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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    23 Main St Richmond, VA 23219

    • Office buildings
    • 4,958 SF
    • 0.06 lot acres
    OFF-MARKET
    Last Sale
    Jun 02, 2025
    $1,050,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0862053
    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

    • Office buildings

    Property Details for 23 Main St

    Year built
    1915
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.06 lot acres
    Property size
    4,958 SF
    Zone code
    B-3 GENERAL BUSINESS
    Property type
    Office buildings
    APN
    W-000-0081-040
    APU
    W0000081040

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4438
    Latitude
    37.5424
    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
    $173,000
    $485,000
    $658,000
    -
    $173,000
    $485,000
    $658,000

    Comparable in this City

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      501 2nd St

      PROFESSIONAL BUILDING • 57,384 SF
      501 2nd St, Richmond, VA 23219-1321
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    • Value Estimation by Request
      488,976 SF

      901 Cary St

      OFFICE BUILDING • 488,976 SF
      901 Cary St, Richmond, VA 23219-4003
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    • Value Estimation
      $300,000
      640,340 SF

      901 Byrd St

      OFFICE BUILDING • 640,340 SF
      901 Byrd St, Richmond, VA 23219-4052
      View Details
    • Value Estimation
      $250,000
      652,952 SF

      1001 Haxall Ptc

      OFFICE BUILDING • 652,952 SF
      1001 Haxall Ptc, Richmond, VA 23219-3940
      View Details
    • Value Estimation
      $375,000
      35,770 SF

      10 6th St

      OFFICE BUILDING • 35,770 SF
      10 6th St, Richmond, VA 23219-3843
      View Details
    • Value Estimation
      $390,000
      4,811 SF

      1228 Broad St

      PROFESSIONAL BUILDING • 4,811 SF
      1228 Broad St, Richmond, VA 23219-2040
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      40,000 SF

      Richmond Office Building For Sale

      40,000 SF office building with flexible vacancy.
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    • $2,800,000
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      Downtown Richmond Redevelopment Opportunity

      Historic 23,187 SF building suitable for residential or mixed-use redevelopment.
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      Richmond Office Building For Sale

      Office building with 5,912 square feet of space.
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      11,474 SF

      Downtown Richmond Office Building

      Office building in the heart of downtown Richmond.
      114 E Cary St, Richmond, VA 23219
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    • $1,695,000
      16,488 SF

      Redevelopment Opportunity Near VCU

      Redevelopment opportunity with parking near VCU's proposed Arts Center.
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    Similar Nearby for Lease

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      2,075 SF

      Downtown Richmond Office Space Available

      Renovated office building in the heart of downtown Richmond.
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      3,252 SF

      Office Space in Two James Center

      Office space for rent in Richmond's Two James Center.
      1021 E Cary St, Richmond, VA 23219
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    • Contact for pricing
      13,196 SF

      Office Building in Richmond, VA

      13,196 SF office space for rent in Richmond.
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    • $16 SF/Yr
      10,980 SF

      Downtown Richmond Office Space

      Move-in ready creative office, 3660 SF
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    • $18 SF/Yr
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      Downtown Richmond Office Space Available

      2,900 SF office space in downtown Richmond for lease.
      1015 E Main St, Richmond, VA 23219
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    • Contact for pricing
      1,188 SF

      Downtown Richmond Office Space Available

      Office space in Richmond's financial district with riverfront access.
      951 E Byrd St, Richmond, VA 23219
      View Details
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    23 Main St
    Richmond, VA 23219
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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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