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Property profile & analytics
FOR LEASE
Medical Office Space
1606 Hull St Richmond, VA 23224
Entity Owned
Free & Clear
Property ID
US87-0843741
For Lease
1 / 2
$18 SF/Yr
1606 Hull St, Richmond, VA 23224
View Listing →
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL CLINIC
Year built
1950
Construction
TYPE NOT SPECIFIED
Total area
12,760 SF
Lot
0.28 ac (12,122 SF)
Zoning code
UB2-PE URBAN BUS.-PARKING
APN
S-000-0196-005
UPID
US87-0843741
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
-
Tony King Medical Clinic
-
Inja Chang Physician
-
Imani Wholeness Center Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.60M
Blend (final)
Blend
$1.32M
Owner & transaction history
IMANI INTERGENERATIONAL COMMUNITY DEVELOPMENT CORP
IMANI INTERGENERATIONAL COMMUNITY DEVELOPMENT CORP
Zoning & alternative use
UB2-PE URBAN BUS.-PARKING · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
MEDICAL BUILDING
$2,125,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$2,095,000
Change: -1% · Conversion: Difficult
OFFICE BUILDING
$1,885,000
Change: -11% · Conversion: Easy
Blend value · Realmo final
$1.32M
Range $1.18M – $1.45M · ±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
$103 / 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
$1,957,000
Assessed 2024
Previous assessed
$1,981,000
-1.2% YoY
Effective rate
0.00%
On assessed value
Assessed land
$364,000
Assessed improvement
$1,593,000
Land market value
$364,000
Improvement market value
$1,593,000
Total market value
$1,957,000
Applied tax rate
8.0000
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
Medical Office Space
Use group
MEDICAL CLINIC
Status
For Lease
Year built
1950
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
YES
Stories
2
Rooms
18
Bathrooms
2
Total area
12,760 SF
Lot
0.28 ac (12,122 SF)
Zoning code
UB2-PE URBAN BUS.-PARKING
APN
S-000-0196-005
UPID
US87-0843741
Jurisdiction
RICHMOND CITY
Zoning & alternative use
UB2-PE URBAN BUS.-PARKING · Richmond, VA
Zoning UB2-PE URBAN BUS.-PARKING · permitted uses
UB2-PE URBAN BUS.-PARKING · 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
MEDICAL BUILDING Current
Est. value
$2.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.1M
OFFICE BUILDING
Est. value
$1.9M
MEDICAL BUILDING Current
NEIGHBORHOOD: SHOPPING CENTER
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
1950
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
2
Rooms
18
Bathrooms
2
Lot
0.28 ac
Current owner
From public records · entity-resolved
IMANI INTERGENERATIONAL COMMUNITY DEVELOPMENT CORP
Entity
Free & Clear · 0 yrs held
Mailing address
7400 BEAUFONT SPGS DR STE #300, NORTH CHESTERFIELD, VA 23225-5519
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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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