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Property profile & analytics
FOR SALE
Office Spaces
114 E Cary St, Richmond, VA 23219
Individually Owned
27-yr Hold
Free & Clear
Property ID
US87-0977512
For Sale
1 / 3
$880,000
114 E Cary St, Richmond, VA 23219
View Listing →
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1964
Construction
TYPE NOT SPECIFIED
Total area
8,320 SF
Lot
0.14 ac (5,929 SF)
Zoning code
B-3 GENERAL BUSINESS
APN
W-000-0061-019
UPID
US87-0977512
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
-
NXL Construction Services, Inc. Engineering Consultant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.06M
Blend (final)
Blend
$880k
Owner & transaction history
Nice Lc · 27 yrs held
Nice Lc
since 1998
1 recorded transaction
Zoning & alternative use
B-3 GENERAL BUSINESS · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.4M
+41.3%
Neighborhood: shopping center
$1.4M
+39.4%
Apartment house (5+ units)
$1.3M
+36.4%
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$980,000
Current use
MEDICAL BUILDING
$1,385,000
Change: +41% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$1,365,000
Change: +39% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,340,000
Change: +36% · Conversion: Moderate
OFFICE BUILDING
$1,230,000
Change: +25% · Conversion: Easy
RETAIL STORES
$1,200,000
Change: +22% · Conversion: Easy
Blend value · Realmo final
$880k
Range $792k – $968k · ±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
$106 / 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
$1,184,000
Assessed 2024
Previous assessed
$1,184,000
+0.0% YoY
Effective rate
0.00%
On assessed value
Assessed land
$333,000
Assessed improvement
$851,000
Land market value
$333,000
Improvement market value
$851,000
Total market value
$1,184,000
Applied tax rate
6.0000
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
For Sale
Year built
1964
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
YES
Stories
2
Bathrooms
2
Total area
8,320 SF
Lot
0.14 ac (5,929 SF)
Zoning code
B-3 GENERAL BUSINESS
APN
W-000-0061-019
UPID
US87-0977512
Jurisdiction
RICHMOND CITY
Zoning & alternative use
B-3 GENERAL BUSINESS · Richmond, VA
Zoning B-3 GENERAL BUSINESS · permitted uses
B-3 GENERAL BUSINESS · 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
COMMERCIAL (GENERAL) Current
Est. value
$980,000
MEDICAL BUILDING
Est. value
$1.4M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.4M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.3M
OFFICE BUILDING
Est. value
$1.2M
RETAIL STORES
Est. value
$1.2M
COMMERCIAL (GENERAL) Current
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
RETAIL STORES
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
1964
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
2
Bathrooms
2
Lot
0.14 ac
Current owner
From public records · entity-resolved
Nice Lc
Individual
Free & Clear · 27 yrs held
Mailing address
7401 RIVERSIDE DR, RICHMOND, VA 23225-1243
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
1998
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 13, 1998
$317,500
Nice Lc
—
Grant Deed
related
—
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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