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    Property profile & analytics

    3007 Vernon Rd Henrico, VA 23228

    • Industrial properties
    • 3.26 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0827219
    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 3007 Vernon Rd

    Year built
    1974
    Lot size
    3.26 lot acres
    Zone code
    M-1
    Property type
    Industrial properties
    APN
    774-750-5822
    APU
    7747505822

    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
    Henrico
    County
    Henrico
    State
    Virginia
    Longitude
    -77.493
    Latitude
    37.6182
    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
    2024
    $2,248
    $244,500
    $20,000
    $264,500
    -
    $244,500
    $20,000
    $264,500

    Comparable in this City

    • Value Estimation
      $4,620,000
      43,216 SF

      8501 Sanford Dr

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 43,216 SF
      8501 Sanford Dr, Henrico, VA 23228-2812
      View Details
    • Value Estimation
      $2,390,000
      35,486 SF

      8002 Staples Ml Rd

      INDUSTRIAL (GENERAL) • 35,486 SF
      8002 Staples Ml Rd, Henrico, VA 23228-2713
      View Details
    • Value Estimation
      $1,640,000
      27,078 SF

      8080 Villa Park Dr

      INDUSTRIAL (GENERAL) • 27,078 SF
      8080 Villa Park Dr, Henrico, VA 23228-6500
      View Details
    • Value Estimation
      $770,000
      3,840 SF

      8010 Villa Park Dr

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 3,840 SF
      8010 Villa Park Dr, Henrico, VA 23228-6500
      View Details
    • Value Estimation
      $1,445,000
      13,090 SF

      3090 Aspen Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 13,090 SF
      3090 Aspen Ave, Henrico, VA 23228-4945
      View Details
    • Value Estimation
      $3,710,000
      18,564 SF

      8033 Kimway Dr

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 18,564 SF
      8033 Kimway Dr, Henrico, VA 23228-2816
      View Details

    Similar Nearby for Sale

    • $150,000
      Pending

      Henrico County Development Opportunity

      Two residential lots for sale in prime Henrico location.
      Bethlehem Rd, Henrico, VA 23228
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      1,638 SF

      Office Condo at Glenside Commons

      End-unit office condo with five offices, available April 2025.
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      Undeveloped Land in Henrico

      Raw land available for sale in Henrico County.
      13 Fernwood St, Richmond, VA 23228
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      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
    • $300,000
      Pending

      Henrico County Land Development Opportunity

      Four adjacent residential lots for development in prime Henrico location.
      Bethlehem Rd, Henrico, VA 23228
      View Details
    • $226,500
      Pending

      Land in Hermitage High Area

      5 acres of land, build your dream home!
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    Similar Nearby for Lease

    • $9 SF/Yr

      Industrial Warehouse with Office Space

      22,506 SF industrial warehouse with office space for lease.
      5701 Greendale Rd, Richmond, VA 23228
      View Details
    • Contact for pricing
      18,500 SF

      Richmond Warehouse Space Available

      18,500 SF warehouse space for lease in Richmond, VA.
      9301 Old Staples Mill Rd, Richmond, VA 23228
      View Details
    • Contact for pricing
      2,355 SF

      Richmond Flex Space Available

      Light industrial office/warehouse space with easy access to major routes.
      8425-8447 Glazebrook Ave, Richmond, VA 23228
      View Details
    • Contact for pricing
      1,875 SF

      Richmond Industrial Flex Space Available

      Flexible office/warehouse space with easy access to major routes.
      8522-8572 Sanford Dr, 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
    • Contact for pricing
      5,000 SF

      Richmond Industrial Flex Space Available

      Flexible office/warehouse space with easy access to major routes.
      8580-8598 Sanford Dr, Richmond, VA 23228
      View Details
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    3007 Vernon Rd
    Henrico, VA 23228
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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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