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

    3408 Hermitage Rd Richmond, VA 23227-4307

    • Office buildings
    • 3,168 SF
    • 0.23 lot acres
    OFF-MARKET
    Last Sale
    Sep 08, 2023
    $825,000
    Value Estimations
    $645,000
    Show details
    Cap Rate Potential
    7%
    Office buildings
    Location Intelligence
    Property ID
    US87-3973062
    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

    • Bates Orthodontics - Northside Richmond / Orthodontist

    Property Details for 3408 Hermitage Rd

    Year built
    1933
    Construction
    WOOD
    Lot size
    0.23 lot acres
    Property size
    3,168 SF
    Zone code
    R-5 SINGLE FAMILY
    Property type
    Office buildings
    APN
    N-000-1321-005
    APU
    N0001321005

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $650,000
      ML approach
      $655,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $755,000
      6.5%
      $700,000
      7%
      $650,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $544,000
      Market price range: $305k - $735k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $470,000
      Current use
      AUTO REPAIR, GARAGE
      $575,000
      Change: +23% Conversion: Difficult
      MEDICAL BUILDING
      $530,000
      Change: +13% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $520,000
      Change: +11% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $500,000
      Change: +7% Conversion: Easy
      RETAIL STORES
      $455,000
      Change: -3% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4621
    Latitude
    37.5789
    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
    2020
    $20
    $97,000
    $398,000
    $495,000
    -
    $97,000
    $398,000
    $495,000

    Comparable in this City

    • Value Estimation
      $340,000
      1,874 SF

      3410 Hermitage Rd

      PROFESSIONAL BUILDING • 1,874 SF
      3410 Hermitage Rd, Richmond, VA 23227-4307
      View Details
    • Value Estimation
      $6,160,000
      41,128 SF

      2134 Laburnum Ave

      OFFICE BUILDING • 41,128 SF
      2134 Laburnum Ave, Richmond, VA 23227-4342
      View Details
    • Value Estimation
      $9,195,000
      75,844 SF

      8580 Magellan Pkwy

      OFFICE BUILDING • 75,844 SF
      8580 Magellan Pkwy, Richmond, VA 23227-1149
      View Details
    • Value Estimation
      $195,000
      5,667 SF

      809 Brk Hl Cir

      OFFICE BUILDING • 5,667 SF
      809 Brk Hl Cir, Richmond, VA 23227-2503
      View Details
    • Value Estimation
      $220,000
      5,145 SF

      5601 Chamberlayne Rd

      OFFICE BUILDING • 5,145 SF
      5601 Chamberlayne Rd, Richmond, VA 23227-2410
      View Details
    • Value Estimation
      $235,000
      4,263 SF

      3207 Hermitage Rd

      PROFESSIONAL BUILDING • 4,263 SF
      3207 Hermitage Rd, Richmond, VA 23227-4717
      View Details

    Similar Nearby for Sale

    • $585,000
      1.55 Acres

      Richmond Commercial Land - B-3 Zoning

      1.55-acre lot, ideal for retail/flex development.
      5409 Brook Rd, Richmond, VA 23227
      View Details
    • $750,000
      0.66 Acres

      Prime Richmond Redevelopment Opportunity

      Former bank, 3 drive-thrus, high visibility
      1101 Azalea Ave, Richmond, VA 23227
      View Details
    • Contact for pricing
      15,238 SF

      Henrico County Flex Space Available

      Flex space with direct access to major routes.
      8801 Park Central Dr, Richmond, VA 23227
      View Details
    • New
      Contact for pricing
      0.13 Acres

      Land For Sale, Richmond, VA

      Commercial land available in Richmond, zoned C-1.
      5317 Edgewood Ave, Richmond, VA 23227
      View Details
    • New
      $374,900
      2,306 SF

      Occupied Brick Duplex in Ginter Park

      Fully occupied brick duplex with hardwood floors in Richmond, Virginia.
      4910 Chamberlayne Ave, Richmond, VA 23227
      View Details
    • $585,000

      Henrico County Land For Sale

      1.68 AC of land for retail, flex, or office.
      5409-5419 Brook Rd, Richmond, VA 23227
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      72,890 SF

      Class A Office Building Available

      72,890 SF single-story office building with convenient highway access.
      8580 Magellan Pkwy, Richmond, VA 23227
      View Details
    • Contact for pricing
      45,782 SF

      Class A Office Space Available

      Class A office space for rent in Richmond, Virginia.
      8751 Park Central Dr, Richmond, VA 23227
      View Details
    • $2,000 /Mo
      43,560 SF

      Richmond Commercial Space For Lease

      1000 SF commercial space available off I-95 in Richmond.
      5604 Chamberlayne Rd, Richmond, VA 23227
      View Details
    • Contact for pricing
      3,376 SF

      Office Space for Rent

      Office space available for rent in Richmond, Virginia.
      3207 Hermitage Rd, Richmond, VA 23227
      View Details
    • Contact for pricing
      40,601 SF

      Meadowood Square Retail Center

      Prime Henrico County retail space. Four units available.
      5118 Richmond Henrico Tpke, Richmond, VA 23227
      View Details
    • Contact for pricing
      22,709 SF

      Parham Road Executive Suites

      Richmond Office Space for Lease
      827 Parham Rd, Richmond, VA 23227
      View Details
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    Richmond, VA 23227-4307
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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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