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Property profile & analytics
OFF-MARKET
Estimated value
$1,815,000
Flex space
1402 Commerce Rd Richmond, VA 23224-7512
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US87-0070168
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1997
Construction
TYPE NOT SPECIFIED
Total area
15,002 SF
Lot
1.34 ac (58,196 SF)
Zoning code
M-2 HEAVY INDUSTRIAL
APN
S-007-0940-002
UPID
US87-0070168
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
-
FleetPride Auto Parts Store Big Box & Wholesale Store
-
Discount RC Trucks Shop (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.47M
Comparable Approach
Comparable
$2.39M
Blend (final)
Blend
$1.82M
Owner & transaction history
1402 Commerce LLC · 2 yrs held
1402 Commerce LLC
since 2024
Last sale
$2.1M
2 recorded transactions
Zoning & alternative use
M-2 HEAVY INDUSTRIAL · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$2.5M
+61.7%
Neighborhood: shopping center
$2.5M
+59.4%
Office building
$2.2M
+43.5%
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%
$1,585,000
6.5%
$1,465,000
7%
$1,360,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$1,545,000
Current use
MEDICAL BUILDING
$2,500,000
Change: +62% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$2,465,000
Change: +59% · Conversion: Difficult
OFFICE BUILDING
$2,220,000
Change: +44% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,610,000
Change: +4% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,485,000
Change: -4% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$1,260,000
Change: -18% · Conversion: Difficult
Blend value · Realmo final
$1.82M
Range $1.63M – $2.00M · ±10% · vs last sale $2.10M (Apr 15 2024)
Last sale anchor
$2.10M
Apr 15 2024
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
$121 / 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
$1,128,000
Assessed 2024
Previous assessed
$1,087,000
+3.8% YoY
Effective rate
0.00%
On assessed value
Assessed land
$439,000
Assessed improvement
$689,000
Land market value
$439,000
Improvement market value
$689,000
Total market value
$1,128,000
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
Off-Market
Year built
1997
Construction
TYPE NOT SPECIFIED
Heating
NONE
Cooling
YES
Stories
1
Total area
15,002 SF
Lot
1.34 ac (58,196 SF)
Zoning code
M-2 HEAVY INDUSTRIAL
APN
S-007-0940-002
UPID
US87-0070168
Jurisdiction
RICHMOND CITY
Zoning & alternative use
M-2 HEAVY INDUSTRIAL · Richmond, VA
Zoning M-2 HEAVY INDUSTRIAL · permitted uses
M-2 HEAVY INDUSTRIAL · 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
INDUSTRIAL (GENERAL) Current
Est. value
$1.5M
MEDICAL BUILDING
Est. value
$2.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.5M
OFFICE BUILDING
Est. value
$2.2M
COMMERCIAL (GENERAL)
Est. value
$1.6M
AUTO REPAIR, GARAGE
Est. value
$1.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.3M
INDUSTRIAL (GENERAL) Current
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
OFFICE BUILDING
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
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
1997
Construction
TYPE NOT SPECIFIED
Heating
NONE
Cooling
Yes
Stories
1
Lot
1.34 ac
Current owner
From public records · entity-resolved
1402 Commerce LLC
Entity
Mailing address
7113 3RD CHOPT RD STE #209, RICHMOND, VA 23226-3644
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 15, 2024
$2,100,000
1402 Commerce LLC
Ragsdale Associates
Warranty Deed
$1,150,000 · First Citizens Bank & Trust Company
Sep 13, 2005
$1,250,000
Ragsdale Assoc
Manakin Farms INC
Grant Deed
$1,000,000 · Peoples Bk/va
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.
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