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    Richmond Opportunity Zone Assemblage Title is generated by Realmo AI

    706 710 712 714 Decatur St, Richmond, VA 23224

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    Assemblage in Richmond's Opportunity Zone, great visibility, development potential.

    Type:Office, Industrial
    Property size:
    10,652 SF
    Lot size:
    0.50 Acres
    Added:
    Jun 7, 2024
    Days on Market:
    728
    Last Refresh:
    May 12 at 10:01 pm

    Property Features for 706 710 712 714 Decatur St

    General Information

    Standard status
    Active
    Size
    10,652 SF
    Lot size
    0.50 Acres
    Property subtype
    Office, Industrial

    Building Details

    Year Built
    1959

    We can help!

    Listing Contact
    Chris Hopper

    Listing agent Chris Hopper License #VA

    Listing office NAI Dominion

    Listing date Jun 7, 2024

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of NAI Dominion

    HighLights

    • Located in a designated Opportunity Zone, offering potential tax benefits.
    • Situated in Old Manchester, one of Richmond's fastest‑growing neighborhoods.
    • Assemblage of properties with high visibility on Commerce Road (approximately 20,000 VPD).
    • Includes a 9,102 square foot main building, a 1,550 square foot storage building, and a half‑acre fenced storage yard.
    • Proximity to the James River, parks, hiking/biking trails, and other riverfront amenities.
    • Located in a revitalized submarket with cafes, restaurants, breweries, and art/music studios.

    Overview

    An assemblage of properties including 706, 710, 712 and 714 Decatur Street is available for sale in historic Old Manchester, Richmond, Virginia, south of Richmond's downtown financial district. Old Manchester, designated an Opportunity Zone in 2018, is experiencing rapid growth and development, benefiting from over $400 million in investment since 2020. The revitalized submarket features cafes, restaurants, breweries, and art and music studios, along with over 1,000 new dwelling units. Its location along the south bank of the James River provides proximity to parks, hiking and biking trails, and other riverfront amenities. The Decatur Street assemblage offers visibility along Commerce Road with a traffic count of approximately 20,000 VPD. The property, home to the Lewis Supply Company since 1958, includes a main 9,102 square foot building, an additional 1,550 square foot storage building, and an approximately one-half acre fenced storage yard. The total property size is 10,652 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Lowco Eatery — 2106 Maury St, Richmond, VA 23224
    • Up In Smoke BBQ RVA — 2113 E Main St #102, Richmond, VA 23223

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4393733
    Latitude
    37.5223931

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    FAQs

    What type of property is this?
    Flex space - Assemblage in Richmond's Opportunity Zone, great visibility, development potential.
    Where is this flex space located?
    The property is located at 706 710 712 714 Decatur St Richmond, VA.
    What are key features of this property?
    This property features: Located in a designated Opportunity Zone, offering potential tax benefits.; Situated in Old Manchester, one of Richmond's fastest‑growing neighborhoods.; Assemblage of properties with high visibility on Commerce Road (approximately 20,000 VPD).
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Chris Hopper
    Real Estate License ID: VA
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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.

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    706, 710, 712, 714 Decatur St, Richmond, VA 23224
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