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

    8719 Frst Hl Ave North Chesterfield, VA 23235-2431

    • Medical offices
    • 4,095 SF
    • 0.39 lot acres
    OFF-MARKET
    Last Sale
    Oct 29, 2021
    $690,000
    Value Estimations
    $705,000
    Show details
    Cap Rate Potential
    8.3%
    Medical offices
    Location Intelligence
    Property ID
    US87-1105363
    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

    • Dr. Ted R. Abernathy, MD / Pediatrician
    • Dr. Joel C. Everett, MD / Pediatrician
    • Dr. Julia H. Mills, MD / Pediatrician
    • Patricia D. Mulreany, M.D., FAAP / Pediatrician
    • Pediatric & Adolescent Health / Pediatrician

    Property Details for 8719 Frst Hl Ave

    Year built
    1980
    Lot size
    0.39 lot acres
    Property size
    4,095 SF
    Zone code
    C3 - COMMUNITY BUS DIST
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    755-71-95-64-100-000
    APU
    755719564100000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $710,000
      ML approach
      $710,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $980,000
      6.5%
      $905,000
      7%
      $840,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $730,000
      Market price range: $363k - $1.05M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $680,000
      Current use
      COMMERCIAL (GENERAL)
      $1,025,000
      Change: +50% Conversion: Easy
      AUTO REPAIR, GARAGE
      $745,000
      Change: +9% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $675,000
      Change: -1% Conversion: Difficult
      RETAIL STORES
      $590,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    North Chesterfield
    County
    Chesterfield
    State
    Virginia
    Longitude
    -77.5598
    Latitude
    37.5343
    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
    $6,387
    $149,500
    $549,100
    $698,600
    -
    $149,500
    $549,100
    $698,600

    Comparable in this City

    • Value Estimation
      $1,760,000
      17,134 SF

      1400 Johnston Willis Dr

      MEDICAL BUILDING • 17,134 SF
      1400 Johnston Willis Dr, North Chesterfield, VA 23235-4765
      View Details
    • Value Estimation
      $4,605,000
      40,216 SF

      1051 Johnston Willis Dr

      MEDICAL BUILDING • 40,216 SF
      1051 Johnston Willis Dr, North Chesterfield, VA 23235-4872
      View Details
    • Value Estimation
      $520,000
      5,566 SF

      8710 Choctaw Rd

      MEDICAL BUILDING • 5,566 SF
      8710 Choctaw Rd, North Chesterfield, VA 23235-3472
      View Details
    • Value Estimation
      $855,000
      9,995 SF

      7410 Hull St Rd

      MEDICAL BUILDING • 9,995 SF
      7410 Hull St Rd, North Chesterfield, VA 23235-5834
      View Details
    • Value Estimation by Request
      1,898 SF

      11507 Allecingie Pkwy

      MEDICAL BUILDING • 1,898 SF
      11507 Allecingie Pkwy, North Chesterfield, VA 23235-4301
      View Details
    • Value Estimation
      $8,970,000
      66,768 SF

      9109 Stony Pt Dr

      MEDICAL CLINIC • 66,768 SF
      9109 Stony Pt Dr, Richmond, VA 23235-1979
      View Details

    Similar Nearby for Sale

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      Prominent Building on Route 360

      Two-story building on 3.63 acres with high visibility.
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      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.
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      Multifamily Development Opportunity

      Land suitable for multifamily development near Midlothian Turnpike.
      11160-11170 Robious Rd, Richmond, VA 23235
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    • $550,000

      Corner Lot in Stony Point

      Corner lot in thriving medical and office park.
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    Similar Nearby for Lease

    • $17 SF/Yr
      66,867 SF

      Midlothian Turnpike Medical Office Space

      Prime Medical Office & Daycare Space Available
      9321 Midlothian Tpke, Bon Air, VA 23235
      View Details
    • $18 SF/Yr
      2,379 SF

      Richmond Office Space For Rent

      Office park with recent renovations and medical center proximity.
      9327 Midlothian Tpke, Richmond, VA 23235
      View Details
    • Contact for pricing
      18,000 SF

      Medical Office Sublease Opportunity

      Sublease opportunity: 17,951 SF medical office near HCA hospital.
      1400 Johnston Willis Dr, North Chesterfield, VA 23235
      View Details
    • $24 SF/Yr
      2,847 SF

      Class A Medical Space

      Premier medical hub location with immediate Chippenham Parkway access.
      8700 Stony Point Pkwy, Richmond, VA 23235
      View Details
    • Contact for pricing
      5,040 SF

      Renovated Office/Medical Building with Yard

      Move-in ready office/medical building with expansion potential and outdoor space.
      11449 Robious Rd, North Chesterfield, VA 23235
      View Details
    • Contact for pricing
      62,900 SF

      Office/Medical Build-to-Suit Opportunity

      Customizable office/medical space in Chesterfield County with ample parking.
      134 Gateway Centre Pkwy, North Chesterfield, VA 23235
      View Details
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    North Chesterfield, VA 23235-2431
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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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