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    2024 Broad St Richmond, VA 23220-2006
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    Property profile & analytics

    2024 Broad St, Richmond, VA 23220-2006

    View on Map
    • Grocery and convenience stores
    • 50,949 SF
    • 3.24 lot acres
    Off-Market
    Property ID
    US87-0655564
    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.
    Value Estimations
    $9,210,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Greenhighspots Recreational Cannabis Dispensary / (Bike/Boat/Book/etc) Store
    • Blink Charging Station / Electric Vehicle Charging Station
    • Amazon Hub Locker - Shed / Postal Service / Courier Service
    • Whole Foods Market / Grocery & Convenience Store / Food Market

    Property Details for 2024 Broad St

    Year built
    2019
    Construction
    TYPE NOT SPECIFIED
    Lot size
    3.24 lot acres
    Zone code
    B-3 GENERAL BUSINESS
    Property type
    Grocery and convenience stores
    APN
    N-000-1095-005
    APU
    N0001095005

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 23, 2019 — Sauer Props INC Sauer Props INC Quit Claim Deed · related —
    Mar 14, 2016 — Sauer Props INC Cf Saucer Co Warranty Deed · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $9,270,000
      6.5%
      $8,555,000
      7%
      $7,945,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $8,453,000
      Market price range: $2.01M - $9.24M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $12,810,000
      Current use
      RESTAURANT
      $14,335,000
      Change: +12% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4615
    Latitude
    37.5582
    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
    $8,858,000
    $7,002,000
    $15,860,000
    -
    $8,858,000
    $7,002,000
    $15,860,000

    Comparable in this City

    • Value Estimation by Request
      2,070 SF

      2005 Cary St

      CONVENIENCE STORE (W/FUEL PUMP)
      2005 Cary St, Richmond, VA 23220
      View Details
    • Value Estimation by Request
      2,592 SF

      2001 Broad St

      CONVENIENCE STORE (W/FUEL PUMP)
      2001 Broad St, Richmond, VA 23220-2005
      View Details
    • Value Estimation by Request
      1,248 SF

      2745 Broad St

      CONVENIENCE STORE (W/FUEL PUMP)
      2745 Broad St, Richmond, VA 23220
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    • Value Estimation by Request
      3,783 SF

      1920 Cary St

      CONVENIENCE STORE (W/FUEL PUMP)
      1920 Cary St, Richmond, VA 23220-5331
      View Details
    • Value Estimation
      $660,000
      5,750 SF

      700 Idlewood Ave

      GROCERY, SUPERMARKET
      700 Idlewood Ave, Richmond, VA 23220-6225
      View Details
    • Value Estimation by Request
      3,200 SF

      200 Hl St

      CONVENIENCE STORE (W/FUEL PUMP)
      200 Hl St, Richmond, VA 23220-2420
      View Details

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      Mixed-use property with restaurant and apartment near VCU.
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      Mixed-use property in Richmond's Fan District with income potential.
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    Similar Nearby for Lease

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      1,687 SF

      Retail Space Near VCU Campus

      Retail space with high visibility near VCU and VUU.
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      2,200 SF

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      Retail building featuring off-street parking and ADA compliance for rent.
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      Retail Space with Existing Bar

      1,854 SF retail space with existing bar area.
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      2,500 SF

      Retail Space Near VCU

      Retail space available near VCU with high traffic volume.
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      Modern Retail Space on Cary

      Recently built retail space with high visibility and accessibility.
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      1,924 SF

      Retail Space Near VCU

      Retail suites available near VCU with high foot traffic.
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      View Details
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    2024 Broad St
    Richmond, VA 23220-2006
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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.

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