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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1703 Main St Richmond, VA 23223

    • Retail residential properties
    • 8,244 SF
    • 0.07 lot acres
    OFF-MARKET
    Last Sale
    Sep 09, 2024
    $1,000,000
    Value Estimations
    $1,000,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1040392
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Retail residential properties

    Property Details for 1703 Main St

    Year built
    1875
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.07 lot acres
    Property size
    8,244 SF
    Zone code
    B-5 CENTRAL BUSINESS
    Property type
    Retail residential properties
    APN
    E-000-0109-002
    APU
    E0000109002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,000,000
      ML approach
      $1,000,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,070,000
      Market price range: $770k - $1.48M
      AI Estimate
      $741,000
      Market price range: $351k - $1.06M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $985,000
      Current use
      AUTO REPAIR, GARAGE
      $1,500,000
      Change: +52% Conversion: Difficult
      MEDICAL BUILDING
      $1,375,000
      Change: +39% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $1,355,000
      Change: +37% Conversion: Difficult
      OFFICE BUILDING
      $1,220,000
      Change: +23% Conversion: Easy
      RETAIL STORES
      $1,190,000
      Change: +20% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $850,000
      Change: -14% Conversion: Moderate

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4285
    Latitude
    37.5332
    CBSA code
    40060
    CBSA name
    RICHMOND, VA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $12,612
    $233,000
    $818,000
    $1,051,000
    -
    $233,000
    $818,000
    $1,051,000

    Comparable in this City

    • Value Estimation
      $10,510,000
      74,116 SF

      2213 Franklin St

      STORES & APARTMENTS • 74,116 SF
      2213 Franklin St, Richmond, VA 23223-7039
      View Details
    • Value Estimation
      $7,505,000
      54,101 SF

      1900 Franklin St

      STORES & APARTMENTS • 54,101 SF
      1900 Franklin St, Richmond, VA 23223-6978
      View Details
    • Value Estimation
      $7,250,000
      43,437 SF

      2301 Main St

      STORES & APARTMENTS • 43,437 SF
      2301 Main St, Richmond, VA 23223
      View Details
    • Value Estimation
      $3,900,000
      24,672 SF

      1700 Broad St

      STORES & APARTMENTS • 24,672 SF
      1700 Broad St, Richmond, VA 23223-7162
      View Details
    • Value Estimation
      $9,880,000
      59,205 SF

      423 18th St

      STORES & APARTMENTS • 59,205 SF
      423 18th St, Richmond, VA 23223-6321
      View Details
    • Value Estimation
      $5,395,000
      33,687 SF

      21 21st St

      STORES & APARTMENTS • 33,687 SF
      21 21st St, Richmond, VA 23223
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.55 Acres

      1.55 Acres Darbytown Road Commercial Land

      Prime Commercial Lot, Eastern Henrico, VA
      4131 Darbytown Rd, Richmond, VA 23223
      View Details
    • $485,000
      0.18 Acres

      Richmond Mixed-Use Development Site

      Prime Union Hill location, 0.183 acres, high visibility.
      1006 25Th St, Richmond, VA 23223
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    • $75,000
      Pending

      Residential Land in Richmond, VA

      Land available to build your own home in Richmond.
      1822 30Th St, Richmond, VA 23223
      View Details
    • $595,000
      2,040 SF

      Commercial Land on Mechanicsville Turnpike

      1.62 acre commercial land with existing building.
      2817 Mechanicsville Tpke, Richmond, VA 23223
      View Details
    • $885,000
      4,032 SF

      Office Space in Richmond, VA

      Office property with 4,032 square feet of space.
      1822 E Franklin St, Richmond, VA 23223
      View Details
    • Contact for pricing

      Residential Land for Townhomes

      Land suitable for up to 10 townhomes or apartments.
      216 N 20Th St, Richmond, VA 23223
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      24,394 SF

      Richmond Office Suites: Prime Location

      Historic District Office Space, Flexible Suites
      2025 Main St, Richmond, VA 23223
      View Details
    • $16 SF/Yr
      3,375 SF

      Retail Space at Signalized Intersection

      Retail space available at high-traffic intersection near Henrico Plaza.
      3800-3824 Mechanicsville Tpke, Richmond, VA 23223
      View Details
    • Contact for pricing
      2,649 SF

      Retail Space Near New Development

      Retail space adjacent to Springdale Park redevelopment in Richmond, VA.
      3800 Mechanicsville Tpke, Richmond, VA 23223
      View Details
    • $25 SF/Yr
      113,920 SF

      Oak Hill Plaza Retail Space

      Richmond retail space, multiple units available.
      3101 Mechanicsville Tpke, Richmond, VA 23223
      View Details
    • Contact for pricing
      1,521 SF

      Modern Office Space in Richmond

      Office space with glass offices, modern lighting, and kitchenette.
      3410 W Clay St, Richmond, VA 23223
      View Details
    • Contact for pricing
      330 SF

      Downtown Richmond Retail Space Available

      Retail space for rent in downtown Richmond with easy access.
      2005 East Franklin St, Richmond, VA 23223
      View Details
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    1703 Main St
    Richmond, VA 23223
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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