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    Property profile & analytics

    1024 Franklin St Richmond, VA 23220-3738

    • Apartment buildings
    • 3,264 SF
    • 0.07 lot acres
    OFF-MARKET
    Last Sale
    Oct 31, 2023
    $950,000
    Value Estimations
    $780,000
    Show details
    Cap Rate Potential
    5.4%
    Apartment buildings
    Location Intelligence
    Property ID
    US87-1284642
    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

    • Apartment buildings

    Property Details for 1024 Franklin St

    Year built
    1900
    Construction
    WOOD
    Lot size
    0.07 lot acres
    Property size
    3,264 SF
    Zone code
    R-6 SINGLE FAMILY ATTACHE
    Property type
    Apartment buildings
    APN
    W-000-0470-030
    APU
    W0000470030

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $750,000
      ML approach
      $765,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $675,000
      6.5%
      $620,000
      7%
      $580,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $642,000
      Market price range: $321k - $1.25M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $565,000
      Current use
      RETAIL STORES
      $820,000
      Change: +46% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $600,000
      Change: +7% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $595,000
      Change: +5% Conversion: Difficult
      MEDICAL BUILDING
      $545,000
      Change: -4% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $535,000
      Change: -5% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4547
    Latitude
    37.5509
    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
    $192,000
    $432,000
    $624,000
    -
    $192,000
    $432,000
    $624,000

    Comparable in this City

    • Value Estimation by Request
      2.15 Acres

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    • Value Estimation by Request
      0.69 Acres

      300 Randolph St

      APARTMENT HOUSE (5+ UNITS) • 0.69 Acres
      300 Randolph St, Richmond, VA 23220-6030
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    • Value Estimation by Request
      0.84 Acres

      1137 Grace St

      APARTMENT HOUSE (100+ UNITS) • 0.84 Acres
      1137 Grace St, Richmond, VA 23220-3619
      View Details
    • Value Estimation
      $1,690,000
      21,203 SF

      900 St James St

      APARTMENT HOUSE (5+ UNITS) • 21,203 SF
      900 St James St, Richmond, VA 23220-2511
      View Details
    • Value Estimation
      $2,350,000
      20,502 SF

      2621 Stuart Ave

      APARTMENT HOUSE (5+ UNITS) • 20,502 SF
      2621 Stuart Ave, Richmond, VA 23220-3372
      View Details
    • Value Estimation
      $20,040,000
      184,427 SF

      900 Terminal Pl

      APARTMENT HOUSE (100+ UNITS) • 184,427 SF
      900 Terminal Pl, Richmond, VA 23220-1918
      View Details

    Similar Nearby for Sale

    • $2,200,000
      Pending

      Fan District Multifamily Investment Property

      Fully leased, renovated six-unit building in Richmond's Fan District.
      1012 W Franklin St, Richmond, VA 23220
      View Details
    • $1,900,000

      Renovated Mixed-Use Investment Opportunity

      Five-unit mixed-use property near VCU with commercial restaurant space.
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      VCU Area Multifamily Building

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      Franklin Street Mixed-Use Investment

      Prime Richmond location, high ROI potential.
      1109 Franklin St, Richmond, VA 23220
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    • Contact for pricing

      Downtown Richmond Multifamily Investment Opportunity

      332-unit multifamily community in Downtown Richmond, value-add opportunity.
      104 W Franklin St, Richmond, VA 23220
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    • $665,000
      Pending

      Richmond Quadplex in Fan District

      Four units in Richmond's Fan District, generating $4,465 monthly.
      311 N Shields Ave, Richmond, VA 23220
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    Similar Nearby for Lease

    • Contact for pricing
      1,828 SF

      Office Space in Richmond, VA

      Office space available for lease in Richmond, Virginia.
      202 E Cary St, Richmond, VA 23220
      View Details
    • $16 SF/Yr
      2,878 SF

      Historic Fan District Office Space

      Newly renovated, flexible office space near VCU
      1211 Main St, Richmond, VA 23220
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space Near VCU

      Retail space available near VCU with high traffic volume.
      933 W Broad St, Richmond, VA 23220
      View Details
    • Contact for pricing

      Prime Fan District Retail Space

      Retail opportunity in the Fan District with excellent visibility.
      2600 Idlewood Ave, Richmond, VA 23220
      View Details
    • Contact for pricing
      1,400 SF

      Creative Office Space on Broad

      Creative office space with unique features and prime location.
      17 W Broad St, Richmond, VA 23220
      View Details
    • Contact for pricing
      2,500 SF

      Retail Space on Cary Street

      Retail space with high foot traffic and off-street parking.
      3218-3228 W Cary St, Richmond, VA 23220
      View Details
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    1024 Franklin St
    Richmond, VA 23220-3738
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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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