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Property profile & analytics
OFF-MARKET
Estimated value
$1,890,000
Distribution centers
1618 Commerce Rd Richmond, VA 23224-7502
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US87-0931754
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1949
Construction
TYPE NOT SPECIFIED
Total area
22,050 SF
Lot
4.08 ac (177,725 SF)
Zoning code
M-2 HEAVY INDUSTRIAL
APN
S-007-1040-013
UPID
US87-0931754
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
-
Evolution Motorwerks LLC Auto Repair Shop
-
Sunbelt Rentals Scaffold Services Building Supply Industrial Manufacturer
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.81M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.75M
Blend (final)
Blend
$1.89M
Owner & transaction history
Commerce Oi LLC · 3 yrs held
Commerce Oi LLC
since 2022
Last sale
$2.1M
4 recorded transactions
Zoning & alternative use
M-2 HEAVY INDUSTRIAL · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$2.4M
+61.9%
Industrial (general)
$2.3M
+55.3%
Auto repair, garage
$2.2M
+49.0%
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
$1,795,000
ML approach
$1,810,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,465,000
Current use
COMMERCIAL (GENERAL)
$2,370,000
Change: +62% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$2,270,000
Change: +55% · Conversion: Easy
AUTO REPAIR, GARAGE
$2,180,000
Change: +49% · Conversion: Easy
Blend value · Realmo final
$1.89M
Range $1.70M – $2.08M · ±10% · vs last sale $2.05M (Nov 28 2022)
Last sale anchor
$2.05M
Nov 28 2022
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
$86 / 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
$1,745,000
Assessed 2024
Previous assessed
$1,201,000
+45.3% YoY
Effective rate
0.00%
On assessed value
Assessed land
$1,011,000
Assessed improvement
$734,000
Land market value
$1,011,000
Improvement market value
$734,000
Total market value
$1,745,000
Applied tax rate
6.0000
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
1949
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
CENTRAL
Buildings
2
Stories
1
Rooms
15
Bathrooms
1
Total area
22,050 SF
Lot
4.08 ac (177,725 SF)
Zoning code
M-2 HEAVY INDUSTRIAL
APN
S-007-1040-013
UPID
US87-0931754
Jurisdiction
RICHMOND CITY
Zoning & alternative use
M-2 HEAVY INDUSTRIAL · Richmond, VA
Zoning 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
Richmond. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$1.5M
COMMERCIAL (GENERAL)
Est. value
$2.4M
INDUSTRIAL (GENERAL)
Est. value
$2.3M
AUTO REPAIR, GARAGE
Est. value
$2.2M
WAREHOUSE, STORAGE Current
COMMERCIAL (GENERAL)
INDUSTRIAL (GENERAL)
AUTO REPAIR, GARAGE
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
1949
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
1
Buildings
2
Rooms
15
Bathrooms
1
Lot
4.08 ac
Current owner
From public records · entity-resolved
Commerce Oi LLC
Entity
Mailing address
77698 WOODMONT AVE #204, BETHESDA, MD 20814
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 5, 2026
—
Commerce Seed LLC
—
Deed
related
$115,000,000 · Key Bank NA
Aug 6, 2024
—
Oak Mill Oi LLC
—
Deed
related
$10,000,000 · Beverly Bank & Trust Company NA
Nov 28, 2022
$2,050,000
Commerce Oi LLC
Wilco Holdings LLC
Special Warranty Deed
$1,230,000 · Burke & Herbert Bank & Trust Compan
Jul 10, 2012
$875,000
Wilco Holdings LLC
D & T Dev LLC
Grant Deed
$851,000 · Suntrust Bk/tallahassee
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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