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Property profile & analytics
FOR LEASE
Office Spaces
1519 Summit Ave Richmond, VA 23230
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US87-0953566
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
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Roth Jackson Gibbons Condlin, PLC Law Firm
-
Lynch Mykins Structural Engineers, PC Structural Engineer
-
Baker Development Resources Consultant
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
1519 Summit LLC · 8 yrs held
1519 Summit LLC
since 2017
5 recorded transactions
Zoning & alternative use
M-1 LIGHT INDUSTRIAL · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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%
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,035,000
Current use
MEDICAL BUILDING
$3,335,000
Change: +64% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$3,290,000
Change: +62% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$3,220,000
Change: +58% · Conversion: Moderate
WAREHOUSE, STORAGE
$2,975,000
Change: +46% · Conversion: Difficult
RETAIL STORES
$2,885,000
Change: +42% · Conversion: Easy
Blend value · Realmo final
$2.03M
Range $1.82M – $2.23M · ±10%
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
$101 / 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
$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
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
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, VA
Zoning M-1 LIGHT INDUSTRIAL · permitted uses
M-1 LIGHT 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
COMMERCIAL (GENERAL) Current
Est. value
$2.0M
MEDICAL BUILDING
Est. value
$3.3M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.3M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.2M
WAREHOUSE, STORAGE
Est. value
$3.0M
RETAIL STORES
Est. value
$2.9M
COMMERCIAL (GENERAL) Current
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
APARTMENT HOUSE (5+ UNITS)
WAREHOUSE, STORAGE
RETAIL STORES
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
1948
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
1
Buildings
3
Bathrooms
1
Lot
1.31 ac
Current owner
From public records · entity-resolved
1519 Summit LLC
Entity
Mailing address
11100 W BROAD ST, GLEN ALLEN, VA 23060-5813
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 28, 2017
$2,700,000
1519 Summit LLC
Fastbird LLC
Grant Deed
$728,077 · Essex Bk
Oct 2, 2017
—
Fastbird LLC
—
Deed
related
$1,622,500 · Northeast Bk
May 27, 2004
$1,250,000
Fast Bird LLC
Lingle,kathryn S
Grant Deed
$640,000 · Cit Lndg Svcs
—
—
Fastbird LLC
—
Deed Of Trust
related
$1,622,500 · Northeast Bk
—
—
Fastbird LLC
—
Deed Of Trust
related
$145,000 · Northeast Bk
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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