Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1081 Libbie Ave Richmond, VA 23226

    • Office Properties & Spaces
    • 30,621 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Properties & Spaces

    Property Details for 1081 Libbie Ave

    Year built
    1981
    Property size
    30,621 SF
    Property type
    Office Properties & Spaces

    Description

    This exceptional office property, located at 1081 Libbie Ave in Richmond, Virginia's desirable Libbie/Grove submarket, offers a prime opportunity for businesses seeking move-in ready space. The property, known as Libbie Square, comprises two buildings, each two stories high, totaling 30,621 square feet of Class A office space. Built in 1981, the buildings are well-maintained and offer a traditional office setting. Multiple tenancy options are available, with spaces ranging from a minimum of 2,052 square feet to a maximum contiguous space of 3,646 square feet. This flexibility allows for businesses of various sizes to find a suitable fit. The property's convenient location in the Libbie/Grove submarket provides easy access to amenities and transportation. The zip code is 23226. This is an excellent opportunity to secure high-quality office space in a thriving Richmond neighborhood. The property is ready for immediate occupancy. 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
    Henrico
    State
    Virginia
    Longitude
    -77.5065
    Latitude
    37.5872

    Comparable in this City

    • Value Estimation
      $1,625,000
      6,248 SF

      5702 Grv Ave

      OFFICE (GENERAL) • 6,248 SF
      5702 Grv Ave, Richmond, VA 23226-2342
      View Details
    • Value Estimation
      $1,005,000
      8,951 SF

      6912 3rd Chopt Rd

      OFFICE (GENERAL) • 8,951 SF
      6912 3rd Chopt Rd, Richmond, VA 23226-3645
      View Details
    • Value Estimation
      $2,670,000
      28,944 SF

      5403 Patterson Ave

      OFFICE (GENERAL) • 28,944 SF
      5403 Patterson Ave, Richmond, VA 23226-2003
      View Details
    • Value Estimation
      $1,725,000
      9,164 SF

      500 Libbie Ave

      OFFICE (GENERAL) • 9,164 SF
      500 Libbie Ave, Richmond, VA 23226-2654
      View Details
    • Value Estimation
      $820,000
      8,557 SF

      5381 Patterson Ave

      OFFICE (GENERAL) • 8,557 SF
      5381 Patterson Ave, Richmond, VA 23226
      View Details
    • Value Estimation by Request
      2,475 SF

      5311 Patterson Ave

      Office Properties & Spaces • 2,475 SF
      5311 Patterson Ave, Richmond, VA 23226
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      8,400 SF

      Granite Ave Executive Office Space

      8,400 SF Office Building - Richmond, VA
      122 Granite Ave, Richmond, VA 23226
      View Details
    • $950,000
      Pending

      Residential Land in River Locke

      Over an acre to build your dream home in Richmond.
      705 Old Locke Ln, Richmond, VA 23226
      View Details
    • $650,000
      0.75 Acres

      Residential Land in Gated Enclave

      Premier homesite in Richmond's West End, ready for custom residence.
      102 Lockgreen Pl, Richmond, VA 23226
      View Details
    • $650,000
      1,922 SF

      Lock Lane End Unit Condo

      Bright, three-bedroom condo in desirable Lock Lane community.
      50 E Lock Ln, Richmond, VA 23226
      View Details
    • $425,000
      Pending

      Residential Land in Richmond, VA

      Buildable lot for sale in Richmond's Near West End.
      4901 Park Ave, Richmond, VA 23226
      View Details
    • $525,000
      1,810 SF

      Updated Colonial in Gated Community

      Updated 3-bed, 2-bath home in Richmond's Chatham Square.
      6161 River Rd, Richmond, VA 23226
      View Details

    Similar Nearby for Lease

    • 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
    • $19 SF/Yr
      3,100 SF

      West Broad Street Office Building

      Three-story office building at West Broad Street and Libbie Avenue.
      2008 Libbie Ave, Richmond, VA 23226
      View Details
    • Contact for pricing
      1,067 SF

      Glen Forest Drive Office Space

      Office space with modern finishes and convenient highway access.
      7200 Glen Forest Dr, Richmond, VA 23226
      View Details
    • Contact for pricing
      3,113 SF

      Class A Office Space Available

      Office space for lease in Richmond, Virginia.
      7301 Forest Ave, Richmond, VA 23226
      View Details
    • Contact for pricing
      67,899 SF

      Highland II: Premier Richmond Office Space

      Class A Medical & Creative Office Suites Available
      7229 Forest Ave, Richmond, VA 23226
      View Details
    • Contact for pricing
      2,688 SF

      Glen Forest Drive Office Space

      Office space with convenient access to amenities and major routes.
      7204 Glen Forest Dr, 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.
    1081 Libbie Ave
    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

    Google sign-in failed. Please try again or use another login method.