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Property profile & analytics
FOR LEASE
Medical Office Space
7650 East Parham Rd Henrico, VA 23294
Entity Owned
4-yr Hold
Free & Clear
Property ID
US87-0724822
For Lease
$11,240,000
7650 East Parham Rd, Henrico, VA 23294
View Listing →
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1992
Total area
103,032 SF
Lot
11.79 ac (513,747 SF)
Zoning code
O-3
APN
765-754-6585
UPID
US87-0724822
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
-
Isalis (Bike/Boat/Book/etc) Store
-
Party City Party Supply Store (Bike/Boat/Book/etc) Store
-
Skunk Funk Big Box & Wholesale Store
-
Carl's Trading Co Hat Shop
-
Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$11.24M
Owner & transaction history
County Of Henrico Virginia · 4 yrs held
County Of Henrico Virginia
since 2022
1 recorded transaction
Zoning & alternative use
O-3 · Henrico, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Henrico submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Henrico 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
$17,165,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$16,925,000
Change: -1% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$16,565,000
Change: -3% · Conversion: Moderate
COMMERCIAL (GENERAL)
$16,270,000
Change: -5% · Conversion: Easy
OFFICE BUILDING
$15,235,000
Change: -11% · Conversion: Easy
RETAIL STORES
$14,845,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$11.24M
Range $10.12M – $12.36M · ±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
$109 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$159,863
Tax year 2023
Assessed value
$19,260,600
Assessed 2024
Previous assessed
$19,260,600
+0.0% YoY
Effective rate
0.83%
On assessed value
Assessed land
$2,311,900
Assessed improvement
$16,948,700
Land market value
$2,311,900
Improvement market value
$16,948,700
Total market value
$19,260,600
Applied tax rate
3.0000
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 BUILDING
Status
For Lease
Year built
1992
Heating
HOT WATER
Cooling
AC.CHILLED WATER
Buildings
3
Stories
1
Total area
103,032 SF
Lot
11.79 ac (513,747 SF)
Zoning code
O-3
APN
765-754-6585
UPID
US87-0724822
Jurisdiction
HENRICO
Zoning & alternative use
O-3 · Henrico, VA
Zoning O-3 · permitted uses
O-3 · Henrico, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Henrico. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$17.2M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$16.9M
APARTMENT HOUSE (5+ UNITS)
Est. value
$16.6M
COMMERCIAL (GENERAL)
Est. value
$16.3M
OFFICE BUILDING
Est. value
$15.2M
RETAIL STORES
Est. value
$14.8M
MEDICAL BUILDING Current
NEIGHBORHOOD: SHOPPING CENTER
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
OFFICE BUILDING
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
1992
Heating
HOT WATER
Cooling
Yes
Stories
1
Buildings
3
Lot
11.79 ac
Current owner
From public records · entity-resolved
County Of Henrico Virginia
Entity
Free & Clear · 4 yrs held
Mailing address
INDIANAPOLIS, IN 46280
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 27, 2022
—
County Of Henrico Virginia
Hca Health Services Of Virginia INC
Gift 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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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