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    4150 Tom Leonard Dr Glen Allen, VA 23060
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    Property profile & analytics

    4150 Tom Leonard Dr, Glen Allen, VA 23060

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    • Retail space
    • 13,376 SF
    • 6.29 lot acres
    For Sale
    $1,750,000
    View Listing →
    Commercial Land Near Retailers For Sale
    $1,750,000
    1.52 Acres

    Commercial Land Near Retailers

    1.52 acre commercial land for sale in Short Pump.

    4150 Tom Leonard Drive, Glen Allen, VA 23060
    View Listing
    Property ID
    US87-0645352
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Tom Leonard's Farmer's Market / Grocery & Convenience Store / Food Market

    Property Details for 4150 Tom Leonard Dr

    Year built
    2004
    Lot size
    6.29 lot acres
    Zone code
    M-1
    Property type
    Retail space
    APN
    743-762-6518
    APU
    7437626518

    Description

    This exceptional 1.52-acre commercial land parcel presents a remarkable investment opportunity in the thriving Short Pump area of Glen Allen, Virginia. Located at 4150 Tom Leonard Drive, zip code 23060, this M-1 zoned property boasts unparalleled visibility and accessibility. Its strategic location directly adjacent to Tom Leonard's Farmer's Market ensures high foot traffic and brand recognition. The property is also situated across from West Broad Village, a bustling retail center, and enjoys convenient access to Interstate 64 via nearby highway exits. This prime location is surrounded by a concentration of major grocery stores including Whole Foods, Trader Joe's, Fresh Market, Publix, Kroger, Lidl, and Aldi, creating a dense and desirable retail environment. The asking price is $1,750,000, translating to approximately $1,151,316 per acre. This represents a significant opportunity for developers seeking to capitalize on the area's robust commercial growth and strong consumer base. The property's size and zoning make it ideal for a variety of commercial retail developments. Don't miss this chance to secure a premier location in one of Richmond's most sought-after commercial districts.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,670,000
      6.5%
      $2,465,000
      7%
      $2,285,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,090,000
      Current use
      AUTO REPAIR, GARAGE
      $2,925,000
      Change: +40% Conversion: Difficult
      MEDICAL BUILDING
      $2,475,000
      Change: +18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Glen Allen
    County
    Henrico
    State
    Virginia
    Longitude
    -77.599
    Latitude
    37.6515
    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
    $36,501
    $1,972,900
    $2,321,300
    $4,294,200
    -
    $1,972,900
    $2,321,300
    $4,294,200

    Comparable in this City

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      9915 Greenwood Rd

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      11131 Broad St

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    • Value Estimation
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      41,249 SF

      10050 Broad St

      RETAIL STORES (PERSONAL SERVICES)
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    • Value Estimation
      $2,920,000
      28,781 SF

      2010 Old Brick Rd

      RETAIL STORES (PERSONAL SERVICES)
      2010 Old Brick Rd, Glen Allen, VA 23060-5834
      View Details
    • Value Estimation
      $1,990,000
      5,451 SF

      9830 Broad St

      RETAIL STORES (PERSONAL SERVICES)
      9830 Broad St, Glen Allen, VA 23060-4171
      View Details

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      Prime Development Land in Short Pump

      2.37-acre site with M-1C zoning in Short Pump area.
      4150 Tom Leonard Dr, Glen Allen, VA 23060
      View Details
    • $1,750,000

      Commercial Land Near Retailers

      1.52 acre commercial land for sale in Short Pump.
      4150 Tom Leonard Dr, Glen Allen, VA 23060
      View Details
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      Glen Allen Wooded Lot For Sale

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    Similar Nearby for Lease

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      Retail space for lease in Henrico County shopping center.
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      Retail Space in Glen Allen

      Retail space available in a Publix-anchored shopping center.
      10208-10238 Staples Mill Rd, Glen Allen, VA 23060
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      2,400 SF

      Retail Space in Glen Allen

      Retail space anchored by Trader Joe's, Petco & Ulta.
      11341 W Broad St, Glen Allen, VA 23060
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      7,350 SF

      Retail Space in High-Visibility Center

      Retail space available in a well-located shopping center.
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      Retail Space for Lease

      Retail space available for lease with new pad site development.
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      3,200 SF

      Retail Space in Glen Allen

      Retail space with high visibility and signage opportunities available for lease.
      11331 W Broad St, Glen Allen, VA 23060
      View Details
    View Listing
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    Glen Allen, VA 23060
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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.

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