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Property profile & analytics
FOR LEASE
Office Spaces
1840 W Broad St Richmond, VA 23220
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US87-1045408
For Lease
1 / 2
$3,985,000
1840 W Broad St, Richmond, VA 23220
View Listing →
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1920
Construction
TYPE NOT SPECIFIED
Total area
21,490 SF
Lot
1.31 ac (56,889 SF)
Zoning code
B-3 GENERAL BUSINESS
APN
N-000-1000-002
UPID
US87-1045408
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
-
Quinn Evans Architecture Firm Interior Designer
-
Benjamin and DesPortes Law Firm
-
Focus Development Construction Company General Contractor
-
Sauer Properties General Contractor
-
Connor's Heroes Charitable Organization Social Service Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$4.13M
Comparable Approach
Comparable
$5.27M
Blend (final)
Blend
$3.99M
Owner & transaction history
Sauer Props INC · 6 yrs held
Sauer Props INC
since 2019
2 recorded transactions
Zoning & alternative use
B-3 GENERAL BUSINESS · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$6.0M
+52.7%
Retail stores
$5.4M
+36.4%
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%
$4,475,000
6.5%
$4,130,000
7%
$3,835,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$3,960,000
Current use
RESTAURANT
$6,045,000
Change: +53% · Conversion: Difficult
RETAIL STORES
$5,405,000
Change: +36% · Conversion: Easy
AUTO REPAIR, GARAGE
$3,915,000
Change: -1% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$3,715,000
Change: -6% · Conversion: Moderate
MEDICAL BUILDING
$3,580,000
Change: -10% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$3,530,000
Change: -11% · Conversion: Difficult
Blend value · Realmo final
$3.99M
Range $3.59M – $4.38M · ±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
$185 / 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
$5,484,000
Assessed 2024
Previous assessed
$4,546,000
+20.6% YoY
Effective rate
0.00%
On assessed value
Assessed land
$4,016,000
Assessed improvement
$1,468,000
Land market value
$4,016,000
Improvement market value
$1,468,000
Total market value
$5,484,000
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
For Lease
Year built
1920
Construction
TYPE NOT SPECIFIED
Heating
YES
Stories
2
Bathrooms
1
Total area
21,490 SF
Lot
1.31 ac (56,889 SF)
Zoning code
B-3 GENERAL BUSINESS
APN
N-000-1000-002
UPID
US87-1045408
Jurisdiction
RICHMOND CITY
Zoning & alternative use
B-3 GENERAL BUSINESS · Richmond, VA
Zoning B-3 GENERAL BUSINESS · permitted uses
B-3 GENERAL BUSINESS · 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
$4.0M
RESTAURANT
Est. value
$6.0M
RETAIL STORES
Est. value
$5.4M
AUTO REPAIR, GARAGE
Est. value
$3.9M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.7M
MEDICAL BUILDING
Est. value
$3.6M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.5M
COMMERCIAL (GENERAL) Current
RESTAURANT
RETAIL STORES
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
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
1920
Construction
TYPE NOT SPECIFIED
Heating
YES
Stories
2
Bathrooms
1
Lot
1.31 ac
Current owner
From public records · entity-resolved
Sauer Props INC
Entity
Mailing address
PO BOX 71150, RICHMOND, VA 23255-1150
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 30, 2019
—
Sauer Props INC
—
Deed
related
$50,000,000 · Wells Fargo Bk
—
—
Sauer Props INC
—
Deed Of Trust
related
$50,000,000 · Wells Fargo Bk
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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