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Property profile & analytics
OFF-MARKET
Estimated value
$4,740,000
Office Spaces
224 Broad St, Richmond, VA 23219-1736
Entity Owned
20-yr Hold
Free & Clear
Property ID
US87-0027606
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1965
Construction
TYPE NOT SPECIFIED
Total area
30,680 SF
Lot
0.27 ac (11,930 SF)
Zoning code
B-4 CENTRAL BUSINESS
APN
N-000-0037-016
UPID
US87-0027606
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
-
VCU Police High School
-
VCU Police Department Social Service Agency Charitable Organization
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$5.90M
Comparable Approach
Comparable
$4.92M
Blend (final)
Blend
$4.74M
Owner & transaction history
Jemals United Way LLC · 20 yrs held
Jemals United Way LLC
since 2005
4 recorded transactions
Zoning & alternative use
B-4 CENTRAL BUSINESS · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$5.6M
+54.5%
Medical building
$5.1M
+41.3%
Neighborhood: shopping center
$5.0M
+39.4%
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%
$6,385,000
6.5%
$5,895,000
7%
$5,475,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$3,615,000
Current use
AUTO REPAIR, GARAGE
$5,590,000
Change: +55% · Conversion: Difficult
MEDICAL BUILDING
$5,110,000
Change: +41% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$5,040,000
Change: +39% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$4,930,000
Change: +36% · Conversion: Moderate
OFFICE BUILDING
$4,535,000
Change: +25% · Conversion: Easy
RETAIL STORES
$4,420,000
Change: +22% · Conversion: Easy
Blend value · Realmo final
$4.74M
Range $4.27M – $5.21M · ±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
$154 / 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
$6,554,000
Assessed 2024
Previous assessed
$5,202,000
+26.0% YoY
Effective rate
0.00%
On assessed value
Assessed land
$695,000
Assessed improvement
$5,859,000
Land market value
$695,000
Improvement market value
$5,859,000
Total market value
$6,554,000
Applied tax rate
6.0000
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1965
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
YES
Stories
3
Total area
30,680 SF
Lot
0.27 ac (11,930 SF)
Zoning code
B-4 CENTRAL BUSINESS
APN
N-000-0037-016
UPID
US87-0027606
Jurisdiction
RICHMOND CITY
Zoning & alternative use
B-4 CENTRAL BUSINESS · Richmond, VA
Zoning B-4 CENTRAL BUSINESS · permitted uses
B-4 CENTRAL BUSINESS · 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
$3.6M
AUTO REPAIR, GARAGE
Est. value
$5.6M
MEDICAL BUILDING
Est. value
$5.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$5.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$4.9M
OFFICE BUILDING
Est. value
$4.5M
RETAIL STORES
Est. value
$4.4M
COMMERCIAL (GENERAL) Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
RETAIL STORES
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
1965
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
3
Lot
0.27 ac
Current owner
From public records · entity-resolved
Jemals United Way LLC
Entity
Free & Clear · 20 yrs held
Mailing address
655 NEW YORK AVE NW STE #830, WASHINGTON, DC 20001-5795
Ownership since
2005
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
Dec 2, 2005
$1,500,000
Jemals United Way LLC
United Way Of Greater Richmond
Grant Deed
related
—
—
—
Jemals United Way LLC
—
Deed Of Trust
related
$3,800,000 · First Nat'l Bk/pa
—
—
Jemals United Way LLC
—
Loan Modification
related
$736,925 · Union First Market Bk
—
—
Jemals United Way LLC
—
Deed Of Trust
related
$1,125,000 · First Market Bk
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.
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