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

    1002 Azalea Ave Richmond, VA 23227-3410

    • Motels
    • 4,713 SF
    • 0.33 lot acres
    OFF-MARKET
    Last Sale
    Jan 14, 2025
    $1,000,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0291309
    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

    • Chamberlayne Motel / Motel

    Property Details for 1002 Azalea Ave

    Year built
    1995
    Construction
    WOOD
    Lot size
    0.33 lot acres
    Property size
    4,713 SF
    Zone code
    B-2 COMMUNITY BUSINESS
    Property type
    Motels
    APN
    N-017-0026-001
    APU
    N0170026001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.451
    Latitude
    37.6021
    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
    $297,000
    $186,000
    $483,000
    -
    $297,000
    $186,000
    $483,000

    Comparable in this City

    • Value Estimation by Request
      12,384 SF

      8350 Brk Rd

      HOTEL/MOTEL • 12,384 SF
      8350 Brk Rd, Richmond, VA 23227-1106
      View Details
    • Value Estimation by Request
      9,460 SF

      8302 Brk Rd

      HOTEL/MOTEL • 9,460 SF
      8302 Brk Rd, Richmond, VA 23227-1106
      View Details
    • Value Estimation by Request
      23,494 SF

      5615 Chamberlayne Rd

      HOTEL/MOTEL • 23,494 SF
      5615 Chamberlayne Rd, Richmond, VA 23227-2410
      View Details
    • Value Estimation by Request
      7,350 SF

      7009 Brk Rd

      HOTEL/MOTEL • 7,350 SF
      7009 Brk Rd, Richmond, VA 23227-2247
      View Details
    • Value Estimation by Request
      6,930 SF

      5214 Brk Rd

      HOTEL/MOTEL • 6,930 SF
      5214 Brk Rd, Richmond, VA 23227-2943
      View Details
    • Value Estimation
      $575,000
      48,613 SF

      801 Parham Rd

      HOTEL/MOTEL • 48,613 SF
      801 Parham Rd, Richmond, VA 23227-1107
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      15,238 SF

      Henrico County Flex Space Available

      Flex space with direct access to major routes.
      8801 Park Central Dr, Richmond, VA 23227
      View Details
    • $585,000
      1.55 Acres

      Richmond Commercial Land - B-3 Zoning

      1.55-acre lot, ideal for retail/flex development.
      5409 Brook Rd, Richmond, VA 23227
      View Details
    • $750,000
      0.66 Acres

      Prime Richmond Redevelopment Opportunity

      Former bank, 3 drive-thrus, high visibility
      1101 Azalea Ave, Richmond, VA 23227
      View Details
    • $700,000
      2,676 SF

      Former Bank Building on Azalea

      2,676 SF former bank building on 0.66 acres for sale.
      1101 Azalea Ave, Richmond, VA 23227
      View Details
    • $374,900
      2,306 SF

      Occupied Brick Duplex in Ginter Park

      Fully occupied brick duplex with hardwood floors in Richmond, Virginia.
      4910 Chamberlayne Ave, Richmond, VA 23227
      View Details
    • Contact for pricing
      0.13 Acres

      Land For Sale, Richmond, VA

      Commercial land available in Richmond, zoned C-1.
      5317 Edgewood Ave, Richmond, VA 23227
      View Details

    Similar Nearby for Lease

    • $1,245,000
      4,280 SF

      Retail Space on Chamberlayne Road

      Retail space for rent with frontage on Chamberlayne Road.
      5602 Chamberlayne Rd, Richmond, VA 23227
      View Details
    • Contact for pricing
      1,267 SF

      Retail Space Near Major Highways

      Retail space available in highly visible strip center.
      7721 Brook Rd, Richmond, VA 23227
      View Details
    • Contact for pricing
      2,755 SF

      Freestanding Building with Drive-Thru

      2,755 SF freestanding building with drive-thru on 0.78 acres.
      8300 Brook Rd, Richmond, VA 23227
      View Details
    • Contact for pricing
      41,117 SF

      Freestanding Retail Building on 6.24 Acres

      41,117 SF former Walmart, excellent location and visibility.
      5221 Brook Rd, Richmond, VA 23227
      View Details
    • Contact for pricing
      147,738 SF

      Brook Run Shopping Center: Richmond, VA

      Retail Strip Center, High Traffic Area
      5700 Brook Rd, Richmond, VA 23227
      View Details
    • $2,000 /Mo
      43,560 SF

      Richmond Commercial Space For Lease

      1000 SF commercial space available off I-95 in Richmond.
      5604 Chamberlayne Rd, Richmond, VA 23227
      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.
    1002 Azalea Ave
    Richmond, VA 23227-3410
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.