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    230 Southpark Cir Colonial Heights, VA 23834-2964

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    230 Southpark Cir Colonial Heights, VA 23834-2964

    View on Map
    • Super regional malls
    • 188,368 SF
    • 18.96 lot acres
    Off-Market
    Property ID
    US87-1622026
    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
    $19,450,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • SNIPES / Clothing & Fashion Store / (Bike/Boat/Book/etc) Store
    • Southpark Mall / Shopping Center & Mall
    • Brow Art / Hair Salon / Nail Salon
    • Stir Fry 88 / Restaurant
    • FYE / (Bike/Boat/Book/etc) Store

    Property Details for 230 Southpark Cir

    Year built
    1989
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    18.96 lot acres
    Property size
    188,368 SF
    Zone code
    B1
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    68054700016
    APU
    68054700016

    Description

    This exceptional retail opportunity is located within Southpark Mall, a dominant shopping and entertainment destination serving Colonial Heights, Petersburg, Hopewell, and surrounding Virginia counties. The 672,902 square foot shopping center, situated on a 38-acre lot at 230 Southpark Circle, Colonial Heights, VA 23834, boasts a prime location and strong anchor tenants including Macy's, DICK'S Sporting Goods, and a 16-screen Regal Theatre. Built in 1989 and renovated in 2007, the property offers ample parking with 3,518 spaces. Currently, there are three available retail spaces ranging in size from 1,164 square feet to 5,080 square feet, perfect for a variety of retail businesses seeking high visibility and foot traffic. The property's strategic location within a thriving community ensures consistent customer flow and significant growth potential. This is a unique chance to establish a presence in a well-established and highly successful shopping center in Colonial Heights County, Virginia. The property is classified as a multi-tenant shopping center. Contact us today to learn more about these exceptional retail spaces and secure your place in this vibrant commercial hub.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $20,130,000
      RESTAURANT
      $19,785,000
      OFFICE BUILDING
      $16,565,000
      RETAIL STORES
      $15,160,000
      AUTO REPAIR, GARAGE
      $13,605,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Colonial Heights
    County
    Colonial Heights City
    State
    Virginia
    Longitude
    -77.3935
    Latitude
    37.256
    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
    2024
    $297,149
    $7,268,700
    $17,493,700
    $24,762,400
    -
    $7,268,700
    $17,493,700
    $24,762,400

    Comparable in this City

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    • Value Estimation
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      1857 Southpark Blvd

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      REGIONAL SHOPPING CENTER, MALL • 41,305 SF
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    • Value Estimation
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      209,515 SF

      49 Southgate Sq

      REGIONAL SHOPPING CENTER, MALL • 209,515 SF
      49 Southgate Sq, Colonial Heights, VA 23834
      View Details
    • Value Estimation
      $9,150,000
      86,387 SF

      723 Southpark Blvd

      REGIONAL SHOPPING CENTER, MALL • 86,387 SF
      723 Southpark Blvd, Colonial Heights, VA 23834-3628
      View Details

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    Colonial Heights, VA 23834-2964
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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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