Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    5402-5488 Broad Street Rd Richmond, VA 23226
    Back to Search
    Property profile & analytics

    5402-5488 Broad Street Rd, Richmond, VA 23226

    View on Map
    • Retail properties & Spaces
    • 418,429 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 5402-5488 Broad Street Rd

    Property type
    Retail properties & Spaces
    Property subtype
    Retail space

    Description

    Willow Place, a premier retail center located at 5402-5488 West Broad Street in Richmond, Virginia (zip code 23226), offers exceptional leasing opportunities. This vibrant center boasts a total of 418,429 square feet across five suites, situated on a generous 8.96-acre lot in Richmond County. The property is categorized as a commercial outparcel/pad, providing excellent visibility and accessibility. Multiple tenancy options are available, with spaces ranging from a minimum divisible size of 1,712 square feet to a maximum contiguous space of 9,310 square feet. Currently, there are 19,262 square feet of vacant space ready for immediate occupancy, presenting a unique chance for businesses to establish a strong presence in this thriving retail location. The property's strategic location on West Broad Street ensures high traffic volume and exposure to a large customer base. This is an exceptional opportunity for businesses seeking a well-established retail space in a prime Richmond location. The property's size and layout offer flexibility for a variety of retail concepts, making it an ideal investment for both established businesses and new ventures. Contact us today to learn more about the available spaces and explore the possibilities of establishing your business at Willow Place.

    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 county
    State
    Virginia
    Longitude
    -77.5218
    Latitude
    37.5736

    Comparable in this City

    • Value Estimation
      $600,000
      4,374 SF

      121 Libbie Ave

      RETAIL STORES (PERSONAL SERVICES)
      121 Libbie Ave, Richmond, VA 23226-2323
      View Details
    • Value Estimation by Request
      1,496 SF

      6311 Rigsby Rd

      RETAIL STORES (PERSONAL SERVICES)
      6311 Rigsby Rd, Richmond, VA 23226-2914
      View Details
    • Value Estimation by Request
      4,542 SF

      5802 Grv Ave

      RETAIL STORES (PERSONAL SERVICES)
      5802 Grv Ave, Richmond, VA 23226-2630
      View Details
    • Value Estimation by Request
      1,576 SF

      6312 Rigsby Rd

      RETAIL STORES (PERSONAL SERVICES)
      6312 Rigsby Rd, Richmond, VA 23226-2915
      View Details
    • Value Estimation by Request
      2,100 SF

      320 Libbie Ave

      RETAIL STORES (PERSONAL SERVICES)
      320 Libbie Ave, Richmond, VA 23226-2614
      View Details
    • Value Estimation by Request
      1,296 SF

      6404 Horsepen Rd

      RETAIL STORES (PERSONAL SERVICES)
      6404 Horsepen Rd, Richmond, VA 23226-2906
      View Details

    Similar Nearby for Sale

    • $500,000
      0.75 Acres

      Residential Land in Gated Community

      Premier lot in Richmond's West End, ready for custom residence.
      102 Lockgreen Pl, Richmond, VA 23226
      View Details
    • New
      $479,000
      1,799 SF

      Chatham Square Cooperative Living

      Gated community near University of Richmond with easy access.
      6161 River Rd, Henrico, VA 23226
      View Details
    • New
      $485,000
      1,799 SF

      Second-Floor Gated Community Residence

      A 3-bedroom, 2.1-bath home with sunroom, updated kitchen, and covered porch within a 24-hour gated community.
      6161 River Rd, Henrico, VA 23226
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      5,500 SF

      Westhampton Retail/Office Space Available

      Prime Libbie Avenue retail or office space for lease.
      314 Libbie Ave, Richmond, VA 23226
      View Details
    • Contact for pricing
      8,400 SF

      Prime Richmond Executive Office Space

      8,400 SF Vacant Office Suite in Richmond, VA
      122 Granite Ave, Richmond, VA 23226
      View Details
    • Contact for pricing

      Retail Space for Lease

      Retail spaces available for lease in Richmond, Virginia.
      5402-5488 West Broad Street Rd, Richmond, VA 23226
      View Details
    • Contact for pricing

      Office Space Available For Rent

      Office space available, 836 SqFt, suitable for commercial real estate.
      6720 Patterson Ave, Richmond, VA 23226
      View Details
    • Contact for pricing
      8,047 SF

      Office Space Available For Rent

      Office property with 6,629 square feet available for rent.
      1700 Bayberry Ct, Richmond, VA 23226
      View Details
    • Contact for pricing

      Office Space Available For Lease

      Office space for lease at 7229 Forest Ave, Richmond.
      7229 Forest Ave, Richmond, VA 23226
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    5402-5488 Broad Street Rd
    Richmond, VA 23226
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    5402-5488 Broad Street Rd, Richmond, VA, 23226
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!