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Property profile & analytics
OFF-MARKET
Estimated value
$760,000
Medical Office Space
5419 Patterson Ave Richmond, VA 23226-2003
Entity Owned
6-yr Hold
Free & Clear
Property ID
US87-0780461
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL CLINIC
Year built
1972
Construction
WOOD
Total area
4,977 SF
Lot
0.85 ac (37,125 SF)
Zoning code
R-02 RESIDENTIAL OFFICE
APN
W-020-0089-011
UPID
US87-0780461
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
-
Patterson Eye Clinic Physician
-
Loukx Laurel OD Physician
-
Dr. Jacquelyn Brown Physician
-
Dr. Taylor Dalton Physician
-
John R. Miksch, OD Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$760k
Owner & transaction history
Manakin Farms-patterson LLC · 6 yrs held
Manakin Farms-patterson LLC
since 2019
2 recorded transactions
Zoning & alternative use
R-02 RESIDENTIAL OFFICE · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$920,000
+10.9%
Auto repair, garage
$905,000
+9.3%
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 Richmond submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Richmond 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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$830,000
Current use
OFFICE BUILDING
$920,000
Change: +11% · Conversion: Easy
AUTO REPAIR, GARAGE
$905,000
Change: +9% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$820,000
Change: -1% · Conversion: Difficult
COMMERCIAL (GENERAL)
$785,000
Change: -5% · Conversion: Easy
RETAIL STORES
$715,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$760k
Range $684k – $836k · ±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
$153 / 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 2020Property tax & assessments
Tax year 2020
Tax billed
$20
Tax year 2020
Assessed value
$1,869,000
Assessed 2024
Previous assessed
$1,599,000
+16.9% YoY
Effective rate
0.00%
On assessed value
Assessed land
$1,182,000
Assessed improvement
$687,000
Land market value
$1,182,000
Improvement market value
$687,000
Total market value
$1,869,000
Applied tax rate
1.0000
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
Medical Office Space
Use group
MEDICAL CLINIC
Status
Off-Market
Year built
1972
Construction
WOOD
Heating
YES
Cooling
YES
Buildings
2
Stories
1
Rooms
8
Bathrooms
2
Total area
4,977 SF
Lot
0.85 ac (37,125 SF)
Zoning code
R-02 RESIDENTIAL OFFICE
APN
W-020-0089-011
UPID
US87-0780461
Jurisdiction
RICHMOND CITY
Zoning & alternative use
R-02 RESIDENTIAL OFFICE · Richmond, VA
Zoning R-02 RESIDENTIAL OFFICE · permitted uses
R-02 RESIDENTIAL OFFICE · Richmond, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Richmond. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$830,000
OFFICE BUILDING
Est. value
$920,000
AUTO REPAIR, GARAGE
Est. value
$905,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$820,000
COMMERCIAL (GENERAL)
Est. value
$785,000
RETAIL STORES
Est. value
$715,000
MEDICAL BUILDING Current
OFFICE BUILDING
AUTO REPAIR, GARAGE
NEIGHBORHOOD: SHOPPING CENTER
COMMERCIAL (GENERAL)
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
1972
Construction
WOOD
Heating
YES
Cooling
Yes
Stories
1
Buildings
2
Rooms
8
Bathrooms
2
Lot
0.85 ac
Current owner
From public records · entity-resolved
Manakin Farms-patterson LLC
Entity
Free & Clear · 6 yrs held
Mailing address
PO BOX 29661, RICHMOND, VA 23242-0661
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
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 6, 2025
—
Manakin Farms-patterson LLC
—
Deed
related
$1,100,000 · Southstate Bank National Association
Nov 15, 2019
—
Manakin Farms-patterson LLC
Manakin Farms INC
Quit Claim Deed
related
—
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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