9830 Midlothian TpkeRichmond, VA 23235

Property Details for 9830 Midlothian Tpke

Year built

1981

Lot size

0.80 AC

Property size (Sq ft)

6,492 SF

Zone code

C3 - COMMUNITY BUS DIST

Property type

Retail space

APN

751-70-80-87-800-000

APU

751708087800000

Description

Governor's Square, located at 9830 Midlothian Turnpike in Richmond, Virginia (zip code 23235), presents a compelling value-add investment opportunity. This 18,154 square foot property sits on a 1.6-acre lot and comprises two buildings, offering a blend of office and retail spaces. Currently classified as Class C, the property is priced at $2,350,000, translating to $129.45 per square foot. Its strategic location on Midlothian Turnpike provides excellent visibility and accessibility. The property's existing tenant mix offers immediate cash flow, making it attractive for investors seeking a stable return. However, its value-add potential allows for significant upside through renovations, lease-up, or redevelopment. This makes it an ideal prospect for 1031 exchanges, owner-occupants, or developers looking to capitalize on the Richmond market. The property's diverse tenant base and substantial square footage provide flexibility for a variety of investment strategies. The property is situated in Chesterfield County, Virginia, and offers a unique opportunity to acquire a well-positioned commercial property with significant growth potential. Broker co-op is available.

• CAP approach

  CAP return

  Valuation

  6%

  $2,013,212

  6.5%

  $1,858,350

  7%

  $1,725,611

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,732,257

  Geo Method

  $2,732,257

• Alternative Use

  Use

  Valuation

  Residential

  $1,567,588

  Hospitality

  $1,435,902

  Educational

  $1,194,654

  Medical

  $1,235,740

  Retail

  $1,858,350

Location Insight

City

Richmond

County

Chesterfield

State

Virginia

Latitude

37.505

Longitude

-77.5754

CBSA code

40060

CBSA name

RICHMOND, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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