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    Property profile & analytics

    3002 Hungary Spg Rd Henrico, VA 23228-2425

    • Office buildings
    • 4,026 SF
    • 0.36 lot acres
    OFF-MARKET
    Last Sale
    Jul 03, 2024
    $530,000
    Value Estimations
    $530,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3922470
    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

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 3002 Hungary Spg Rd

    Year built
    1955
    Lot size
    0.36 lot acres
    Property size
    4,026 SF
    Zone code
    O-1
    Property type
    Office buildings
    APN
    765-752-4349
    APU
    7657524349

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

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

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $522,000
      Market price range: $421k - $663k
      AI Estimate
      $331,000
      Market price range: $161k - $500k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $565,000
      Current use
      AUTO REPAIR, GARAGE
      $735,000
      Change: +30% Conversion: Difficult
      MEDICAL BUILDING
      $670,000
      Change: +18% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $660,000
      Change: +17% Conversion: Difficult
      RETAIL STORES
      $580,000
      Change: +2% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $565,000
      Change: -0% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Henrico
    County
    Henrico
    State
    Virginia
    Longitude
    -77.5245
    Latitude
    37.6247
    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
    $0.00
    $78,600
    $414,600
    $493,200
    -
    $78,600
    $414,600
    $493,200

    Comparable in this City

    • Value Estimation
      $2,595,000
      22,554 SF

      6800 Staples Ml Rd

      OFFICE BUILDING • 22,554 SF
      6800 Staples Ml Rd, Henrico, VA 23228-4930
      View Details
    • Value Estimation
      $2,970,000
      24,940 SF

      111 Greencourt Rd

      OFFICE BUILDING • 24,940 SF
      111 Greencourt Rd, Henrico, VA 23228-4948
      View Details
    • Value Estimation
      $730,000
      5,952 SF

      4112 Parham Rd

      OFFICE BUILDING • 5,952 SF
      4112 Parham Rd, Henrico, VA 23228-2753
      View Details
    • Value Estimation by Request
      3,187 SF

      5402 Glenside Dr Ste B

      OFFICE BUILDING • 3,187 SF
      5402 Glenside Dr Ste B, Henrico, VA 23228-3994
      View Details
    • Value Estimation by Request
      2,963 SF

      5412 Glenside Dr Ste A

      OFFICE BUILDING • 2,963 SF
      5412 Glenside Dr Ste A, Henrico, VA 23228-3995
      View Details
    • Value Estimation by Request
      1,300 SF

      5509 Lakeside Ave

      OFFICE BUILDING • 1,300 SF
      5509 Lakeside Ave, Henrico, VA 23228-5718
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      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
    • $150,000
      Pending

      Henrico County Development Opportunity

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

      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 for sale in prime Henrico location.
      Bethlehem Rd, Richmond, VA 23228
      View Details
    • Contact for pricing
      1 SF

      Commercial Land at Signalized Intersection

      1.34 acres of B2-C zoned land with high traffic volume.
      9000-9006 Old Staples Mill Rd, 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

    Similar Nearby for Lease

    • $9 SF/Yr
      22,204 SF

      Industrial Warehouse Near Richmond Airport

      22,506 SF industrial warehouse with office space for lease.
      5701 Greendale Rd, Richmond, VA 23228
      View Details
    • Contact for pricing
      3,124 SF

      Office Space Near Government Center

      3,124 SF office space with elevator access for rent.
      4108-4110 E Parham Rd, Richmond, VA 23228
      View Details
    • Contact for pricing
      1,874 SF

      Office Space For Lease

      Office space available in a prominent, highly visible area.
      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
      87,190 SF

      Hungary Brook Retail Center

      Prime Retail Space in Henrico, VA
      1200-1300 Concord Ave, Henrico, 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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    Henrico, VA 23228-2425
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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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