Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    7001 Frst Ave Richmond, VA 23230-1726

    • Medical Office Space
    • 106,668 SF
    • 9.55 lot acres
    OFF-MARKET
    Value Estimations
    $14,500,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0936460
    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

    • Airrosti / Alternative Medicine Practice
    • Fisher Galen H MD / Physician / Medical Clinic
    • PartnerMD Richmond / Physician
    • Jim Mumper, MD / Pediatrician / Physician
    • Bon Secours Pediatrics of Richmond / Medical Clinic

    Property Details for 7001 Frst Ave

    Year built
    2008
    Lot size
    9.55 lot acres
    Property size
    106,668 SF
    Zone code
    MIXE
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    764-744-9723
    APU
    7647449723

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $17,770,000
      Current use
      AUTO REPAIR, GARAGE
      $19,430,000
      Change: +9% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $17,525,000
      Change: -1% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $17,150,000
      Change: -3% Conversion: Moderate
      WAREHOUSE, STORAGE
      $15,865,000
      Change: -11% Conversion: Difficult
      RETAIL STORES
      $15,370,000
      Change: -14% Conversion: Difficult
      OFFICE BUILDING
      $14,490,000
      Change: -18% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Henrico
    State
    Virginia
    Longitude
    -77.526
    Latitude
    37.602
    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
    $254,501
    $2,080,400
    $28,582,400
    $30,662,800
    -
    $2,080,400
    $28,582,400
    $30,662,800

    Comparable in this City

    • Value Estimation
      $4,575,000
      40,000 SF

      6627 Broad St

      MEDICAL BUILDING • 40,000 SF
      6627 Broad St, Richmond, VA 23230-1732
      View Details
    • Value Estimation
      $6,665,000
      48,888 SF

      6946 Frst Ave

      MEDICAL BUILDING • 48,888 SF
      6946 Frst Ave, Richmond, VA 23230-1706
      View Details
    • Value Estimation
      $1,890,000
      12,600 SF

      2805 Broad St

      MEDICAL CLINIC • 12,600 SF
      2805 Broad St, Richmond, VA 23230-5112
      View Details
    • Value Estimation
      $605,000
      5,120 SF

      3320 Broad St

      MEDICAL CLINIC • 5,120 SF
      3320 Broad St, Richmond, VA 23230-5008
      View Details
    • Value Estimation
      $890,000
      10,060 SF

      4908 Monument Ave

      MEDICAL BUILDING • 10,060 SF
      4908 Monument Ave, Richmond, VA 23230-3613
      View Details
    • Value Estimation
      $1,170,000
      7,973 SF

      3407 Broad St

      MEDICAL CLINIC • 7,973 SF
      3407 Broad St, Richmond, VA 23230-5003
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,978 SF

      Updated Office Building on Broad

      Recently updated office building with excellent frontage and ample parking.
      4912 W Broad St, Richmond, VA 23230
      View Details
    • Contact for pricing
      9,492 SF

      Historic Building in Prime Location

      Creative space with high visibility in a growing area.
      3015 Cutshaw Ave, Richmond, VA 23230
      View Details
    • $2,300,000
      20,000 SF

      Richmond Office Building: Owner/User Opportunity

      20,000 SF Office, High Occupancy, Prime Location
      2211 Dickens Rd, Richmond, VA 23230
      View Details
    • Contact for pricing
      20,000 SF

      20,000 SF Flex/Industrial Space

      20,000 SF flex/industrial space in Richmond, Virginia for sale.
      2211 Dickens Rd, Richmond, VA 23230
      View Details
    • Contact for pricing

      Prime Land Near Libbie Midtown

      3-acre M-1 zoned land near Staples Mills Rd and I-64.
      4816 Coleman Rd, Richmond, VA 23230
      View Details
    • Contact for pricing
      7,000 SF

      Freestanding Building with Drive-Thru Lanes

      4,176 SF building with three drive-thru lanes for sale.
      4101 W Broad St, Richmond, VA 23230
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,411 SF

      Medical Office Space For Lease

      63,000 RSF medical office building in desirable location.
      6605 W Broad St, Richmond, VA 23230
      View Details
    • Contact for pricing

      Office Space in Willow Lawn

      Office space for rent in the Willow Lawn area.
      1804 Staples Mill Rd, Richmond, VA 23230
      View Details
    • Contact for pricing
      11,000 SF

      Available Office Space For Lease

      11,000 SF office space available for lease.
      5008 Monument Ave, Richmond, VA 23230
      View Details
    • Contact for pricing
      700 SF

      Freestanding Office Space Available

      Freestanding office space with M-1 zoning, kitchenette, and parking.
      2103 Lake Ave, Richmond, VA 23230
      View Details
    • Contact for pricing
      2,756 SF

      Monument Avenue Historic Office Space

      Recently renovated office space in a historic building.
      5101 Monument Ave, Richmond, VA 23230
      View Details
    • Contact for pricing
      1,198 SF

      Office Space Near GRTC Pulse

      Office space for rent near GRTC pulse station.
      1806 Chantilly St, Richmond, VA 23230
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    7001 Frst Ave
    Richmond, VA 23230-1726
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!