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Property profile & analytics
FOR LEASE
Retail residential properties
2213 E Franklin St Richmond, VA 23223
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US87-0945899
For Lease
1 / 2
$10,510,000
2213 E Franklin St, Richmond, VA 23223
View Listing →
Property profile
Verified
Property type
Retail residential properties
Use group
STORES & APARTMENTS
Year built
1928
Construction
TYPE NOT SPECIFIED
Total area
74,116 SF
Lot
1.01 ac (43,908 SF)
Zoning code
M-1 LIGHT INDUSTRIAL
APN
E-000-0261-005
UPID
US87-0945899
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
-
Fording Flats Apartment Building
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$12.42M
Blend (final)
Blend
$10.51M
Owner & transaction history
East Main Development Richmond LLC · 8 yrs held
East Main Development Richmond LLC
since 2017
4 recorded transactions
Zoning & alternative use
M-1 LIGHT INDUSTRIAL · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$13.5M
+52.1%
Medical building
$12.3M
+39.1%
Neighborhood: shopping center
$12.2M
+37.2%
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)
$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
Blend value · Realmo final
$10.51M
Range $9.46M – $11.56M · ±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
$142 / 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
$12,189,000
Assessed 2024
Previous assessed
$12,189,000
+0.0% YoY
Effective rate
0.00%
On assessed value
Assessed land
$1,399,000
Assessed improvement
$10,790,000
Land market value
$1,399,000
Improvement market value
$10,790,000
Total market value
$12,189,000
Applied tax rate
7.0000
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
Retail residential properties
Use group
STORES & APARTMENTS
Status
For Lease
Year built
1928
Construction
TYPE NOT SPECIFIED
Heating
YES
Stories
2
Units
82
Bathrooms
3
Total area
74,116 SF
Lot
1.01 ac (43,908 SF)
Zoning code
M-1 LIGHT INDUSTRIAL
APN
E-000-0261-005
UPID
US87-0945899
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
$8.9M
AUTO REPAIR, GARAGE
Est. value
$13.5M
MEDICAL BUILDING
Est. value
$12.3M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$12.2M
OFFICE BUILDING
Est. value
$11.0M
RETAIL STORES
Est. value
$10.7M
INDUSTRIAL (GENERAL)
Est. value
$7.6M
COMMERCIAL (GENERAL) Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
OFFICE BUILDING
RETAIL STORES
INDUSTRIAL (GENERAL)
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
1928
Construction
TYPE NOT SPECIFIED
Heating
YES
Stories
2
Units
82
Bathrooms
3
Lot
1.01 ac
Current owner
From public records · entity-resolved
East Main Development Richmond LLC
Entity
Mailing address
1425 E CARY ST, RICHMOND, VA 23219-4274
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 27, 2017
$3,575,000
East Main Development Richmond LLC
Sunset Strip Associates Lc A Virgin
Warranty Deed
$455,000 · Union Bank & Trust
Sep 27, 2017
—
East Main Dev Richmond LLC
—
Deed
related
$10,324,943 · Union Bk&tr
—
—
Sunset Strip Assoc Lc
—
Deed Of Trust
related
$2,800,000 · Village Bk
—
—
East Main Dev Richmond LLC
—
Deed Of Trust
related
$10,324,943 · Union Bk&tr
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
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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