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Property profile & analytics
OFF-MARKET
Estimated value
$54,500,000
Distribution centers
1410 Willis Rd Richmond, VA 23237-2913
Entity Owned
2-yr Hold
Free & Clear
Property ID
US87-0002894
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
2020
Total area
405,000 SF
Lot
57.69 ac (2,512,976 SF)
Zoning code
I3 - HVY INDUSTRIAL DIST
APN
799-67-32-50-900-000
UPID
US87-0002894
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
-
IFIT health and fitness Warehouse & Storage
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$54.50M
CAP Approach
CAP
$59.17M
Comparable Approach
Comparable
$60.20M
Blend (final)
Blend
$54.50M
Owner & transaction history
Condair Operations LLC · 2 yrs held
Condair Operations LLC
since 2024
Last sale
$54.5M
2 recorded transactions
Zoning & alternative use
I3 - HVY INDUSTRIAL DIST · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$73.8M
+84.9%
Medical building
$67.5M
+69.1%
Neighborhood: shopping center
$66.5M
+66.7%
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
$54,500,000
ML approach
$54,500,000
CAP Approach
CAP Return
Estimation
6%
$64,100,000
6.5%
$59,170,000
7%
$54,940,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$39,905,000
Current use
AUTO REPAIR, GARAGE
$73,765,000
Change: +85% · Conversion: Easy
MEDICAL BUILDING
$67,465,000
Change: +69% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$66,535,000
Change: +67% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$65,110,000
Change: +63% · Conversion: Difficult
OFFICE BUILDING
$59,895,000
Change: +50% · Conversion: Difficult
Blend value · Realmo final
$54.50M
Range $49.05M – $59.95M · ±10% · vs last sale $54.50M (May 24 2024)
Last sale anchor
$54.50M
May 24 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
$135 / 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 2024Property tax & assessments
Tax year 2024
Tax billed
$435,956
Tax year 2024
Assessed value
$48,027,000
Assessed 2024
Previous assessed
$39,885,100
+20.4% YoY
Effective rate
0.91%
On assessed value
Assessed land
$1,933,500
Assessed improvement
$46,093,500
Land market value
$1,933,500
Improvement market value
$46,093,500
Total market value
$48,027,000
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
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
2020
Heating
SPACE
Total area
405,000 SF
Lot
57.69 ac (2,512,976 SF)
Zoning code
I3 - HVY INDUSTRIAL DIST
APN
799-67-32-50-900-000
UPID
US87-0002894
Jurisdiction
CHESTERFIELD
Zoning & alternative use
I3 - HVY INDUSTRIAL DIST · Richmond, VAZoning I3 - HVY INDUSTRIAL DIST · permitted uses
I3 - HVY INDUSTRIAL DIST · Richmond, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$39.9M
AUTO REPAIR, GARAGE
Est. value
$73.8M
MEDICAL BUILDING
Est. value
$67.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$66.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$65.1M
OFFICE BUILDING
Est. value
$59.9M
WAREHOUSE, STORAGE Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
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
2020
Heating
SPACE
Lot
57.69 ac
Current owner
From public records · entity-resolved
Condair Operations LLC
Entity
Free & Clear · 2 yrs held
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
May 24, 2024
$54,500,000
Condair Operations LLC
Bgo 1410 Willis Owner LLC
Special Warranty Deed
—
Mar 30, 2022
$52,150,000
Bgo 1410 Willis Owner LLC
Scannell Properties 394 LLC
Special Warranty Deed
$28,800,000 · Ubs Bank USA
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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