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Property profile & analytics
OFF-MARKET
Estimated value
$3,475,000
Office Spaces
1806 Smt Ave Richmond, VA 23230-4314
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US87-1201858
Property summary
AI-generated overview
This exceptional Class A office space, located in the vibrant heart of Richmond's Scotts Addition neighborhood at 1806 Summit Ave, offers seven individual suites perfect for a variety of businesses. The building totals 1,388 square feet, with flexible suite sizes ranging from a minimum of 108 square feet to a maximum contiguous space of 217 square feet. Currently, all 1,388 square feet are available for lease. The property's versatile layout makes it ideal for executive offices, coworking spaces, or creative office environments. Its prime location in Scotts Addition provides easy access to a thriving community of restaurants, shops, and entertainment venues. The address is 1806 Summit Ave, Richmond, VA 23230. This is a fantastic opportunity to establish a presence in one of Richmond's most sought-after areas. The building is ready for immediate occupancy. Contact us today to schedule a viewing and explore the possibilities of making this exceptional space your new business home. The property is categorized as an office building with multiple tenancies.
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1950
Construction
TYPE NOT SPECIFIED
Total area
36,628 SF
Lot
1.19 ac (51,662 SF)
Zoning code
M-1 LIGHT INDUSTRIAL
APN
N-000-1722-003
UPID
US87-1201858
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
-
TMD ESTATES LLC Real Estate Agency
-
Graine Mediation - Richmond Mediation Service Divorce Lawyer
-
RVA Social Marketing Advertising Agency Marketing & Advertising
-
Prostone Masonry General Contractor Construction Company
-
Venture X Richmond Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.80M
Blend (final)
Blend
$3.48M
Owner & transaction history
1806 Summit LLC A Virginia Limited · 8 yrs held
1806 Summit LLC A Virginia Limited
since 2018
3 recorded transactions
Zoning & alternative use
M-1 LIGHT INDUSTRIAL · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Warehouse, storage
$5.4M
+46.3%
Retail stores
$5.3M
+41.7%
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)
$3,725,000
Current use
WAREHOUSE, STORAGE
$5,445,000
Change: +46% · Conversion: Difficult
RETAIL STORES
$5,275,000
Change: +42% · Conversion: Easy
Blend value · Realmo final
$3.48M
Range $3.13M – $3.82M · ±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
$95 / 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
$6,461,000
Assessed 2024
Previous assessed
$6,161,000
+4.9% YoY
Effective rate
0.00%
On assessed value
Assessed land
$2,295,000
Assessed improvement
$4,166,000
Land market value
$2,295,000
Improvement market value
$4,166,000
Total market value
$6,461,000
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
Off-Market
Year built
1950
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
YES
Stories
1
Bathrooms
3
Total area
36,628 SF
Lot
1.19 ac (51,662 SF)
Zoning code
M-1 LIGHT INDUSTRIAL
APN
N-000-1722-003
UPID
US87-1201858
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
$3.7M
WAREHOUSE, STORAGE
Est. value
$5.4M
RETAIL STORES
Est. value
$5.3M
COMMERCIAL (GENERAL) Current
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
1950
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
1
Bathrooms
3
Lot
1.19 ac
Current owner
From public records · entity-resolved
1806 Summit LLC A Virginia Limited
Entity
Mailing address
1310 ROSENEATH RD STE #200, RICHMOND, VA 23230-4632
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 8, 2018
$2,450,000
1806 Summit LLC A Virginia Limited
Mckinnon And Harris INC A Virginia
Special Warranty Deed
$6,310,000 · Townebank
Aug 4, 2016
—
Mckinnon And Harris INC
—
Deed
related
$2,507,715 · Townebank
Jul 31, 2003
$545,000
Mckinnon And Harris INC
Four D Summit
Grant Deed
$879,720 · Bank Of America
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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