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    Property profile & analytics

    1005 Main St Richmond, VA 23219

    • Turn key restaurants
    • 5,044 SF
    • 0.09 lot acres
    For Sale
    View listing
    $1,400,000
    Last Sale
    Mar 26, 2021
    $1,028,500
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0043095
    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

    • Turn key restaurants

    Property Details for 1005 Main St

    Year built
    1910
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.09 lot acres
    Property size
    5,044 SF
    Zone code
    B-4 CENTRAL BUSINESS
    Property type
    Turn key restaurants
    APN
    E-000-0080-003
    APU
    E0000080003

    Description

    This exceptional 12,000 square foot commercial property, located at 1005 E. Main Street in Richmond, Virginia, presents a unique investment opportunity. The three-story building, including a mezzanine, boasts classic early 20th-century architecture and is situated in the heart of downtown, surrounded by offices, apartments, hotels, and prominent Richmond landmarks. Its versatile design allows for a multitude of uses, making it ideal for a variety of businesses. Currently zoned for retail, office, hospitality, and special purpose uses, the property is particularly well-suited for restaurants, creative office spaces, or entertainment venues. The building's substantial size and prime location offer significant potential for expansion, with the possibility of adding a rooftop patio or additional stories. The asking price for this iconic property is $1,400,000. This presents a rare chance to acquire a landmark building in a thriving urban core, offering both immediate income potential and long-term appreciation. The property's adaptable layout and central location make it an attractive investment for discerning buyers seeking a high-impact commercial space in a vibrant and growing city. The zip code is 23219.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $770,000
      ML approach
      $825,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $579,000
      Market price range: $151k - $579k

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4354
    Latitude
    37.5373
    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
    $550,000
    $794,000
    $1,344,000
    -
    $550,000
    $794,000
    $1,344,000

    Comparable in this City

    • Value Estimation
      $1,095,000
      5,472 SF

      1212 Cary St

      RESTAURANT • 5,472 SF
      1212 Cary St, Richmond, VA 23219-4116
      View Details
    • Value Estimation
      $1,120,000
      6,084 SF

      1210 12th E Cary St

      RESTAURANT • 6,084 SF
      1210 12th E Cary St, Richmond, VA 23219-4116
      View Details
    • Value Estimation
      $3,300,000
      2,153 SF

      9 4th St

      RESTAURANT • 2,153 SF
      9 4th St, Richmond, VA 23219-2215
      View Details
    • Value Estimation by Request
      2,160 SF

      111 Grace St

      RESTAURANT • 2,160 SF
      111 Grace St, Richmond, VA 23219-1741
      View Details
    • Value Estimation
      $195,000
      3,107 SF

      103 Cary St

      RESTAURANT • 3,107 SF
      103 Cary St, Richmond, VA 23219-3734
      View Details
    • Value Estimation
      $210,000
      3,308 SF

      400 2nd St

      RESTAURANT • 3,308 SF
      400 2nd St, Richmond, VA 23219-1704
      View Details

    Similar Nearby for Sale

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      Prime Richmond Commercial Space

      Iconic Downtown Building, 12,000 SF
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    Similar Nearby for Lease

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      Turnkey Restaurant/Event Space on Canal

      Turnkey restaurant/event space, wine & coffee bar on Richmond Canal.
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      Restaurant and retail spaces available in Richmond, Virginia.
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      Mixed-Use Property Near VCU Campus

      Mixed-use property with restaurant and apartment near VCU.
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      Art Deco storefront, 6,025-6,900 sq ft.
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      Downtown Richmond Retail Space Available

      Retail space in luxury apartment complex with high foot traffic.
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      View Details
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    1005 Main St
    Richmond, VA 23219
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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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