uses
I1 - LT INDUSTRIAL DIST · Midlothian, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Midlothian. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$4.0M
AUTO REPAIR, GARAGE
Est. value
$5.8M
RETAIL STORES
Est. value
$4.7M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1989
Heating
NONE
Stories
1
Lot
4.96 ac
Current owner
From public records · entity-resolved
Ulam Waterford LLC
Entity
Mailing address
481 CARLISLE DR, HERNDON, VA 20170-4882
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 30, 2019
$3,600,000
Ulam Waterford LLC
Life Ins Co Of The Sw
Grant Deed
$3,000,000 · Columbia Bk
Apr 24, 2017
$3,500,000
Life Ins Co Of Southwest
Lewis William K|2820 Wl Grp I LLC
Trustees Deed
—
Sep 25, 2015
—
2820 Wl Private Investor X LLC
2820 Wl Group I
Quit Claim Deed
related
—
May 7, 2010
—
2820 Wl Group I LLC
2820 Wl Private Investor Vi Ll
Quit Claim Deed
related
—
Feb 11, 2010
—
Will Private Investor Vi 2829
2820 Wll Private Investor X Ll
Grant Deed
related
—
Nov 19, 2009
—
Will Private Investor Vi 2820
2820 Wl Private Invetor Vii Lc
Quit Claim Deed
related
—
Oct 15, 2009
$44,000
Will Private Investor 2820 III
2820 Wl Private Investor Vi Ll
Grant Deed
related
—
Jul 1, 2008
—
2820 Wl Group I LLC
2820 Wl Private Inv I LLC
Quit Claim Deed
related
—
May 9, 2008
—
2820 Wl Private Inv I LLC
2820 Wl Private Inv I LLC
Quit Claim Deed
related
—
Mar 7, 2008
$6,925,000
2820 Wl Private Inv I LLC
Continental Waterford LLC
Grant Deed
—
—
—
2820 Wl Group I LLC
—
Deed Of Trust
related
$395,000 · Don R & Kaye T House
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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