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Property profile & analytics
OFF-MARKET
Estimated value
$990,000
Office buildings
8411 Patterson Ave, Henrico, VA 23229-6438
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US87-3707611
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1974
Total area
5,067 SF
Lot
0.55 ac (24,089 SF)
Zoning code
O-2
APN
755-741-0022
UPID
US87-3707611
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
$915k
CAP Approach
CAP
$1.12M
Comparable Approach
Comparable
$666k
Blend (final)
Blend
$990k
Owner & transaction history
Farah And George Properties X LLC · 2 yrs held
Farah And George Properties X LLC
since 2023
Last sale
$1.0M
4 recorded transactions
Zoning & alternative use
O-2 · Henrico, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$1.4M
+97.3%
Auto repair, garage
$925,000
+27.7%
Medical building
$845,000
+16.8%
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
$880,000
ML approach
$915,000
CAP Approach
CAP Return
Estimation
6%
$1,210,000
6.5%
$1,120,000
7%
$1,040,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$725,000
Current use
RESTAURANT
$1,425,000
Change: +97% · Conversion: Moderate
AUTO REPAIR, GARAGE
$925,000
Change: +28% · Conversion: Difficult
MEDICAL BUILDING
$845,000
Change: +17% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$830,000
Change: +15% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$815,000
Change: +13% · Conversion: Easy
COMMERCIAL (GENERAL)
$800,000
Change: +11% · Conversion: Easy
RETAIL STORES
$730,000
Change: +1% · Conversion: Moderate
Blend value · Realmo final
$990k
Range $891k – $1.09M · ±10% · vs last sale $1.02M (Jul 14 2023)
Last sale anchor
$1.02M
Jul 14 2023
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
$195 / 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
$5,110
Tax year 2023
Assessed value
$601,200
Assessed 2024
Previous assessed
$601,200
+0.0% YoY
Effective rate
0.85%
On assessed value
Assessed land
$103,200
Assessed improvement
$498,000
Land market value
$103,200
Improvement market value
$498,000
Total market value
$601,200
Applied tax rate
1.0000
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
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1974
Heating
HEAT PUMP
Stories
2
Total area
5,067 SF
Lot
0.55 ac (24,089 SF)
Zoning code
O-2
APN
755-741-0022
UPID
US87-3707611
Jurisdiction
HENRICO
Zoning & alternative use
O-2 · Henrico, VA
Zoning O-2 · permitted uses
O-2 · 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
OFFICE BUILDING Current
Est. value
$725,000
RESTAURANT
Est. value
$1.4M
AUTO REPAIR, GARAGE
Est. value
$925,000
MEDICAL BUILDING
Est. value
$845,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$830,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$815,000
COMMERCIAL (GENERAL)
Est. value
$800,000
RETAIL STORES
Est. value
$730,000
OFFICE BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
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
1974
Heating
HEAT PUMP
Stories
2
Lot
0.55 ac
Current owner
From public records · entity-resolved
Farah And George Properties X LLC
Entity
Mailing address
1635 W GRACE ST, RICHMOND, VA 23220-2102
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 14, 2023
$1,020,000
Farah And George Properties X LLC
Patterson Avenue Properties I LLC
Special Warranty Deed
$816,000 · Citizens & Farmers Bank
Mar 31, 2021
—
Patterson Avenue Properties I LLC
—
Deed
related
$562,034 · Townebank
Feb 20, 2015
$990,000
Patterson Avenue Props II LLC
Patterson Avenue Land Holdin
Grant Deed
related
$700,000 · Wells Fargo Bk
May 20, 2008
$1,000,000
Patterson Avenue Land Holdings
Jcb Co Lc
Grant 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.
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