Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    1700 Summit Ave Richmond, VA 23230

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1700 Summit Ave Richmond, VA 23230

    View on Map
    • Office properties & Spaces
    • 3,105 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office properties & Spaces

    Property Details for 1700 Summit Ave

    Property size
    3,105 SF
    Property type
    Office properties & Spaces
    Property subtype
    Office Units

    Description

    This exceptional 3,105 square foot creative office space is available for lease at 1700 Summit Avenue in Richmond, Virginia. Located in Chesterfield County, zip code 23230, this property offers a unique opportunity for a business seeking a flexible and inspiring workspace. The entire building is currently vacant, providing a blank canvas for a single tenant to customize the space to their exact specifications. The building's total square footage is 3,105 square feet, offering ample room for various office configurations. The property is designated as a "Creative Office," suggesting an open and adaptable layout, potentially suitable for design firms, tech startups, or other businesses that value a modern and collaborative environment. Convenient parking is included, encompassing both garage and surface options, ensuring ease of access for employees and clients. The property's address is 1700 Summit Avenue, Richmond, VA, offering a prominent location within Chesterfield County. This is a multi-tenant building, although currently the entire space is available for lease. This presents a rare chance to secure a substantial, adaptable office space in a desirable Richmond location. The property is ready for immediate occupancy. Interested parties should inquire promptly to secure this exceptional opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Chesterfield
    State
    Virginia
    Longitude
    -77.4691
    Latitude
    37.5689

    Comparable in this City

    • Value Estimation by Request
      17,055 SF

      3011 Leigh St

      Office Units • 17,055 SF
      3011 Leigh St, Richmond, VA 23230
      View Details
    • Value Estimation by Request
      18,500 SF

      3300 Broad St

      Office Units • 18,500 SF
      3300 Broad St, Richmond, VA 23230
      View Details
    • Value Estimation
      $2,095,000
      24,282 SF

      1707 Smt Ave

      OFFICE (GENERAL) • 24,282 SF
      1707 Smt Ave, Richmond, VA 23230-4500
      View Details
    • Value Estimation
      $2,265,000
      23,806 SF

      2928 Leigh St

      OFFICE (GENERAL) • 23,806 SF
      2928 Leigh St, Richmond, VA 23230-4528
      View Details
    • Value Estimation
      $2,000,000
      27,005 SF

      4901 Fitzhugh Ave

      OFFICE (GENERAL) • 27,005 SF
      4901 Fitzhugh Ave, Richmond, VA 23230-3531
      View Details
    • Value Estimation
      $3,320,000
      12,895 SF

      3304 Broad St

      OFFICE (GENERAL) • 12,895 SF
      3304 Broad St, Richmond, VA 23230-5008
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      131,250 SF

      Signature Office Property in Richmond

      Premier office property in a dynamic mixed-use destination.
      6630 W Broad St, Richmond, VA 23230
      View Details
    • Contact for pricing
      5,978 SF

      Updated Office Building on Broad

      Recently updated office building with excellent frontage and ample parking.
      4912 W Broad St, Richmond, VA 23230
      View Details
    • Contact for pricing
      9,492 SF

      Historic Building in Prime Location

      Creative space with high visibility in a growing area.
      3015 Cutshaw Ave, Richmond, VA 23230
      View Details
    • Contact for pricing
      20,000 SF

      20,000 SF Flex/Industrial Space

      20,000 SF flex/industrial space in Richmond, Virginia for sale.
      2211 Dickens Rd, Richmond, VA 23230
      View Details
    • Contact for pricing
      1,600 SF

      Richmond Industrial Building For Sale

      1,600 SF building on a 0.423-acre lot.
      3420 Norfolk St, Richmond, VA 23230
      View Details
    • Contact for pricing
      7,000 SF

      Freestanding Building with Drive-Thru Lanes

      4,176 SF building with three drive-thru lanes for sale.
      4101 W Broad St, Richmond, VA 23230
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,077 SF

      Class A Office Space

      Office space available for rent in Henrico County, Virginia.
      4905 Dickens Rd, Richmond, VA 23230
      View Details
    • $16 SF/Yr
      5,700 SF

      Professionally Built-Out Office Space

      5,700 SF move-in ready office space for lease.
      4800 W Marshall St, Richmond, VA 23230
      View Details
    • Contact for pricing
      20,713 SF

      Office Space For Rent

      Office space available for rent in Richmond, Virginia.
      1501 Roseneath Rd, Richmond, VA 23230
      View Details
    • Contact for pricing
      2,030 SF

      Richmond Office Space Available

      Office space available for rent in Richmond, Virginia.
      1519 Summit Ave, Richmond, VA 23230
      View Details
    • Contact for pricing

      Versatile Flex Space Available

      Flex space ideal for office, storage, and construction projects.
      1701 Roseneath Rd, Richmond, VA 23230
      View Details
    • Contact for pricing

      Office Space in Willow Lawn

      Second floor office space available for lease in Richmond.
      5211 W Broad St, Richmond, VA 23230
      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.
    1700 Summit Ave
    Richmond, VA 23230
    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

    1700 Summit Ave, Richmond, VA, 23230

    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!