Entity Owned 
For Lease
$2,025,000
1519 Summit Ave, Richmond, VA 23230
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Property summary
AI-generated overview
The Spur, located at 1519 Summit Avenue in Richmond, Virginia (zip code 23230), offers exceptional creative office space for lease. This Henrico County property boasts a total of 5,233 square feet, currently entirely vacant and available for immediate occupancy. The building is designed to accommodate multiple tenants, with flexible lease options ranging from a minimum of 2,030 square feet to a maximum contiguous space of 3,203 square feet. This presents a unique opportunity for businesses seeking a modern and adaptable workspace. The property's creative office subtype suggests a design conducive to innovative and collaborative work environments. Ample parking is provided, encompassing both garage and off-street options, ensuring convenient access for employees and clients. The building's location in Richmond, VA offers easy access to various amenities and transportation networks. This is an ideal space for companies seeking a vibrant and functional office environment in a desirable location. Contact us today to schedule a viewing and explore the possibilities of establishing your business at The Spur.
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1948
Construction
TYPE NOT SPECIFIED
Total area
20,020 SF
Lot
1.31 ac (56,976 SF)
Zoning code
M-1 LIGHT INDUSTRIAL
APN
N-000-1595-001
UPID
US87-0953566
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Law Firm
-
Structural Engineer
-
Consultant
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.63M
Blend (final)
Blend
$2.03M
Owner & transaction history
since 2017
5 recorded transactions
Zoning & alternative use
M-1 LIGHT INDUSTRIAL · Richmond, VA
Top alternative use upside
Medical building
$3.3M
+63.8%
Neighborhood: shopping center
$3.3M
+61.6%
Apartment house (5+ units)
$3.2M
+58.1%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 8 comparables with addresses
6 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Professional Plan · 30 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$2.03M
Value range
$1.82M – $2.23M
±10% around blend
Estimated value / SF
$101 / SF
Confidence
High
8 county-verified comps
Property data
100
Market benchmarks
100
Comparable evidence
80
$1.82M
blend $2.03M
$2.23M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
20,020 SF
Lot area
1.31 ac
Year built
1948
Stories
1
APN
N-000-1595-001
Zoning
M-1 LIGHT INDUSTRIAL
Assessed value
$7,594,000
Annual tax
$20
3
Income approach: direct capitalization
Partial preview
Not enough income data on file for a CAP-approach estimation.
4
Sales comparison
Partial preview
Sales approach indication
$3.77M
Weighted, 8 comps · high confidence
Evidence
8 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
1.9 mi away · 14,685 SF
2.4 mi away · 15,717 SF
3.1 mi away · 25,292 SF
3.6 mi away · 14,100 SF
4.5 mi away · 18,977 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$2.03M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 21 sales
$102
-1%
Submarket 392 sales
$158
-36%
County 240 sales
$144
-30%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $101/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Medical Building
Gross theoretical uplift
+64%
vs current-use indication
Neighborhood: Shopping Center
Apartment House (5+ Units)
Warehouse, Storage
Retail Stores
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Not available
Market rent
Not available
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: replacement-cost inputs are not on file.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 8 sales
Market rates by use type
PDF export
Professional Plan · 30 reports
from $99/month
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Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$7.59M
Move the market yield to see immediate price impact.
Value / SF
$379
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$478k
$9.57M
$6.83M
$5.32M
$532k
$10.63M
$7.59M
$5.91M
$585k
$11.69M
$8.35M
$6.50M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
8 found
High confidence · county-verified
Closest comparable
$3.50M
0.8 mi · Feb 2026 · $158/SF
Property tax & assessments
Tax year 2020Property tax & assessments
Tax year 2020
Tax billed
$20
Tax year 2020
Assessed value
$7,594,000
Assessed 2024
Previous assessed
$7,307,000
+3.9% YoY
Effective rate
0.00%
On assessed value
Assessed land
$2,194,000
Assessed improvement
$5,400,000
Land market value
$2,194,000
Improvement market value
$5,400,000
Total market value
$7,594,000
Applied tax rate
2.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Status
For Lease
Year built
1948
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
CENTRAL
Buildings
3
Stories
1
Bathrooms
1
Total area
20,020 SF
Lot
1.31 ac (56,976 SF)
Zoning code
M-1 LIGHT INDUSTRIAL
APN
N-000-1595-001
UPID
US87-0953566
Jurisdiction
RICHMOND CITY
Zoning & alternative use
M-1 LIGHT INDUSTRIAL · Richmond, VAZoning M-1 LIGHT INDUSTRIAL · permitted uses
M-1 LIGHT INDUSTRIAL · Richmond, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1948
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
1
Buildings
3
Bathrooms
1
Lot
1.31 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
M-1 LIGHT INDUSTRIAL
Jurisdiction
Richmond, VA
Recorded code
M-1 LIGHT INDUSTRIAL
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for M-1 LIGHT INDUSTRIAL in Richmond, VA.
What opens after registration
Zoning profile
2 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
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Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 30 · 300 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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