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

    2338 Washington St Petersburg, VA 23803-3775

    • Retail space
    • 6,114 SF
    • 0.58 lot acres
    OFF-MARKET
    Value Estimations
    $610,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1412220
    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

    • Retail space

    Property Details for 2338 Washington St

    Year built
    1969
    Lot size
    0.58 lot acres
    Property size
    6,114 SF
    Zone code
    B-2
    Property type
    Retail space
    APN
    3060001
    APU
    3060001

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $589,000
      Market price range: $193k - $654k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $410,000
      Current use
      RESTAURANT
      $765,000
      Change: +86% Conversion: Easy
      AUTO REPAIR, GARAGE
      $670,000
      Change: +63% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $505,000
      Change: +22% Conversion: Easy
      MEDICAL BUILDING
      $370,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Petersburg
    County
    Petersburg City
    State
    Virginia
    Longitude
    -77.3641
    Latitude
    37.2394
    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
    2019
    $4,177
    $92,100
    $309,500
    $401,600
    -
    $92,100
    $309,500
    $401,600

    Comparable in this City

    • Value Estimation by Request
      0.77 Acres

      418 High St

      RETAIL STORES (PERSONAL SERVICES) • 0.77 Acres
      418 High St, Petersburg, VA 23803-3858
      View Details
    • Value Estimation by Request
      0.54 Acres

      136 Sycamore St

      RETAIL STORES (PERSONAL SERVICES) • 0.54 Acres
      136 Sycamore St, Petersburg, VA 23803
      View Details
    • Value Estimation by Request
      1,532 SF

      201 Ss St

      RETAIL STORES (PERSONAL SERVICES) • 1,532 SF
      201 Ss St, Petersburg, VA 23803
      View Details
    • Value Estimation
      $1,610,000
      16,616 SF

      429 3rd St

      RETAIL STORES (PERSONAL SERVICES) • 16,616 SF
      429 3rd St, Petersburg, VA 23803-3438
      View Details
    • Value Estimation by Request
      2,214 SF

      241 Bollingbrook St

      RETAIL STORES (PERSONAL SERVICES) • 2,214 SF
      241 Bollingbrook St, Petersburg, VA 23803-3368
      View Details
    • Value Estimation by Request
      1,764 SF

      1136 Halifax St

      RETAIL STORES (PERSONAL SERVICES) • 1,764 SF
      1136 Halifax St, Petersburg, VA 23803-4911
      View Details

    Similar Nearby for Sale

    • $410,000
      Pending

      Downtown Petersburg Mixed-Use Duplex

      Mixed-use duplex in Old Towne Petersburg with rooftop terrace.
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    • $325,000
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      Chesterfield County Investment Property

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    • New
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      Dinwiddie Land Near I-85 Ramp

      2.6-acre commercial land near I-85, zoned M-1.
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    • $650,000
      3,897 SF

      Retail Property in Petersburg, VA

      Retail property with 3,897 square feet of space.
      801 W Washington St, Petersburg, VA 23803
      View Details
    • $180,000
      1,500 SF

      Petersburg Commercial Condo

      1,500 SF Vacant Office/Land
      2016 Washington St, Petersburg, VA 23803
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    • Contact for pricing
      4.48 Acres

      US 460 Prime Commercial Land

      4.48 Acres, High-Visibility Location
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    Similar Nearby for Lease

    • Contact for pricing
      1,200 SF

      Retail Space in Historic Petersburg

      Retail space with excellent access and off-street parking.
      1-3 Sycamore St, Petersburg, VA 23803
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    • Contact for pricing
      1,500 SF

      Retail Space in Historic Petersburg

      1,500 SF retail space with excellent I-95 access.
      8 N Sycamore St, Petersburg, VA 23803
      View Details
    • $3,000 /Mo
      1,850 SF

      Renovated Retail Space For Rent

      Newly renovated retail suites with high walkability and great location.
      416 3Rd St, Petersburg, VA 23803
      View Details
    • $2,100 /Mo
      8,398 SF

      Renovated Commercial Space in Petersburg

      Move-in ready, flexible commercial space in revitalizing Petersburg, Virginia.
      3212 W Washington St, Petersburg, VA 23803
      View Details
    • Contact for pricing
      50,000 SF

      Ettrick Retail Space - 8,450 SF

      High-traffic retail space near VSU.
      20825 Woodpecker Rd, Ettrick, VA 23803
      View Details
    • $14 SF/Yr
      6,000 SF

      Old Towne Petersburg Office Space

      5,099± SF office space for lease in historic Petersburg.
      30 Franklin St, Petersburg, VA 23803
      View Details
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    2338 Washington St
    Petersburg, VA 23803-3775
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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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