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Property profile & analytics
FOR LEASE
Flex space
2403 Commerce Rd, Richmond, VA 23234
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US87-0676948
For Lease
1 / 2
$1,500/Mo
2403 Commerce Rd, Richmond, VA 23234
View Listing →
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1966
Construction
TYPE NOT SPECIFIED
Total area
10,060 SF
Lot
4.44 ac (193,319 SF)
Zoning code
M-1 LIGHT INDUSTRIAL
APN
S-008-0601-028
UPID
US87-0676948
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
-
Fuel Oils Inc. Hardware & Home Improvement HVAC Service
-
Spencer Trucking Inc Trucking Company
-
Petroleum Carriers Trucking Company
-
PMI Lubricants Business Service Center Corporate Office
-
Quarles Fleet Fueling Fuel Supplier Gas Station
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$980k
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$845k
Owner & transaction history
2403 Commerce Road LLC · 7 yrs held
2403 Commerce Road LLC
since 2019
4 recorded transactions
Zoning & alternative use
M-1 LIGHT INDUSTRIAL · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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%
$1,065,000
6.5%
$980,000
7%
$910,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$1,035,000
Current use
Blend value · Realmo final
$845k
Range $761k – $930k · ±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
$84 / 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
$20
Tax year 2020
Assessed value
$1,249,000
Assessed 2024
Previous assessed
$1,160,000
+7.7% YoY
Effective rate
0.00%
On assessed value
Assessed land
$784,000
Assessed improvement
$465,000
Land market value
$784,000
Improvement market value
$465,000
Total market value
$1,249,000
Applied tax rate
8.0000
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
For Lease
Year built
1966
Construction
TYPE NOT SPECIFIED
Heating
YES
Stories
2
Rooms
14
Bathrooms
2
Total area
10,060 SF
Lot
4.44 ac (193,319 SF)
Zoning code
M-1 LIGHT INDUSTRIAL
APN
S-008-0601-028
UPID
US87-0676948
Jurisdiction
RICHMOND CITY
Zoning & alternative use
M-1 LIGHT INDUSTRIAL · Richmond, VA
Zoning M-1 LIGHT INDUSTRIAL · permitted uses
M-1 LIGHT 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
INDUSTRIAL (GENERAL) Current
Est. value
$1.0M
INDUSTRIAL (GENERAL) Current
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
1966
Construction
TYPE NOT SPECIFIED
Heating
YES
Stories
2
Rooms
14
Bathrooms
2
Lot
4.44 ac
Current owner
From public records · entity-resolved
2403 Commerce Road LLC
Entity
Mailing address
8384 MEADOWBRIDGE RD, MECHANICSVILLE, VA 23116-1824
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 20, 2019
$1,000,000
2403 Commerce Road LLC
Zimri Dm LLC
Special Warranty Deed
$1,328,000 · Fulton Bank NA
Jan 28, 2015
$964,000
Zimri Dm LLC
Zimri Holdings LLC
Warranty Deed
related
—
Nov 18, 2014
$964,000
Zimri Dm LLC
Zimri Holdings LLC
Warranty Deed
—
Nov 6, 2014
$964,000
Zimri Holdings LLC
Pm Props INC
Warranty Deed
—
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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