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    8917 Fargo Rd Richmond, VA 23229
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    8917 Fargo Rd, Richmond, VA 23229

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    • Medical Office Space
    • 11,654 SF
    • 1.07 lot acres
    For Sale
    $2,300,000
    View Listing →
    Medical/Office Building For Sale 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
    View Listing
    Property ID
    US87-1047233
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    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 8917 Fargo Rd

    Year built
    1989
    Lot size
    1.07 lot acres
    Zone code
    O-1
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    753-745-2291
    APU
    7537452291

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Oct 6, 2022 — Rhmj Enright Fargo Properties LLC — Deed · related $825k · Bank Of America NA
    May 2, 2008 $1,757,500 Rhmj Enright Fargo Props INC Fargo Road Office Assoc Deed Of Trust · related $1.5M · Union Bank & Trust

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $375,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $378,000
      Market price range: $215k - $1.16M

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

    Location Insight

    • Map
    • Local Demand
    City
    Henrico
    County
    Henrico
    State
    Virginia
    Longitude
    -77.5668
    Latitude
    37.607
    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
    $11,408
    $221,400
    $1,120,700
    $1,342,100
    -
    $221,400
    $1,120,700
    $1,342,100

    Comparable in this City

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

      7611 Frst Ave

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

      9606 Patterson Ave

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

      1511 Starling Dr

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

      7601 Frst Ave

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

      2205 Parham Rd

      MEDICAL BUILDING
      2205 Parham Rd, Henrico, VA 23229-3161
      View Details
    • Value Estimation
      $2,100,000
      28,626 SF

      8921 3rd Chopt Rd

      MEDICAL BUILDING
      8921 3rd Chopt Rd, Henrico, VA 23229-4601
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      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
      4,656 SF

      Retail Space on Patterson Avenue

      4,656 SF retail space available for lease/ground lease.
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      Pending

      Residential Lot in Henrico, VA

      Residential lot available in Henrico, Virginia.
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      Commercial Land for Lease

      Approximately 1.47 AC of commercially zoned land for lease.
      2314-2400 N Parham Rd, Henrico, VA 23229
      View Details
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      Redevelopment Opportunity in Martinsville

      0.725 acres for redevelopment in historical corridor.
      410 Starling Ave, Martinsville, VA 23229
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      100,807 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

    Similar Nearby for Lease

    • Contact for pricing
      6,091 SF

      Medical Space Available For Lease

      6,091 square foot medical space for lease.
      7607 Forest Ave, Henrico, VA 23229
      View Details
    • Contact for pricing
      3,690 SF

      West End Office Space Available

      Office space for rent in Richmond's West End.
      7113 Three Chopt Rd, Richmond, VA 23229
      View Details
    • Contact for pricing
      257 SF

      Office/Medical Building Near Hospital

      Office/medical space for lease near Henrico Doctor’s Hospital.
      8921 Three Chopt Rd, Henrico, VA 23229
      View Details
    • Contact for pricing
      2,666 SF

      Medical Office Space Available Now

      Medical office space featuring multiple exam rooms and immediate availability.
      7601 Forest Ave, Henrico, VA 23229
      View Details
    • Contact for pricing
      573 SF

      Two-Story Office Building For Rent

      54,778 SF office building in Richmond's West End.
      1606 Santa Rosa Rd, Henrico, VA 23229
      View Details
    • Contact for pricing
      4,156 SF

      Medical Office Space for Rent

      Medical office space available on Henrico Doctors Hospital campus.
      7607 Forest Ave, Henrico, VA 23229
      View Details
    View Listing
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    8917 Fargo Rd
    Richmond, VA 23229
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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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