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    Property profile & analytics

    1229 Hull St Richmond, VA 23224-3918

    • Retail residential properties
    • 11,058 SF
    • 0.24 lot acres
    OFF-MARKET
    Value Estimations
    $1,740,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0653467
    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

    • Royal Essence Nails / Nail Salon
    • Old Store Lofts / Apartment Building

    Property Details for 1229 Hull St

    Year built
    1920
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.24 lot acres
    Property size
    11,058 SF
    Zone code
    UB2-PE URBAN BUS.-PARKING
    Property type
    Retail residential properties
    APN
    S-000-0085-024
    APU
    S0000085024

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,300,000
      6.5%
      $2,125,000
      7%
      $1,975,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,880,000
      Market price range: $508k - $2.30M
      AI Estimate
      $1,220,000
      Market price range: $310k - $1.36M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,190,000
      Current use
      MEDICAL BUILDING
      $1,840,000
      Change: +55% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $1,815,000
      Change: +53% Conversion: Difficult
      OFFICE BUILDING
      $1,635,000
      Change: +38% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $1,140,000
      Change: -4% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,095,000
      Change: -8% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.445
    Latitude
    37.5208
    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
    $175,000
    $1,670,000
    $1,845,000
    -
    $175,000
    $1,670,000
    $1,845,000

    Comparable in this City

    • Value Estimation
      $16,595,000
      96,058 SF

      416 12th St

      STORES & APARTMENTS • 96,058 SF
      416 12th St, Richmond, VA 23224
      View Details
    • Value Estimation
      $910,000
      5,224 SF

      1204 Hull St

      STORES & APARTMENTS • 5,224 SF
      1204 Hull St, Richmond, VA 23224-3912
      View Details
    • Value Estimation
      $2,650,000
      16,014 SF

      1321 Hull St

      STORES & APARTMENTS • 16,014 SF
      1321 Hull St, Richmond, VA 23224-3920
      View Details
    • Value Estimation
      $2,005,000
      11,736 SF

      608 Hull St

      STORES & APARTMENTS • 11,736 SF
      608 Hull St, Richmond, VA 23224
      View Details
    • Value Estimation
      $9,950,000
      57,056 SF

      203 Hull St

      STORES & APARTMENTS • 57,056 SF
      203 Hull St, Richmond, VA 23224-4272
      View Details
    • Value Estimation
      $2,230,000
      13,588 SF

      1100 Hull St

      STORES & APARTMENTS • 13,588 SF
      1100 Hull St, Richmond, VA 23224-4060
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,986 SF

      Versatile Mixed-Use Investment Opportunity

      Prime investment opportunity with versatile space and ample parking.
      3062 Hull St, Richmond, VA 23224
      View Details
    • $697,000
      Pending

      Richmond Multifamily Property Under Construction

      Multifamily property in Richmond, scheduled for completion in April 2026.
      901 Bainbridge St, Richmond, VA 23224
      View Details
    • Contact for pricing
      3,050 SF

      Hull Street Corner Lot

      Located in Richmond's hottest redevelopment area on Hull Street.
      2700 Hull Street Rd, Richmond, VA 23224
      View Details
    • Contact for pricing

      Hull Street Corner Lot

      Located in Richmond's Manchester area, prime corner lot.
      2700 Hull Street Rd, Richmond, VA 23224
      View Details
    • Contact for pricing

      Retail Building on 0.33 Acres

      Retail/service building on 0.33 acres in Manchester for sale.
      7 Cowardin Ave, Richmond, VA 23224
      View Details
    • $1,900,000
      9,220 SF

      Richmond Family Dollar Property

      Prime Richmond land, redevelopment opportunity.
      7 16Th St, Richmond, VA 23224
      View Details

    Similar Nearby for Lease

    • $21 SF/Yr
      3,440 SF

      Plant Zero: Modern Richmond Office

      3,440 SF Executive Office Suite in Richmond, VA
      220 Hull St, Richmond, VA 23224
      View Details
    • Contact for pricing
      1,012 SF

      Retail Space at Primary Intersection

      Retail space available at a primary retail intersection in Richmond.
      3900-3916 Hull Street Rd, Richmond, VA 23224
      View Details
    • Contact for pricing
      13,600 SF

      Richmond Retail Space For Rent

      13,600 SF retail space available in Richmond, Virginia.
      501 S 5Th St, Richmond, VA 23224
      View Details
    • Contact for pricing

      Land in Manchester District

      2.01 acres with I-95 access, ideal for development.
      401 Maury St, Richmond, VA 23224
      View Details
    • Contact for pricing

      Prime Retail Intersection Land

      Land at a high-traffic retail intersection in Richmond, Virginia.
      3900 Hull Street Rd, Richmond, VA 23224
      View Details
    • Contact for pricing
      374,597 SF

      Southside Plaza Retail Spaces

      Prime Retail Space, Richmond, VA
      507 Southside Plz, Richmond, VA 23224
      View Details
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    1229 Hull St
    Richmond, VA 23224-3918
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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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