Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2230 Grace St Richmond, VA 23220-2012
    Back to Search
    Property profile & analytics

    2230 Grace St, Richmond, VA 23220-2012

    View on Map
    • Assisted living facilities
    • 2,876 SF
    • 0.08 lot acres
    Off-Market
    Property ID
    US87-0037853
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Assisted living facilities

    Property Details for 2230 Grace St

    Year built
    1908
    Construction
    BRICK
    Lot size
    0.08 lot acres
    Zone code
    R-48 MULTI FAMILY
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    W-000-1010-044
    APU
    W0001010044

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Apr 29, 2025 — Justin Morris JR Justin Morris JR Deed · related —
    Apr 11, 2005 $360,000 Irene V Morris Harriet M Matthews Warranty Deed $288k · Indymac Bank
    — — Morris,irene V — Deed Of Trust · related $348k · Fremont Invs & Ln
    — — Morris,irene V & Justin — Deed Of Trust · related $87k · Fremont Invs & Ln

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4643
    Latitude
    37.558
    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
    $115,000
    $329,000
    $444,000
    -
    $115,000
    $329,000
    $444,000

    Comparable in this City

    • Value Estimation by Request
      3,516 SF

      1638 Grace St

      HOMES (RETIRED, NURSING)
      1638 Grace St, Richmond, VA 23220-2103
      View Details
    • Value Estimation
      $3,030,000
      33,039 SF

      115 Jefferson St

      HOMES (RETIRED, NURSING)
      115 Jefferson St, Richmond, VA 23220-5021
      View Details
    • Value Estimation
      $2,830,000
      115,613 SF

      2924 Brk Rd

      HOMES (RETIRED, NURSING)
      2924 Brk Rd, Richmond, VA 23220-1215
      View Details
    • Value Estimation by Request
      3,220 SF

      2514 Grace St

      HOMES (RETIRED, NURSING)
      2514 Grace St, Richmond, VA 23220-1911
      View Details
    • Value Estimation
      $2,820,000
      215,770 SF

      2621 Grv Ave

      HOMES (RETIRED, NURSING)
      2621 Grv Ave, Richmond, VA 23220-4308
      View Details
    • Value Estimation
      $750,000
      35,256 SF

      2100 Idlewood Ave

      HOMES (RETIRED, NURSING)
      2100 Idlewood Ave, Richmond, VA 23220-5811
      View Details

    Similar Nearby for Sale

    • $1,499,000
      4,649 SF

      Fan District Mixed-Use Investment

      High-profit laundromat & apartments.
      102 Lombardy St, Richmond, VA 23220
      View Details
    • $3,200,000
      6,400 SF

      with VCU

      Institute for Contemporary Art and the CoStar Center for Arts and Innovation
      801 Broad St, Richmond, VA 23220
      View Details
    • $750,000

      Historic Office Space Near VCU

      Renovated office space in historic building near VCU campus.
      1622 W Main St, Richmond, VA 23220
      View Details
    • Contact for pricing
      Pending

      Iconic Mixed-Use Fan District Building

      Rare mixed-use corner building in Richmond's Fan District.
      2401 W Main St, Richmond, VA 23220
      View Details
    • $618,000

      Mixed-Use Property in The Fan

      Mixed-use building with apartments and office space in Richmond.
      2603 W Grace St, Richmond, VA 23220
      View Details
    • $900,000
      Pending

      Redevelopment Opportunity Near VUU

      Prime location for community-facing business near Virginia Union University.
      2215 N Lombardy St, Richmond, VA 23220
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      6,412 SF

      Healthcare Property Available For Rent

      Healthcare property with 6,412 square feet available for rent.
      110 North Robinson St, Richmond, VA 23220
      View Details
    • $18 SF/Yr
      4,640 SF

      Prime Richmond Office Space

      1,154 SF Traditional Office Suite
      1312 Main St, Richmond, VA 23220
      View Details
    • $3,500 /Mo
      1 SF

      Diamond District Storage Site

      Prime storage site with I-95 & I-64 access.
      1500 Robin Hood Rd, Richmond, VA 23220
      View Details
    • Contact for pricing

      Retail Space Near VCU Campus

      Retail space with high visibility and foot traffic near VCU.
      1335 West Broad Street Rd, Richmond, VA 23220
      View Details
    • Contact for pricing

      Retail Space on W. Broad

      Retail spaces available on a prime retail corridor.
      1510 W Broad St, Richmond, VA 23220
      View Details
    • Contact for pricing
      2,200 SF

      Retail Building with Parking Spaces

      Retail building featuring off-street parking and ADA compliance for rent.
      2302 W Main St, Richmond, VA 23220
      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.
    2230 Grace St
    Richmond, VA 23220-2012
    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

    Thank You for Inquiry
    2230 Grace St, Richmond, VA, 23220
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!