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    Property profile & analytics

    24 Pickwick Ave Colonial Heights, VA 23834-3455

    • Retail space
    • 10,098 SF
    • 0.31 lot acres
    OFF-MARKET
    Last Sale
    Oct 29, 2021
    $550,000
    Value Estimations
    $420,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1982947
    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

    • Goodwill Rehabilitation Services / Physical Therapy Clinic
    • Regenesis Thrift / Thrift Store

    Property Details for 24 Pickwick Ave

    Year built
    1962
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.31 lot acres
    Property size
    10,098 SF
    Zone code
    B2
    Property type
    Retail space
    APN
    4000050A001
    APU
    4000050A001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $420,000
      ML approach
      $545,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $517,000
      Market price range: $517k - $1.44M
      AI Estimate
      $418,000
      Market price range: $334k - $1.35M

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

    Location Insight

    • Map
    • Local Demand
    City
    Colonial Heights
    County
    Colonial Heights City
    State
    Virginia
    Longitude
    -77.409
    Latitude
    37.2458
    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
    $6,847
    $117,100
    $453,500
    $570,600
    -
    $117,100
    $453,500
    $570,600

    Comparable in this City

    • Value Estimation
      $250,000
      960 SF

      405 Blvd Boulevard

      RETAIL STORES (PERSONAL SERVICES) • 960 SF
      405 Blvd Boulevard, Colonial Heights, VA 23834-3713
      View Details
    • Value Estimation
      $65,000
      3,150 SF

      654 Blvd Boulevard

      RETAIL STORES (PERSONAL SERVICES) • 3,150 SF
      654 Blvd Boulevard, Colonial Heights, VA 23834-3212
      View Details
    • Value Estimation
      $190,000
      3,632 SF

      1901 Blvd Boulevard

      RETAIL STORES (PERSONAL SERVICES) • 3,632 SF
      1901 Blvd Boulevard, Colonial Heights, VA 23834-2307
      View Details
    • Value Estimation
      $335,000
      7,428 SF

      1401 Blvd Boulevard

      RETAIL STORES (PERSONAL SERVICES) • 7,428 SF
      1401 Blvd Boulevard, Colonial Heights, VA 23834-3048
      View Details
    • Value Estimation
      $285,000
      1,860 SF

      2029 Blvd Boulevard

      RETAIL STORES (PERSONAL SERVICES) • 1,860 SF
      2029 Blvd Boulevard, Colonial Heights, VA 23834-2309
      View Details
    • Value Estimation
      $205,000
      8,906 SF

      1907 Blvd Boulevard

      RETAIL STORES (PERSONAL SERVICES) • 8,906 SF
      1907 Blvd Boulevard, Colonial Heights, VA 23834-2307
      View Details

    Similar Nearby for Sale

    • New
      $65,000
      0.63 Acres

      Residential Lot in South Chesterfield

      0.632 acre lot, ideal for building a home.
      3700 Peach Tree St, South Chesterfield, VA 23834
      View Details
    • Contact for pricing
      1.15 Acres

      Prime Chesterfield County Land

      1.15-acre commercial development site.
      16003 Us-1, Colonial Heights, VA 23834
      View Details
    • $980,000

      Industrial Land For Sale

      Land available with utilities and industrial zoning in Chesterfield.
      1951 Ruffin Mill Rd, South Chesterfield, VA 23834
      View Details
    • $1,600,000

      Commercial Land I-95 Access

      Commercial land with easy access to I-95.
      15701 Woods Edge Rd, South Chesterfield, VA 23834
      View Details
    • Contact for pricing
      0.29 Acres

      Chester, VA Commercial Land Parcels

      Prime Outparcels near I-95, Food Lion anchored.
      15700 Jefferson Davis Hwy, Chester, VA 23834
      View Details
    • $525,000

      Specialty Property For Sale

      Specialty property available for purchase.
      15212 Fairen Ln, South Chesterfield, VA 23834
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    Similar Nearby for Lease

    • Contact for pricing
      1,147 SF

      Retail Space in Colonial Heights

      Retail space available for lease in Colonial Heights, Virginia.
      1050 Temple Ave, Colonial Heights, VA 23834
      View Details
    • Contact for pricing
      10,000 SF

      Retail Space Near I-95

      Retail spaces available with high traffic and easy highway access.
      1829-1865 Southpark Blvd, Colonial Heights, VA 23834
      View Details
    • Contact for pricing
      3,839 SF

      Retail Space in Southpark Circle

      Retail spaces available in the heart of Southpark shopping district.
      Southpark Cir, Colonial Heights, VA 23834
      View Details
    • Contact for pricing
      4,863 SF

      Southpark Boulevard Retail Space

      Prime Colonial Heights Retail Building - 4,863 SF
      796 Southpark Blvd, Colonial Heights, VA 23834
      View Details
    • Contact for pricing
      46,660 SF

      Port Walthall Shopping Center: Prime Retail Space

      High-traffic retail center, two spaces available.
      15700 Jefferson Davis Hwy, Chester, VA 23834
      View Details
    • Contact for pricing
      77,315 SF

      Colonial Heights Retail Space

      1,200 SF Available in VA
      1 Dunlop Vlg, Colonial Heights, VA 23834
      View Details
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    24 Pickwick Ave
    Colonial Heights, VA 23834-3455
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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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