Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2009 Grace St Richmond, VA 23223

    • Apartment buildings
    • 49,300 SF
    • 0.23 lot acres
    OFF-MARKET
    Value Estimations
    $3,525,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0886722
    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

    • Apartment buildings

    Property Details for 2009 Grace St

    Year built
    1904
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.23 lot acres
    Property size
    49,300 SF
    Zone code
    B-5 CENTRAL BUSINESS
    Property type
    Apartment buildings
    APN
    E-000-0190-025
    APU
    E0000190025

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,590,000
      Market price range: $1.47M - $6.54M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $4,925,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4237
    Latitude
    37.533
    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
    2020
    $20
    $625,000
    $4,148,000
    $4,773,000
    -
    $625,000
    $4,148,000
    $4,773,000

    Comparable in this City

    • Value Estimation
      $1,535,000
      19,450 SF

      3611 Marshall St

      APARTMENT HOUSE (5+ UNITS) • 19,450 SF
      3611 Marshall St, Richmond, VA 23223-8019
      View Details
    • Value Estimation
      $690,000
      39,255 SF

      1207 28th St

      APARTMENT HOUSE (5+ UNITS) • 39,255 SF
      1207 28th St, Richmond, VA 23223-5312
      View Details
    • Value Estimation
      $965,000
      10,410 SF

      1100 30th St

      APARTMENT HOUSE (5+ UNITS) • 10,410 SF
      1100 30th St, Richmond, VA 23223
      View Details
    • Value Estimation
      $7,215,000
      86,960 SF

      1900 Accommodation St

      APARTMENT HOUSE (100+ UNITS) • 86,960 SF
      1900 Accommodation St, Richmond, VA 23223-4216
      View Details
    • Value Estimation
      $1,685,000
      115,152 SF

      1405 21st St

      APARTMENT HOUSE (100+ UNITS) • 115,152 SF
      1405 21st St, Richmond, VA 23223
      View Details
    • Value Estimation
      $5,690,000
      66,232 SF

      1804 P St

      APARTMENT HOUSE (100+ UNITS) • 66,232 SF
      1804 P St, Richmond, VA 23223-5051
      View Details

    Similar Nearby for Sale

    • $5,100,000
      0.16 Acres

      Broom Factory Condominiums

      Historic building reimagined into 12 custom condominium residences.
      2201 E Main St, Richmond, VA 23223
      View Details
    • New
      $625,000
      0.08 Acres

      Richmond Duplex with Income Potential

      Charming duplex in historic Church Hill with income potential.
      414 N 32Nd St, Richmond, VA 23223
      View Details
    • $290,000
      Pending

      Historic Richmond Duplex: Investment Opportunity

      1910 bungalow-style duplex in Oakwood-Chimborazo Historic District.
      1619 Oakwood Ave, Richmond, VA 23223
      View Details
    • $699,000
      1.96 Acres

      Nine Mile Road Development Site

      1.96 Acres, High Traffic Area, Richmond, VA
      4712 Nine Mile Rd, Richmond, VA 23223
      View Details
    • Contact for pricing

      Enterprise Zone Land For Sale

      1.06 acre commercial land in Enterprise Zone, build-to-suit possible.
      3761 Nine Mile Rd, Richmond, VA 23223
      View Details
    • Contact for pricing

      Historic Land Parcel For Sale

      1.978 acre land parcel with historic building, zoned M-2.
      3017 Williamsburg Ave, Richmond, VA 23223
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,294 SF

      Renovated Mixed-Use Space For Rent

      Newly renovated mixed-use property with spaces available for rent.
      15 N 18Th St, Richmond, VA 23223
      View Details
    • $1.00 SF/Yr
      87,120 SF

      Prime Richmond Development Land

      High-traffic location, build-to-suit opportunity.
      4716 Nine Mile Rd, Richmond, VA 23223
      View Details
    • $65,000
      85,378 SF

      Nine Mile Road Development Site

      1.96 Acres, Richmond, VA - Prime Location
      4712 Nine Mile Rd, 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
    • $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
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2009 Grace St
    Richmond, VA 23223
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!