NGC 4654 is a Virgo galaxy seen almost face-on, which undergoes nearly edge-on gas ram pressure stripping and a fly-by gravitational interaction with another massive galaxy, NGC 4639. NGC 4654 shows a strongly compressed gas region near the outer edge of the optical disk, with HI surface densities (HSDR), exceeding the canonical value of 10-15M_{sun}_/pc^2^. New IRAM 30m HERA CO(2-1) data of NGC 4654 are used to study the physical conditions of the ISM. The CO-to-H_2_ conversion factor was estimated and found to be one to two times the Galactic value with significant decrease in the ratio between the molecular fraction and the total ISM pressure in the HSDR, self-gravitating gas, a Toomre parameter below Q=1 and star-formation efficiency 1.5-2 times higher. Analytical models were used to reproduce radial profiles of the SFR and the atomic and molecular surface densities. A Toomre parameter of Q~0.8 combined with an increase in the velocity dispersion of {DELTA}_vdisp_~5km/s are necessary conditions to simultaneously reproduce the gas surface densities and the SFR. A dynamical model was used to reproduce the gas distribution of NGC 4654. The comparison between the velocity dispersion given by the moment 2 map and the intrinsic 3D velocity dispersion from the model were used to discriminate between regions of broader linewidths caused by a real increase in the velocity dispersion and those caused by an unresolved velocity gradient only. We found that the 5km/s increase in the intrinsic velocity dispersion is compatible with observations. During a period of gas compression through external interactions, the gas surface density is enhanced, leading to an increased SFR and stellar feedback. Under the influence of stellar feedback, the gas density increases only moderately. The stellar feedback acts as a regulator of star-formation, increasing the turbulent velocity within the region.