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    Property profile & analytics

    2343 Broad St Richmond, VA 23220-2009

    • Retail space
    • 4,420 SF
    • 0.38 lot acres
    OFF-MARKET
    Value Estimations
    $140,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0701583
    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

    • HUSTLER Hollywood / Adult Entertainment Store / Lingerie Store

    Property Details for 2343 Broad St

    Year built
    1940
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.38 lot acres
    Property size
    4,420 SF
    Zone code
    UB-PO4 PARKING OVERLAY
    Property type
    Retail space
    APN
    W-000-1048-002
    APU
    W0001048002

    Description

    This exceptional multi-tenant retail property in Richmond, VA, offers a compelling value-add investment opportunity. The 8,110 square foot asset comprises two single-tenant buildings on a 0.7-acre lot, featuring a rare 56-space off-street parking lot at the corner of West Broad Street and North Davis Avenue. Currently 100% occupied by two tenants under net leases with annual escalations and a weighted average lease term of 5.2 years, extending to April 2027, this property provides immediate and increasing cash flow. The B-5 and R-48 zoning allows for diverse future development options, capitalizing on the property's prime location between Scott's Addition and the Fan District. Surrounded by over 8,400 existing apartments and an additional 1,500 under construction within a one-mile radius, this property benefits from excellent walkability and proximity to major employers like VCU, the Science Museum of Virginia, and Whole Foods. The affluent demographic area boasts average household incomes exceeding $118,000 within a one-mile radius, with projected population growth of 10% over the next five years. This unique opportunity combines stable current income with significant long-term upside potential in a highly sought-after Richmond submarket. The asking price is $2,750,000, resulting in a price per square foot of $339.09.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $140,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.466
    Latitude
    37.5596
    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
    $1,245,000
    $1,142,000
    $2,387,000
    -
    $1,245,000
    $1,142,000
    $2,387,000

    Comparable in this City

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      1215 Broad St

      RETAIL STORES (PERSONAL SERVICES) • 3,465 SF
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    • Value Estimation
      $195,000
      5,624 SF

      2609 Cary St

      RETAIL STORES (PERSONAL SERVICES) • 5,624 SF
      2609 Cary St, Richmond, VA 23220-5118
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    • Value Estimation
      $240,000
      5,120 SF

      1639 Broad St

      RETAIL STORES (PERSONAL SERVICES) • 5,120 SF
      1639 Broad St, Richmond, VA 23220-2106
      View Details
    • Value Estimation
      $95,000
      8,707 SF

      2729 Broad St

      RETAIL STORES (PERSONAL SERVICES) • 8,707 SF
      2729 Broad St, Richmond, VA 23220-1905
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    • Value Estimation
      $235,000
      5,953 SF

      1839 Broad St

      RETAIL STORES (PERSONAL SERVICES) • 5,953 SF
      1839 Broad St, Richmond, VA 23220-2109
      View Details
    • Value Estimation
      $315,000
      5,560 SF

      719 Broad St

      RETAIL STORES (PERSONAL SERVICES) • 5,560 SF
      719 Broad St, Richmond, VA 23220-3804
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,300 SF

      Retail Space on Cary Street

      Highly visible retail space available for sale in Richmond, VA.
      3322 W Cary St, Richmond, VA 23220
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      Adaptable Commercial Space For Sale

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      Retail Property for Sale

      Retail property available for purchase in Richmond, Virginia.
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      13,478 SF

      Prime Fan District Parking Lot

      Half-acre parking lot in Richmond's Fan District.
      1916 W Main St, Richmond, VA 23220
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    • $159,000
      0.22 Acres

      Richmond Carver Development Opportunity

      Prime 0.22-acre lot near VCU
      1114 Marshall St, Richmond, VA 23220
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      Richmond Specialty Property For Sale

      Specialty property available in Richmond, Virginia for $930,000.
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    Similar Nearby for Lease

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      2,811 SF

      Retail Space in Carytown Exchange

      Retail space available in Richmond's Carytown Exchange.
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      Retail Space in Richmond, VA

      Retail space available for lease in Richmond, Virginia.
      5420-5478 W Broad St, Richmond, VA 23220
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      Versatile Space in Richmond, VA

      Office, retail, and restaurant spaces available with ample parking.
      1601 Overbrook Rd, Richmond, VA 23220
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    • $25 SF/Yr
      1,000 SF

      Prime Retail Space Near VCU

      High-traffic retail space in the heart of VCU campus.
      900 W Franklin St, Richmond, VA 23220
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      1,310 SF

      Retail Space Near VCU Campus

      Retail space with high visibility near VCU and VUU.
      1510 W Broad St, Richmond, VA 23220
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    • Contact for pricing
      7,110 SF

      Retail Space in Scotts Addition

      Retail space for rent in Richmond's Scotts Addition neighborhood.
      3317 W Broad St, Richmond, VA 23220
      View Details
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    2343 Broad St
    Richmond, VA 23220-2009
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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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