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    Property profile & analytics

    2213 E Franklin St Richmond, VA 23223

    • Retail residential properties
    • 74,116 SF
    • 1.01 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0945899
    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

    • Fording Flats / Apartment Building

    Property Details for 2213 E Franklin St

    Year built
    1928
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.01 lot acres
    Property size
    74,116 SF
    Zone code
    M-1 LIGHT INDUSTRIAL
    Property type
    Retail residential properties
    APN
    E-000-0261-005
    APU
    E0000261005

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $12,420,000
      Market price range: $6.92M - $13.3M
      AI Estimate
      $8,603,000
      Market price range: $3.16M - $9.56M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $8,880,000
      Current use
      AUTO REPAIR, GARAGE
      $13,500,000
      Change: +52% Conversion: Difficult
      MEDICAL BUILDING
      $12,345,000
      Change: +39% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $12,175,000
      Change: +37% Conversion: Difficult
      OFFICE BUILDING
      $10,960,000
      Change: +23% Conversion: Easy
      RETAIL STORES
      $10,680,000
      Change: +20% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $7,640,000
      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
    -77.423
    Latitude
    37.5307
    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
    $1,399,000
    $10,790,000
    $12,189,000
    -
    $1,399,000
    $10,790,000
    $12,189,000

    Comparable in this City

    • Value Estimation
      $845,000
      5,474 SF

      2500 9th Mile Rd

      STORES & APARTMENTS • 5,474 SF
      2500 9th Mile Rd, Richmond, VA 23223-5219
      View Details
    • Value Estimation
      $5,050,000
      30,254 SF

      2001 Franklin St

      STORES & APARTMENTS • 30,254 SF
      2001 Franklin St, Richmond, VA 23223-7376
      View Details
    • Value Estimation
      $1,500,000
      9,759 SF

      1711 Main St

      STORES & APARTMENTS • 9,759 SF
      1711 Main St, Richmond, VA 23223-6959
      View Details
    • Value Estimation
      $1,010,000
      9,552 SF

      7 25th St

      STORES & APARTMENTS • 9,552 SF
      7 25th St, Richmond, VA 23223-7976
      View Details
    • Value Estimation
      $3,860,000
      26,200 SF

      2006 Franklin St

      STORES & APARTMENTS • 26,200 SF
      2006 Franklin St, Richmond, VA 23223-7076
      View Details
    • Value Estimation
      $2,370,000
      14,212 SF

      1710 Franklin St

      STORES & APARTMENTS • 14,212 SF
      1710 Franklin St, Richmond, VA 23223-7025
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Prime Union Hill location, 0.183 acres, high visibility.
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      Residential Land in Richmond, VA

      Land available to build your own home in Richmond.
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      Commercial Land on Mechanicsville Turnpike

      1.62 acre commercial land with existing building.
      2817 Mechanicsville Tpke, Richmond, VA 23223
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    • $885,000
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      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.
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    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
    • 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
    • $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
    • $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
    • $18 SF/Yr
      3,000 SF

      912 Tulip St: Creative Office Space

      Richmond, VA: Renovated Creative Office
      912 Tulip St, Richmond, VA 23223
      View Details
    • Contact for pricing
      14,934 SF

      Prime Richmond Executive Office Space

      6,000 SF Available, Historic Charm
      2711 Broad St, Richmond, VA 23223
      View Details
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    2213 E Franklin 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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