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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    7607 Midlothian Tpke Richmond, VA 23235

    • Retail space
    • 8,237 SF
    • 0.59 lot acres
    OFF-MARKET
    Last Sale
    Nov 27, 2024
    $500,000
    Value Estimations
    $545,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0950375
    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

    • Retail space

    Property Details for 7607 Midlothian Tpke

    Year built
    1950
    Lot size
    0.59 lot acres
    Property size
    8,237 SF
    Zone code
    C5 - GEN BUSINESS DIST
    Property type
    Retail space
    APN
    762-70-60-35-400-000
    APU
    762706035400000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $500,000
      ML approach
      $500,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $687,000
      Market price range: $687k - $1.91M

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Chesterfield
    State
    Virginia
    Longitude
    -77.5379
    Latitude
    37.4987
    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
    2024
    $5,519
    $269,900
    $299,300
    $569,200
    -
    $269,900
    $299,300
    $569,200

    Comparable in this City

    • Value Estimation
      $625,000
      30,442 SF

      11411 Midlothian Tpke

      RETAIL STORES (PERSONAL SERVICES) • 30,442 SF
      11411 Midlothian Tpke, North Chesterfield, VA 23235-4717
      View Details
    • Value Estimation
      $695,000
      38,863 SF

      11501 Midlothian Tpke

      RETAIL STORES (PERSONAL SERVICES) • 38,863 SF
      11501 Midlothian Tpke, North Chesterfield, VA 23235-4719
      View Details
    • Value Estimation
      $395,000
      7,300 SF

      11225 Midlothian Tpke

      RETAIL STORES (PERSONAL SERVICES) • 7,300 SF
      11225 Midlothian Tpke, North Chesterfield, VA 23235-4713
      View Details
    • Value Estimation
      $250,000
      1,400 SF

      2711 Buford Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,400 SF
      2711 Buford Rd, North Chesterfield, VA 23235-2423
      View Details
    • Value Estimation
      $215,000
      3,600 SF

      7230 Hull St Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,600 SF
      7230 Hull St Rd, North Chesterfield, VA 23235-5804
      View Details
    • Value Estimation
      $285,000
      5,700 SF

      8221 Midlothian Tpke

      RETAIL STORES (PERSONAL SERVICES) • 5,700 SF
      8221 Midlothian Tpke, North Chesterfield, VA 23235-5117
      View Details

    Similar Nearby for Sale

    • $1,600,000
      4,950 SF

      Richmond Retail Investment Opportunity

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      Car Wash on Midlothian Turnpike

      Car wash in prime location on Midlothian Turnpike corridor.
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    • $109,999
      3.20 Acres

      Residential Land in Chesterfield, VA

      3.2 acres in Stonemill Creek subdivision, ready for building.
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      1.03 Acres

      Midlothian Turnpike Commercial Land

      Prime 1-acre commercial lot in Richmond, VA.
      8212 Midlothian Tpke, Richmond, VA 23235
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    • $500,000

      North Chesterfield Land For Sale

      2.3 acres of land in North Chesterfield, Virginia.
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    Similar Nearby for Lease

    • $15 SF/Yr
      1,700 SF

      Retail Space on Midlothian Turnpike

      Retail space available for lease on Midlothian Turnpike.
      10801 Midlothian Tpke, North Chesterfield, VA 23235
      View Details
    • Contact for pricing
      4,799 SF

      Richmond Retail Space For Rent

      Open-air retail space in Stony Point Fashion Park.
      9200 Stony Point Pkwy, Richmond, VA 23235
      View Details
    • Contact for pricing
      1,540 SF

      Retail Space on Midlothian Turnpike

      Retail space with high visibility on Midlothian Turnpike.
      11521 N Midlothian Tpke, Richmond, VA 23235
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space on Stony Point

      Retail space with strong daytime population and convenient access.
      3000-3096 Stony Point Rd, Richmond, VA 23235
      View Details
    • Contact for pricing
      6,030 SF

      Retail Space in North Chesterfield

      6,030 SF retail space available for lease.
      9990 Robious Rd, North Chesterfield, VA 23235
      View Details
    • Contact for pricing
      58,994 SF

      Midlothian Square Retail Center

      Prime Richmond retail space, multiple suites available.
      11525 Midlothian Sq, Richmond, VA 23235
      View Details
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    Richmond, VA 23235
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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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