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    Property profile & analytics

    8503 Patterson Ave Henrico, VA 23229-6442

    • Medical offices
    • 15,612 SF
    • 1.19 lot acres
    OFF-MARKET
    Value Estimations
    $1,480,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1247771
    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

    • 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

    Property Details for 8503 Patterson Ave

    Year built
    1961
    Lot size
    1.19 lot acres
    Property size
    15,612 SF
    Zone code
    O-2
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    754-741-3824
    APU
    7547413824

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,576,000
      Market price range: $1.38M - $4.01M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,465,000
      RETAIL STORES
      $2,250,000
      OFFICE BUILDING
      $2,225,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Henrico
    County
    Henrico
    State
    Virginia
    Longitude
    -77.563
    Latitude
    37.5941
    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
    $16,374
    $221,900
    $1,704,400
    $1,926,300
    -
    $221,900
    $1,704,400
    $1,926,300

    Comparable in this City

    • Value Estimation
      $12,660,000
      95,040 SF

      7611 Frst Ave

      MEDICAL BUILDING • 95,040 SF
      7611 Frst Ave, Henrico, VA 23229-4946
      View Details
    • Value Estimation
      $545,000
      5,058 SF

      9606 Patterson Ave

      MEDICAL BUILDING • 5,058 SF
      9606 Patterson Ave, Henrico, VA 23229-6027
      View Details
    • Value Estimation by Request
      3,159 SF

      1511 Starling Dr

      MEDICAL BUILDING • 3,159 SF
      1511 Starling Dr, Henrico, VA 23229-4603
      View Details
    • Value Estimation
      $4,510,000
      44,030 SF

      7601 Frst Ave

      MEDICAL BUILDING • 44,030 SF
      7601 Frst Ave, Henrico, VA 23229-4933
      View Details
    • Value Estimation
      $650,000
      5,006 SF

      2205 Parham Rd

      MEDICAL BUILDING • 5,006 SF
      2205 Parham Rd, Henrico, VA 23229-3161
      View Details
    • Value Estimation
      $3,385,000
      28,752 SF

      9604 Patterson Ave

      MEDICAL BUILDING • 28,752 SF
      9604 Patterson Ave, Henrico, VA 23229
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      11,654 SF

      Medical/Office Building For Sale

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    • Contact for pricing
      Pending

      Residential Lot in Henrico, VA

      Residential lot available in Henrico, Virginia.
      Midway Rd, Richmond, VA 23229
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      51.28 Acres Commercial Land Available

      Commercial land with easy access to I-295.
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    Similar Nearby for Lease

    • Contact for pricing
      6,774 SF

      Medical Office Space Available

      Medical office building in desirable Richmond location, suites available.
      6900 Forest Ave, Richmond, VA 23229
      View Details
    • Contact for pricing
      6,622 SF

      Medical Office Space for Rent

      Medical office space available on Henrico Doctors Hospital campus.
      7611 Forest Ave, Richmond, VA 23229
      View Details
    • Contact for pricing
      979 SF

      Office Space in Retail Center

      Second floor office space with elevator access near I-95.
      809-827 E Parham Rd, Richmond, VA 23229
      View Details
    • Contact for pricing
      4,121 SF

      Well-Maintained Office Space For Rent

      Conveniently located office space with ample parking and nearby amenities.
      8814 Fargo Rd, Richmond, VA 23229
      View Details
    • Contact for pricing
      1,260 SF

      Professional Office Space Available

      Office spaces for lease with diverse floorplans and ample parking.
      2800 N Parham Rd, Richmond, VA 23229
      View Details
    • $24 SF/Yr
      1,639 SF

      Office Space in Forest Office Park

      Office space available for lease in Richmond, VA.
      8003 Franklin Farms Dr, Richmond, VA 23229
      View Details
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    8503 Patterson Ave
    Henrico, VA 23229-6442
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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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