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    507 Southside Plz Richmond, VA 23224
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    Property profile & analytics

    507 Southside Plz, Richmond, VA 23224

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    • Lifestyle centers
    • 374,597 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Cheung Wah Chinese Restaurant / Restaurant
    • Carter Family Roofers LLC / Roofing Company / General Contractor
    • Dirt City Foundation Repair Co / Construction Company / General Contractor
    • Southside Plaza / Shopping Center & Mall
    • Cigarettes and More / (Bike/Boat/Book/etc) Store

    Property Details for 507 Southside Plz

    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Southside Plaza, a well-established Richmond shopping center, offers exceptional retail opportunities. This 374,597 square foot center is strategically located at the highly visible corner of Hull Street and Belt Boulevard, ensuring easy access and maximum exposure for your business. Anchored by SuperFresh and Roses, this landmark location boasts a diverse tenant mix and ample parking for shoppers' convenience. Individual spaces range from a minimum of 2,550 square feet to a maximum contiguous space of 8,750 square feet, with 23,550 square feet currently available. The property sits on a 0.75-acre lot in Richmond County, offering a prime location within a thriving retail corridor. Benefit from the established customer base and strong community presence of this long-standing shopping center. Its convenient access from both Hull Street and Belt Boulevard makes it an ideal location for businesses seeking high visibility and accessibility. This is a rare opportunity to secure retail space in one of Richmond's most recognizable and successful shopping centers. Contact us today to learn more about available spaces and lease terms.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond
    State
    Virginia
    Longitude
    -77.476
    Latitude
    37.5032

    Comparable in this City

    • Value Estimation
      $13,160,000
      108,868 SF

      4010 Hull St Rd

      MINI-MALL
      4010 Hull St Rd, Richmond, VA 23224-1738
      View Details
    • Value Estimation
      $15,910,000
      213,003 SF

      6548 Hull St Rd

      MINI-MALL
      6548 Hull St Rd, Richmond, VA 23224-2636
      View Details
    • Value Estimation
      $2,755,000
      120,939 SF

      445 Belt Blvd

      SHOPPING CENTER, STRIP CENTER
      445 Belt Blvd, Richmond, VA 23224-1703
      View Details
    • Value Estimation by Request
      10,826 SF

      5759 Hull St Rd

      SHOPPING CENTER, STRIP CENTER
      5759 Hull St Rd, Richmond, VA 23224-2841
      View Details
    • Value Estimation by Request
      4,752 SF

      5310 Hull St Rd

      SHOPPING CENTER, STRIP CENTER
      5310 Hull St Rd, Richmond, VA 23224-2426
      View Details
    • Value Estimation
      $580,000
      6,000 SF

      5742 Hull St Rd

      SHOPPING CENTER, STRIP CENTER
      5742 Hull St Rd, Richmond, VA 23224-2842
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Corner Strip Mall with Strong Visibility

      Corner retail strip mall offering excellent visibility, convenient access, and established national co-tenancy.
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      Retail Building on 0.33 Acres

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      1,528 SF

      Retail Building on 0.33 Acres

      1,528 SF retail/service building on 0.33 acres for sale.
      7 Cowardin Ave, Richmond, VA 23224
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    • $520,000

      Richmond Retail Space For Sale

      Prime downtown Richmond retail space, currently a seafood restaurant.
      3062 Hull St, Richmond, VA 23224
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      680 SF

      Retail Strip Center For Rent

      Retail strip center with multiple suites and rentable land.
      3921-3933 Hull St, Richmond, VA 23224
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      15,500 SF

      Retail Space at Primary Intersection

      Retail space for lease at a high-traffic Richmond intersection.
      441-451 E Belt Blvd, Richmond, VA 23224
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    • Contact for pricing
      10,446 SF

      Retail Space at Primary Intersection

      Retail space available at a primary retail intersection in Richmond.
      3900-3916 Hull Street Rd, Richmond, VA 23224
      View Details
    • Contact for pricing
      2,947 SF

      Corner Retail Space in Richmond

      Retail space with high visibility and strong population density.
      1500 Hull St, Richmond, VA 23224
      View Details
    • Contact for pricing
      1,264 SF

      Retail Space at Primary Intersection

      Retail space available at a primary retail intersection in Richmond.
      425-439 E Belt Blvd, Richmond, VA 23224
      View Details
    • 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
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    507 Southside Plz
    Richmond, VA 23224
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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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