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Property profile & analytics
FOR SALE
High-rise multifamily apartments
104 W Franklin St Richmond, VA 23220
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US87-0940592
For Sale
1 / 34
$4,255,000
104 W Franklin St, Richmond, VA 23220
View Listing →
Property profile
Verified
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Year built
1963
Construction
CONCRETE
Total area
26,460 SF
Lot
0.47 ac (20,326 SF)
Zoning code
R-03 RESIDENTIAL OFFICE
APN
W-000-0126-013
UPID
US87-0940592
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
The Towers on Franklin Apartment Building Apartment Complex
-
Maxsin Investment Group Real Estate Agency
-
ATM Atm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$5.05M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.26M
Owner & transaction history
Thalhimer Franklin LLC · 7 yrs held
Thalhimer Franklin LLC
since 2019
3 recorded transactions
Zoning & alternative use
R-03 RESIDENTIAL OFFICE · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$6.7M
+45.5%
Commercial (general)
$4.9M
+6.7%
Auto repair, garage
$4.8M
+5.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Richmond submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Richmond submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$5,465,000
6.5%
$5,045,000
7%
$4,685,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$4,570,000
Current use
RETAIL STORES
$6,655,000
Change: +46% · Conversion: Difficult
COMMERCIAL (GENERAL)
$4,880,000
Change: +7% · Conversion: Moderate
AUTO REPAIR, GARAGE
$4,820,000
Change: +5% · Conversion: Difficult
MEDICAL BUILDING
$4,410,000
Change: -4% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$4,345,000
Change: -5% · Conversion: Difficult
Blend value · Realmo final
$4.26M
Range $3.83M – $4.68M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$161 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2020Property tax & assessments
Tax year 2020
Tax billed
$20
Tax year 2020
Assessed value
$28,159,000
Assessed 2024
Previous assessed
$24,608,000
+14.4% YoY
Effective rate
0.00%
On assessed value
Assessed land
$5,050,000
Assessed improvement
$23,109,000
Land market value
$5,050,000
Improvement market value
$23,109,000
Total market value
$28,159,000
Applied tax rate
2.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Status
For Sale
Year built
1963
Construction
CONCRETE
Heating
YES
Cooling
YES
Stories
17
Units
202
Total area
26,460 SF
Lot
0.47 ac (20,326 SF)
Zoning code
R-03 RESIDENTIAL OFFICE
APN
W-000-0126-013
UPID
US87-0940592
Jurisdiction
RICHMOND CITY
Zoning & alternative use
R-03 RESIDENTIAL OFFICE · Richmond, VA
Zoning R-03 RESIDENTIAL OFFICE · permitted uses
R-03 RESIDENTIAL OFFICE · Richmond, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Richmond. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$4.6M
RETAIL STORES
Est. value
$6.7M
COMMERCIAL (GENERAL)
Est. value
$4.9M
AUTO REPAIR, GARAGE
Est. value
$4.8M
MEDICAL BUILDING
Est. value
$4.4M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$4.3M
APARTMENT HOUSE (5+ UNITS) Current
RETAIL STORES
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1963
Construction
CONCRETE
Heating
YES
Cooling
Yes
Stories
17
Units
202
Lot
0.47 ac
Current owner
From public records · entity-resolved
Thalhimer Franklin LLC
Entity
Mailing address
11100 W BROAD ST, GLEN ALLEN, VA 23060-5813
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 31, 2019
$23,500,000
Thalhimer Franklin LLC
Blue Atlantic Richmond LLC
Trustees Deed
$22,400,000 · Citizens & Farmers Bk
Apr 18, 2013
$23,800,000
Blue Atlantic Richmond LLC
Colonial Realty LP
Grant Deed
$16,660,000 · Rbs Citizens NA
—
—
Blue Atlantic Richmond LLC
—
Deed Of Trust
related
$16,660,000 · Citizens Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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