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    Property profile & analytics

    3628 Broad Rock Rd Richmond, VA 23224-3426

    • Retail space
    • 2,098 SF
    • 0.19 lot acres
    OFF-MARKET
    Last Sale
    Mar 20, 2025
    $335,000
    Value Estimations
    $235,000
    Show details
    Cap Rate Potential
    9.8%
    Retail space
    Location Intelligence
    Property ID
    US87-0263109
    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

    • Retail space

    Property Details for 3628 Broad Rock Rd

    Year built
    1975
    Construction
    WOOD
    Lot size
    0.19 lot acres
    Property size
    2,098 SF
    Zone code
    B-2 COMMUNITY BUSINESS
    Property type
    Retail space
    APN
    C-006-0059-012
    APU
    C0060059012

    Description

    This exceptional mixed-use property, located at 3628 E Broad Rock Rd, Richmond, VA 23224, presents a compelling investment opportunity. The 2,098 square foot building, constructed in 1975 and extensively renovated between 2022 and 2024, boasts two distinct units (A & B) perfect for a variety of uses. Classified as a Class B property with B-2 zoning, it sits on an 8,166 square foot corner lot, offering high visibility and accessibility. Recent renovations include a new roof, HVAC systems, windows, electrical panels, flooring, and fresh paint throughout. The property also features a fenced yard and ample parking with 12 designated spaces. Its convenient location near the Veterans Hospital makes it highly desirable for businesses seeking a prominent presence. Currently vacant, this turnkey property is ready for immediate occupancy, offering significant potential for investors or business owners seeking a well-maintained, updated space in a thriving area. The building is a one-story structure with two stories.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $235,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $380,000
      6.5%
      $350,000
      7%
      $325,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $164,000
      Market price range: $84.8k - $214k
      AI Estimate
      $173,000
      Market price range: $84.5k - $252k

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4679
    Latitude
    37.5021
    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
    2020
    $20
    $54,000
    $147,000
    $201,000
    -
    $54,000
    $147,000
    $201,000

    Comparable in this City

    • Value Estimation
      $255,000
      11,432 SF

      5231 Hull St Rd

      RETAIL STORES (PERSONAL SERVICES) • 11,432 SF
      5231 Hull St Rd, Richmond, VA 23224
      View Details
    • Value Estimation
      $450,000
      4,246 SF

      2601 Broad Rock Blvd

      RETAIL STORES (PERSONAL SERVICES) • 4,246 SF
      2601 Broad Rock Blvd, Richmond, VA 23224
      View Details
    • Value Estimation
      $405,000
      3,975 SF

      1212 Hull St

      RETAIL STORES (PERSONAL SERVICES) • 3,975 SF
      1212 Hull St, Richmond, VA 23224-3919
      View Details
    • Value Estimation
      $235,000
      2,640 SF

      3154 Hull St

      RETAIL STORES (PERSONAL SERVICES) • 2,640 SF
      3154 Hull St, Richmond, VA 23224-3577
      View Details
    • Value Estimation
      $715,000
      12,570 SF

      1433 Hull St

      RETAIL STORES (PERSONAL SERVICES) • 12,570 SF
      1433 Hull St, Richmond, VA 23224-3922
      View Details
    • Value Estimation
      $200,000
      2,549 SF

      5348 Hull St Rd

      STORE, RETAIL OUTLET • 2,549 SF
      5348 Hull St Rd, Richmond, VA 23224-2426
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,528 SF

      Retail Building on 0.33 Acres

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      Richmond Retail Investment Opportunity

      Prime 0.33-acre lot, 1528 SF retail building
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    • $789,450
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      Auto Shop with Five Lifts

      Auto shop with loyal customer base and latest equipment.
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      Versatile Mixed-Use Investment Opportunity

      Prime investment opportunity with versatile space and ample parking.
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    Similar Nearby for Lease

    • Contact for pricing
      4,223 SF

      Retail Space in Richmond, VA

      Retail space available for lease in Richmond, Virginia.
      1209 Hull St, Richmond, VA 23224
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space on Corner Location

      Retail space available at Chippenham Pkwy and Hull Street Rd.
      6440 Hull Street Rd N, Richmond, VA 23224
      View Details
    • Contact for pricing
      374,597 SF

      Southside Plaza Retail Spaces

      Prime Retail Space, Richmond, VA
      507 Southside Plz, Richmond, VA 23224
      View Details
    • $18 SF/Yr
      1,012 SF

      Retail Space in Growing Area

      Retail space available in a high-population, fast-growing Richmond area.
      108 S 1St St, Richmond, VA 23224
      View Details
    • $20 SF/Yr
      1,000 SF

      New Mixed-Use Retail Space

      New retail space in historic Manchester, ready late summer/fall 2023.
      1421 Bainbridge St, Richmond, VA 23224
      View Details
    • Contact for pricing
      13,600 SF

      Richmond Retail Space For Rent

      13,600 SF retail space available in Richmond, Virginia.
      501 S 5Th St, Richmond, VA 23224
      View Details
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    Richmond, VA 23224-3426
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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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