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Property profile & analytics
OFF-MARKET
Estimated value
$1,980,000
Distribution centers
1607 Ownby Ln Richmond, VA 23220-1318
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US87-0017680
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
2002
Construction
TYPE NOT SPECIFIED
Total area
14,123 SF
Lot
1.36 ac (59,416 SF)
Zoning code
M-2 HEAVY INDUSTRIAL
APN
N-000-1294-058
UPID
US87-0017680
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
-
Kjellstrom and Lee Inc Construction Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.07M
Comparable Approach
Comparable
$2.57M
Blend (final)
Blend
$1.98M
Owner & transaction history
Ownby Proerties LLC · 1 yrs held
Ownby Proerties LLC
since 2025
1 recorded transaction
Zoning & alternative use
M-2 HEAVY INDUSTRIAL · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
code of ordinances
Top alternative use upside
Commercial (general)
$2.6M
+87.1%
Auto repair, garage
$2.6M
+84.9%
Apartment house (5+ units)
$2.4M
+75.3%
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%
$2,235,000
6.5%
$2,065,000
7%
$1,915,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,390,000
Current use
COMMERCIAL (GENERAL)
$2,605,000
Change: +87% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,570,000
Change: +85% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$2,440,000
Change: +75% · Conversion: Difficult
MEDICAL BUILDING
$2,355,000
Change: +69% · Conversion: Difficult
Blend value · Realmo final
$1.98M
Range $1.78M – $2.18M · ±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
$140 / 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
$2,554,000
Assessed 2024
Previous assessed
$2,554,000
+0.0% YoY
Effective rate
0.00%
On assessed value
Assessed land
$1,363,000
Assessed improvement
$1,191,000
Land market value
$1,363,000
Improvement market value
$1,191,000
Total market value
$2,554,000
Applied tax rate
3.0000
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
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
2002
Construction
TYPE NOT SPECIFIED
Heating
NONE
Cooling
YES
Stories
1
Total area
14,123 SF
Lot
1.36 ac (59,416 SF)
Zoning code
M-2 HEAVY INDUSTRIAL
APN
N-000-1294-058
UPID
US87-0017680
Jurisdiction
RICHMOND CITY
Zoning & alternative use
M-2 HEAVY INDUSTRIAL · Richmond, VAZoning 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
Source
code of ordinances
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$1.4M
COMMERCIAL (GENERAL)
Est. value
$2.6M
AUTO REPAIR, GARAGE
Est. value
$2.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$2.4M
MEDICAL BUILDING
Est. value
$2.4M
WAREHOUSE, STORAGE Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
MEDICAL 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
2002
Construction
TYPE NOT SPECIFIED
Heating
NONE
Cooling
Yes
Stories
1
Lot
1.36 ac
Current owner
From public records · entity-resolved
Ownby Proerties LLC
Entity
Mailing address
1607 OWNBY LN, RICHMOND, VA 23220-1318
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 26, 2025
$3,200,000
Ownby Proerties LLC
Kjellstrom & Lee LLC
Special Warranty Deed
$2,720,000 · First Citizens Bank & Trust Co
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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