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    Property profile & analytics

    116 3rd St Richmond, VA 23219-2222

    • Retail residential properties
    • 10,392 SF
    • 0.11 lot acres
    OFF-MARKET
    Last Sale
    Jun 26, 2024
    $2,189,000
    Value Estimations
    $2,190,000
    Show details
    Cap Rate Potential
    5.9%
    Retail residential properties
    Location Intelligence
    Property ID
    US87-0854230
    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

    • Revival Apartments / Apartment Complex / Apartment Building
    • Virginia Education Association (VEA) / Charitable Organization / Social Service Agency
    • Quest Paralegal Services-Attorneys / Law Firm
    • Palmer Massie & Holley Law Frm / Law Firm

    Property Details for 116 3rd St

    Year built
    1920
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.11 lot acres
    Property size
    10,392 SF
    Zone code
    B-4 CENTRAL BUSINESS
    Property type
    Retail residential properties
    APN
    W-000-0048-012
    APU
    W0000048012

    Description

    This exceptional three-story mixed-use office building, located at 116 S 3rd St in Richmond, VA, offers 15,930 square feet of space and presents a compelling investment opportunity. The property boasts a highly visible corner location in the Central Business District (CBD), with convenient access to major roadways and public transportation. Zoned B-3 and TOD-1, it's eligible for historic tax credits, offering potential cost savings. The building features attractive architectural details, including high ceilings, and is well-maintained. With an above-average parking ratio of approximately 2.2 spaces per 1,000 square feet on-site, parking is readily available. The flexible and efficient floor plans accommodate single or multi-tenant occupancy, making it ideal for owner-occupancy or redevelopment. Its proximity to Virginia Commonwealth University (VCU), the State Capitol, and a vibrant array of restaurants and entertainment venues adds significant value. The asking price is $1,900,000. This property represents a rare chance to acquire a prime asset in a thriving urban core.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,190,000
      ML approach
      $2,190,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,165,000
      6.5%
      $1,995,000
      7%
      $1,855,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,560,000
      Market price range: $664k - $1.67M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $2,925,000
      AUTO REPAIR, GARAGE
      $1,895,000
      MEDICAL BUILDING
      $1,730,000
      NEIGHBORHOOD: SHOPPING CENTER
      $1,705,000
      APARTMENT HOUSE (5+ UNITS)
      $1,670,000
      OFFICE BUILDING
      $1,535,000
      RETAIL STORES
      $1,495,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4406
    Latitude
    37.5429
    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
    $350,000
    $1,393,000
    $1,743,000
    -
    $350,000
    $1,393,000
    $1,743,000

    Comparable in this City

    • Value Estimation
      $3,910,000
      43,925 SF

      116 Franklin St

      STORES & APARTMENTS • 43,925 SF
      116 Franklin St, Richmond, VA 23219-2118
      View Details
    • Value Estimation
      $6,705,000
      46,800 SF

      507 Main St

      STORES & APARTMENTS • 46,800 SF
      507 Main St, Richmond, VA 23219-2421
      View Details
    • Value Estimation
      $1,325,000
      14,511 SF

      420 Grace St

      STORES & APARTMENTS • 14,511 SF
      420 Grace St, Richmond, VA 23219-1912
      View Details
    • Value Estimation
      $820,000
      8,937 SF

      8 Broad St

      STORES & APARTMENTS • 8,937 SF
      8 Broad St, Richmond, VA 23219-1751
      View Details
    • Value Estimation
      $4,625,000
      61,744 SF

      1200 Byrd St

      STORES & APARTMENTS • 61,744 SF
      1200 Byrd St, Richmond, VA 23219-3847
      View Details
    • Value Estimation
      $6,165,000
      78,000 SF

      838 Cary St

      STORES & APARTMENTS • 78,000 SF
      838 Cary St, Richmond, VA 23219
      View Details

    Similar Nearby for Sale

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      Richmond Storefront Investment Opportunity

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      Downtown Richmond Redevelopment Opportunity

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      Retail Property in Urban Center

      Retail property for sale in a dense, transit-oriented area.
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    • $1,400,000
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      Prime Richmond Commercial Space

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    Similar Nearby for Lease

    • Contact for pricing
      3,509 SF

      Mixed-Use Property Near VCU Campus

      Mixed-use property with restaurant and apartment near VCU.
      415 W Grace St, Richmond, VA 23219
      View Details
    • $16 SF/Yr
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      Downtown Richmond Office Space

      Move-in ready creative office, 3660 SF
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      View Details
    • $18 SF/Yr
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      Downtown Richmond Office Space Available

      2,900 SF office space in downtown Richmond for lease.
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      View Details
    • Contact for pricing
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      Retail Suites in Arts District

      Retail spaces available in revitalized mixed-use project.
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      View Details
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      Downtown Richmond Office/Warehouse For Lease

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    • Contact for pricing
      2,045 SF

      Restaurant and Retail Space Available

      Restaurant and retail spaces available in Richmond, Virginia.
      200 S 10Th St, Richmond, VA 23219
      View Details
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    116 3rd St
    Richmond, VA 23219-2222
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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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