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    6720 Patterson Ave Richmond, VA 23226
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    6720 Patterson Ave Richmond, VA 23226

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    • Office buildings
    • 4,750 SF
    • 0.26 lot acres
    For Lease
    $665,000
    View Listing →
    Office Space Available For Rent For Lease
    $665,000
    836 SF

    Office Space Available For Rent

    Office space available, 836 SqFt, suitable for commercial real estate.

    6720 Patterson Ave, Richmond, VA 23226
    View Listing
    Property ID
    US87-1217355
    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

    • Caitlin Robertson / Foster Care Service / Social Service Agency
    • James E Sellman & Associates / Physician
    • Letitia Brown LCSW / Psychotherapist
    • Med Outcomes / Vocational School / Training Center
    • Las Realty / Real Estate Agency

    Property Details for 6720 Patterson Ave

    Year built
    1978
    Construction
    WOOD
    Lot size
    0.26 lot acres
    Property size
    4,750 SF
    Zone code
    R-01 RESIDENTIAL OFFICE
    Property type
    Office buildings
    APN
    W-021-0103-010
    APU
    W0210103010

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $751,000
      Market price range: $752k - $1.15M
      AI Estimate
      $599,000
      Market price range: $402k - $1.02M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $880,000
      Current use
      AUTO REPAIR, GARAGE
      $865,000
      Change: -1% Conversion: Difficult
      MEDICAL BUILDING
      $790,000
      Change: -10% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $780,000
      Change: -11% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $750,000
      Change: -15% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.5283
    Latitude
    37.5891
    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
    $389,000
    $437,000
    $826,000
    -
    $389,000
    $437,000
    $826,000

    Comparable in this City

    • Value Estimation by Request
      1,463 SF

      5602 Grv Ave

      PROFESSIONAL BUILDING • 1,463 SF
      5602 Grv Ave, Richmond, VA 23226-2102
      View Details
    • Value Estimation
      $5,145,000
      42,906 SF

      7301 Frst Ave

      OFFICE BUILDING • 42,906 SF
      7301 Frst Ave, Richmond, VA 23226-3792
      View Details
    • Value Estimation by Request
      44,298 SF

      7204 Gln Frst Dr

      OFFICE BUILDING • 44,298 SF
      7204 Gln Frst Dr, Richmond, VA 23226-3782
      View Details
    • Value Estimation by Request
      904 SF

      6410 Mallory Dr

      OFFICE BUILDING • 904 SF
      6410 Mallory Dr, Richmond, VA 23226-2912
      View Details
    • Value Estimation by Request
      1,188 SF

      6400 Rigsby Rd

      OFFICE BUILDING • 1,188 SF
      6400 Rigsby Rd, Richmond, VA 23226-2917
      View Details
    • Value Estimation
      $715,000
      3,176 SF

      504 Libbie Ave

      PROFESSIONAL BUILDING • 3,176 SF
      504 Libbie Ave, Richmond, VA 23226-2618
      View Details

    Similar Nearby for Sale

    • $515,000
      0.75 Acres

      Land in Gated West End

      Premier homesite in Richmond's desirable West End.
      102 Lockgreen Pl, Richmond, VA 23226
      View Details
    • New
      $498,000
      1,799 SF

      First Floor Living in Henrico

      Spacious, one-level condo in gated community near University of Richmond.
      6161 River Rd, Henrico, VA 23226
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,100 SF

      West Broad Street Office Building

      Three-story office building at West Broad Street and Libbie Avenue.
      2008 Libbie Ave, Richmond, VA 23226
      View Details
    • Contact for pricing
      2,287 SF

      Class A Office Space Available

      Class A office building with suites available for lease.
      7130 Glen Forest Dr, Richmond, VA 23226
      View Details
    • Contact for pricing
      6,198 SF

      Class A Office Building

      Class A office building with easy access to I-64.
      7100 Forest Ave, Richmond, VA 23226
      View Details
    • Contact for pricing
      45,057 SF

      Class A Office Building

      Class A office space in desirable Glen Forest Office Park.
      1802 Bayberry Ct, Richmond, VA 23226
      View Details
    • Contact for pricing
      2,916 SF

      Class A Office Space Available

      Office space for lease in Richmond, Virginia.
      7301 Forest Ave, Richmond, VA 23226
      View Details
    • Contact for pricing
      2,802 SF

      Glen Forest Drive Office Space

      Office space with modern finishes and convenient highway access.
      7200 Glen Forest Dr, Richmond, VA 23226
      View Details
    View Listing
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    6720 Patterson Ave
    Richmond, VA 23226
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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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