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    Property profile & analytics

    7229 Forest Ave Richmond, VA 23226

    • Office buildings
    • 38,672 SF
    • 5.58 lot acres
    For Lease
    View listing
    Last Sale
    Jan 12, 2022
    $7,710,588
    Value Estimations
    $6,895,000
    Cap Rate Potential
    8.2%
    Office buildings
    Location Intelligence
    Property ID
    US87-1035516
    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

    • Pediatric & Adolescent Ability / Pediatrician
    • Freeman Morgan Architects / Architect
    • Highland II / Business Center
    • jan elliott evans / Nutritionist
    • Laboratory Corporation-Amer Main Lb / Medical Laboratory

    Property Details for 7229 Forest Ave

    Year built
    1995
    Lot size
    5.58 lot acres
    Property size
    38,672 SF
    Zone code
    R-6
    Property type
    Office buildings
    APN
    763-745-9923
    APU
    7637459923

    Description

    Highland II, located at 7229 Forest Ave in Richmond, Virginia's Glen Forest/Glenside submarket, offers exceptional office space for lease. This two-story, Class A building boasts a total of 67,899 square feet, with a flexible layout accommodating various needs. Tenants can choose from available spaces ranging from a minimum of 1,308 square feet to a maximum contiguous space of 5,169 square feet. Currently, 32,658 square feet are vacant, presenting a significant opportunity for businesses seeking immediate occupancy. The building's versatile design caters to both medical and creative office users, making it an ideal location for a diverse range of businesses. Ample parking is provided, with a generous ratio of 4.25 spaces per 1,000 square feet. Situated in Henrico County, zip code 23226, Highland II benefits from its convenient location within the Glen Forest/Glenside submarket of Richmond. The property is categorized as multi-tenant, offering a dynamic and collaborative environment. This is a prime opportunity to secure high-quality office space in a thriving Richmond community. Contact us today to learn more about leasing options and explore the possibilities of establishing your business at Highland II.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,750,000
      ML approach
      $7,020,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $9,245,000
      6.5%
      $8,530,000
      7%
      $7,925,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,120,000
      Market price range: $6.12M - $9.34M
      AI Estimate
      $4,442,000
      Market price range: $3.28M - $8.28M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $7,145,000
      Current use
      RESTAURANT
      $10,880,000
      Change: +52% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $7,045,000
      Change: -1% Conversion: Difficult
      MEDICAL BUILDING
      $6,440,000
      Change: -10% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $6,355,000
      Change: -11% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $6,215,000
      Change: -13% Conversion: Easy
      COMMERCIAL (GENERAL)
      $6,105,000
      Change: -15% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Henrico
    State
    Virginia
    Longitude
    -77.5296
    Latitude
    37.6048
    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
    $50,832
    $1,033,200
    $5,091,100
    $6,124,300
    -
    $1,033,200
    $5,091,100
    $6,124,300

    Comparable in this City

    • Value Estimation
      $230,000
      7,680 SF

      5701 Patterson Ave

      PROFESSIONAL BUILDING • 7,680 SF
      5701 Patterson Ave, Richmond, VA 23226-2009
      View Details
    • Value Estimation
      $315,000
      1,463 SF

      5604 Grv Ave

      PROFESSIONAL BUILDING • 1,463 SF
      5604 Grv Ave, Richmond, VA 23226-2102
      View Details
    • Value Estimation
      $260,000
      2,200 SF

      122 Granite Ave

      PROFESSIONAL BUILDING • 2,200 SF
      122 Granite Ave, Richmond, VA 23226-2322
      View Details
    • Value Estimation
      $6,095,000
      33,059 SF

      7110 Frst Ave

      OFFICE BUILDING • 33,059 SF
      7110 Frst Ave, Richmond, VA 23226-3786
      View Details
    • Value Estimation
      $1,615,000
      2,408 SF

      508 Libbie Ave

      PROFESSIONAL BUILDING • 2,408 SF
      508 Libbie Ave, Richmond, VA 23226-2618
      View Details
    • Value Estimation
      $190,000
      2,114 SF

      6318 Rigsby Rd

      OFFICE BUILDING • 2,114 SF
      6318 Rigsby Rd, Richmond, VA 23226-2915
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      8,400 SF

      Granite Ave Executive Office Space

      8,400 SF Office Building - Richmond, VA
      122 Granite Ave, Richmond, VA 23226
      View Details
    • New
      $650,000
      0.75 Acres

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      Residential Land in Richmond, VA

      Buildable lot for sale in Richmond's Near West End.
      4901 Park Ave, Richmond, VA 23226
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      Updated Colonial in Gated Community

      Updated 3-bed, 2-bath home in Richmond's Chatham Square.
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      View Details

    Similar Nearby for Lease

    • $19 SF/Yr
      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
    • $23 SF/Yr
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      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
      1,067 SF

      Glen Forest Drive Office Space

      Office space with modern finishes and convenient highway access.
      7200 Glen Forest Dr, Richmond, VA 23226
      View Details
    • Contact for pricing
      3,113 SF

      Class A Office Space Available

      Office space for lease in Richmond, Virginia.
      7301 Forest Ave, Richmond, VA 23226
      View Details
    • Contact for pricing
      67,899 SF

      Highland II: Premier Richmond Office Space

      Class A Medical & Creative Office Suites Available
      7229 Forest Ave, Richmond, VA 23226
      View Details
    • Contact for pricing
      2,688 SF

      Glen Forest Drive Office Space

      Office space with convenient access to amenities and major routes.
      7204 Glen Forest Dr, Richmond, VA 23226
      View Details
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    7229 Forest 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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