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    Property profile & analytics

    1211 Main St Richmond, VA 23220

    • Investment properties
    • 12,539 SF
    • 0.10 lot acres
    For Lease
    View listing
    $16 SF/Yr
    Last Sale
    Feb 28, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1096404
    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

    • Christian Science Reading Room / Church
    • Greenbriar Cafe and Coffeehouse / Restaurant / Breakfast Restaurant

    Property Details for 1211 Main St

    Year built
    1866
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.10 lot acres
    Property size
    12,539 SF
    Zone code
    B-4 CENTRAL BUSINESS
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    E-000-0082-006
    APU
    E0000082006

    Description

    This exceptional 2,878 square foot office space, located at 1211-1213 West Main Street in Richmond's Historic Fan District, is available for immediate lease. The property, built in 1900 and situated in a two-story building, offers a flexible layout ideal for a variety of office uses. The space is fully adaptable to meet diverse business needs, boasting a combination of private offices, conference rooms, and open work areas. With a minimum divisible space of 1,439 square feet and a maximum contiguous space of 2,878 square feet, this property provides ample room for growth. Currently, 2,761 square feet are vacant. Conveniently located near Virginia Commonwealth University (VCU), this prime location offers excellent walkability and accessibility. The building features both front and rear entrances for easy access. Off-street parking is negotiable. Its central location provides quick access to Downtown Richmond and major roadways including the Downtown Expressway, I-95, and I-195. The property is zoned UB. The building does not have elevators. This is a single-tenancy space in a one-building property. The APN is W0000441002. This newly renovated space presents a unique opportunity for businesses seeking a vibrant and convenient location in the heart of Richmond's Historic Fan District.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,714,000
      Market price range: $801k - $2.01M
      AI Estimate
      $997,000
      Market price range: $290k - $1.49M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,480,000
      Current use
      MEDICAL BUILDING
      $2,090,000
      Change: +41% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $2,060,000
      Change: +39% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $2,015,000
      Change: +36% Conversion: Moderate
      OFFICE BUILDING
      $1,855,000
      Change: +25% Conversion: Easy
      RETAIL STORES
      $1,805,000
      Change: +22% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4336
    Latitude
    37.5362
    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
    $257,000
    $1,658,000
    $1,915,000
    -
    $257,000
    $1,658,000
    $1,915,000

    Comparable in this City

    • Value Estimation
      $15,970,000
      101,629 SF

      1500 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 101,629 SF
      1500 Main St, Richmond, VA 23219-3634
      View Details
    • Value Estimation
      $835,000
      9,108 SF

      107 Broad St

      OFFICE/RESIDENTIAL (MIXED USE) • 9,108 SF
      107 Broad St, Richmond, VA 23219-1733
      View Details
    • Value Estimation
      $1,365,000
      15,634 SF

      200 Broad St

      OFFICE/RESIDENTIAL (MIXED USE) • 15,634 SF
      200 Broad St, Richmond, VA 23219-1736
      View Details
    • Value Estimation
      $2,290,000
      16,464 SF

      1309 Cary St

      OFFICE/RESIDENTIAL (MIXED USE) • 16,464 SF
      1309 Cary St, Richmond, VA 23219-4153
      View Details
    • Value Estimation
      $550,000
      3,484 SF

      312 2nd St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,484 SF
      312 2nd St, Richmond, VA 23219-1726
      View Details
    • Value Estimation
      $735,000
      6,036 SF

      320 2nd St

      OFFICE/RESIDENTIAL (MIXED USE) • 6,036 SF
      320 2nd St, Richmond, VA 23219
      View Details

    Similar Nearby for Sale

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      Retail property for sale in a dense, transit-oriented area.
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      Richmond Mixed-Use Investment Opportunity

      Prime Richmond location, multifamily & office space.
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    • $140,000

      Richmond Commercial/Industrial Land Available

      1.2 acres of commercial/industrial land near MCV, VCU.
      1401 N 1St St, Richmond, VA 23219
      View Details

    Similar Nearby for Lease

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      Downtown Richmond Office Space Available

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      Restaurant and Retail Space Available

      Restaurant and retail spaces available in Richmond, Virginia.
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      Downtown Richmond Office/Warehouse For Lease

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      View Details
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    1211 Main St
    Richmond, VA 23220
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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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