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Property profile & analytics
OFF-MARKET
Estimated value
$2,595,000
Warehouses
2400 Hermitage Rd, Richmond, VA 23220-1310
Entity Owned
27-yr Hold
Absentee Owner
Free & Clear
Property ID
US87-0425504
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2000
Construction
TYPE NOT SPECIFIED
Total area
18,499 SF
Lot
4.79 ac (208,522 SF)
Zoning code
M-2 HEAVY INDUSTRIAL
APN
N-000-1292-004
UPID
US87-0425504
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
-
Richmond Ambulance Authority Ambulance Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.71M
Comparable Approach
Comparable
$3.37M
Blend (final)
Blend
$2.60M
Owner & transaction history
CITY RICHMOND PUBLIC WORKS
CITY RICHMOND PUBLIC WORKS
Zoning & alternative use
M-2 HEAVY INDUSTRIAL · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$3.4M
+87.1%
Auto repair, garage
$3.4M
+84.9%
Apartment house (5+ units)
$3.2M
+75.3%
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%
$2,930,000
6.5%
$2,705,000
7%
$2,510,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,825,000
Current use
COMMERCIAL (GENERAL)
$3,410,000
Change: +87% · Conversion: Difficult
AUTO REPAIR, GARAGE
$3,370,000
Change: +85% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$3,195,000
Change: +75% · Conversion: Difficult
MEDICAL BUILDING
$3,080,000
Change: +69% · Conversion: Difficult
Blend value · Realmo final
$2.60M
Range $2.34M – $2.85M · ±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
$140 / 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
$68,364
Tax year 2020
Assessed value
$5,697,000
Assessed 2024
Previous assessed
$5,111,000
+11.5% YoY
Effective rate
1.20%
On assessed value
Assessed land
$2,185,000
Assessed improvement
$3,512,000
Land market value
$2,185,000
Improvement market value
$3,512,000
Total market value
$5,697,000
Applied tax rate
2.0000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
2000
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
YES
Buildings
2
Stories
1
Bathrooms
2
Total area
18,499 SF
Lot
4.79 ac (208,522 SF)
Zoning code
M-2 HEAVY INDUSTRIAL
APN
N-000-1292-004
UPID
US87-0425504
Jurisdiction
RICHMOND CITY
Zoning & alternative use
M-2 HEAVY INDUSTRIAL · Richmond, VA
Zoning M-2 HEAVY INDUSTRIAL · permitted uses
M-2 HEAVY INDUSTRIAL · 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
WAREHOUSE, STORAGE Current
Est. value
$1.8M
COMMERCIAL (GENERAL)
Est. value
$3.4M
AUTO REPAIR, GARAGE
Est. value
$3.4M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.2M
MEDICAL BUILDING
Est. value
$3.1M
WAREHOUSE, STORAGE Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
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
2000
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
1
Buildings
2
Bathrooms
2
Lot
4.79 ac
Current owner
From public records · entity-resolved
CITY RICHMOND PUBLIC WORKS
Individual
Free & Clear · 0 yrs held
Mailing address
900 E BROAD ST #701, RICHMOND, VA 23219-1907
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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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