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

    8602 Patterson Ave Henrico, VA 23229-6350

    • Retail space
    • 1,222 SF
    • 0.31 lot acres
    OFF-MARKET
    Value Estimations
    $225,000
    Show details
    Cap Rate Potential
    5.1%
    Retail space
    Location Intelligence
    Property ID
    US87-0038770
    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

    • Crystal's Closet / Discount Store

    Property Details for 8602 Patterson Ave

    Year built
    1960
    Lot size
    0.31 lot acres
    Property size
    1,222 SF
    Zone code
    B-2C
    Property type
    Retail space
    APN
    753-741-2963
    APU
    7537412963

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $260,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $220,000
      6.5%
      $205,000
      7%
      $190,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $213,000
      Market price range: $102k - $284k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $175,000
      Current use
      AUTO REPAIR, GARAGE
      $225,000
      Change: +26% Conversion: Difficult
      MEDICAL BUILDING
      $205,000
      Change: +16% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $200,000
      Change: +14% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $195,000
      Change: +10% Conversion: Easy
      OFFICE BUILDING
      $175,000
      Change: -1% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Henrico
    County
    Henrico
    State
    Virginia
    Longitude
    -77.5669
    Latitude
    37.5952
    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
    $0.00
    $98,600
    $137,100
    $235,700
    -
    $98,600
    $137,100
    $235,700

    Comparable in this City

    • Value Estimation
      $1,010,000
      117,236 SF

      1320 Starling Dr

      RETAIL STORES (PERSONAL SERVICES) • 117,236 SF
      1320 Starling Dr, Henrico, VA 23229-5529
      View Details
    • Value Estimation
      $385,000
      5,246 SF

      7250 Patterson Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,246 SF
      7250 Patterson Ave, Henrico, VA 23229-6751
      View Details
    • Value Estimation
      $255,000
      1,680 SF

      1106 Parham Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,680 SF
      1106 Parham Rd, Henrico, VA 23229-5747
      View Details
    • Value Estimation
      $17,560,000
      1,828 SF

      1501 Parham Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,828 SF
      1501 Parham Rd, Henrico, VA 23229-4604
      View Details
    • Value Estimation
      $14,965,000
      5,982 SF

      1502 Parham Rd

      RETAIL STORES (PERSONAL SERVICES) • 5,982 SF
      1502 Parham Rd, Henrico, VA 23229-4661
      View Details
    • Value Estimation
      $15,040,000
      116,039 SF

      1504 Parham Rd

      RETAIL STORES (PERSONAL SERVICES) • 116,039 SF
      1504 Parham Rd, Henrico, VA 23229-4621
      View Details

    Similar Nearby for Sale

    • $2,300,000
      11,654 SF

      Medical/Office Building For Sale

      11,654 SF medical/office building on 1.07 AC for sale.
      8917 Fargo Rd, Richmond, VA 23229
      View Details
    • Contact for pricing
      Pending

      Residential Lot in Henrico, VA

      Residential lot available in Henrico, Virginia.
      Midway Rd, Richmond, VA 23229
      View Details
    • $650,000

      51.28 Acres Commercial Land Available

      Commercial land with easy access to I-295.
      100 E Parham Rd, Richmond, VA 23229
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,311 SF

      Retail Space in Henrico County

      Retail space available in a densely populated area.
      9215 Quioccasin Rd, Richmond, VA 23229
      View Details
    • Contact for pricing
      2,360 SF

      Luxury Retail Space in Richmond

      Retail center in the heart of Metro Richmond for rent.
      6221-6243 River Rd, Richmond, VA 23229
      View Details
    • Contact for pricing

      Retail Space for Lease

      Retail space available for rent in Richmond, Virginia.
      1400 N Parham Rd, Richmond, VA 23229
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space in Anchored Center

      Retail spaces available in a Fresh Market anchored shopping center.
      1505-1527 N Parham Rd, Richmond, VA 23229
      View Details
    • Contact for pricing
      1,800 SF

      Neighborhood Shopping Center Retail Space

      Retail space in renovated neighborhood shopping center near Regency Mall.
      9101-9115 Quioccasin Rd, Richmond, VA 23229
      View Details
    • Contact for pricing
      3,525 SF

      Richmond Retail Center For Lease

      Neighborhood shopping center with high traffic and instant name recognition.
      8502-8540 Patterson Ave, Richmond, VA 23229
      View Details
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    8602 Patterson Ave
    Henrico, VA 23229-6350
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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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