Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    2603 Main St Richmond, VA 23223-7849

    • Turn key restaurants
    • 1,568 SF
    • 0.07 lot acres
    OFF-MARKET
    Last Sale
    Apr 14, 2022
    $550,000
    Value Estimations
    $495,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1112465
    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

    • Millie's Diner / American Restaurant

    Property Details for 2603 Main St

    Year built
    1920
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.07 lot acres
    Property size
    1,568 SF
    Zone code
    B-5 CENTRAL BUSINESS
    Property type
    Turn key restaurants
    APN
    E-000-0442-002
    APU
    E0000442002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $480,000
      ML approach
      $450,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $710,000
      Market price range: $198k - $737k

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4204
    Latitude
    37.5282
    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
    2020
    $20
    $204,000
    $251,000
    $455,000
    -
    $204,000
    $251,000
    $455,000

    Comparable in this City

    • Value Estimation
      $210,000
      798 SF

      306 29th St

      RESTAURANT • 798 SF
      306 29th St, Richmond, VA 23223-7336
      View Details
    • Value Estimation
      $210,000
      1,853 SF

      1321 Mechanicsville Tpke

      RESTAURANT • 1,853 SF
      1321 Mechanicsville Tpke, Richmond, VA 23223-1333
      View Details
    • Value Estimation
      $230,000
      489 SF

      2202 Jefferson Ave

      RESTAURANT • 489 SF
      2202 Jefferson Ave, Richmond, VA 23223-7220
      View Details
    • Value Estimation
      $215,000
      3,496 SF

      1700 Main St

      RESTAURANT • 3,496 SF
      1700 Main St, Richmond, VA 23223-6960
      View Details
    • Value Estimation
      $195,000
      1,440 SF

      1712 Franklin St

      RESTAURANT • 1,440 SF
      1712 Franklin St, Richmond, VA 23223-6948
      View Details
    • Value Estimation
      $250,000
      3,954 SF

      1719 Franklin St

      RESTAURANT • 3,954 SF
      1719 Franklin St, Richmond, VA 23223-6947
      View Details

    Similar Nearby for Sale

    • $485,000
      0.18 Acres

      Richmond Mixed-Use Development Site

      Prime Union Hill location, 0.183 acres, high visibility.
      1006 25Th St, Richmond, VA 23223
      View Details
    • $799,000
      3,319 SF

      Richmond Mixed-Use Redevelopment

      Prime North Church Hill retail space, huge potential.
      1201 25Th St, Richmond, VA 23223
      View Details
    • $1,121,143

      Richmond Retail Investment Opportunity

      Absolute net lease retail property near I-64 in Richmond.
      4300 Nine Mile Rd, Richmond, VA 23223
      View Details
    • $175,000
      0.05 Acres

      Church Hill Retail Lot Investment

      Prime Richmond location, redevelopment potential.
      1205 25Th St, Richmond, VA 23223
      View Details
    • $7,355,891
      3,440 SF

      Richmond Retail Building For Sale

      3,440 SF retail building in Richmond, VA for sale.
      1301 N Laburnum Ave, Richmond, VA 23223
      View Details
    • Contact for pricing
      1.55 Acres

      1.55 Acres Darbytown Road Commercial Land

      Prime Commercial Lot, Eastern Henrico, VA
      4131 Darbytown Rd, Richmond, VA 23223
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      3,000 SF

      912 Tulip St: Creative Office Space

      Richmond, VA: Renovated Creative Office
      912 Tulip St, Richmond, VA 23223
      View Details
    • Contact for pricing
      2,294 SF

      Renovated Mixed-Use Space For Rent

      Newly renovated mixed-use property with spaces available for rent.
      15 N 18Th St, Richmond, VA 23223
      View Details
    • $16 SF/Yr
      3,375 SF

      Retail Space at Signalized Intersection

      Retail space available at high-traffic intersection near Henrico Plaza.
      3800-3824 Mechanicsville Tpke, Richmond, VA 23223
      View Details
    • Contact for pricing
      2,649 SF

      Retail Space Near New Development

      Retail space adjacent to Springdale Park redevelopment in Richmond, VA.
      3800 Mechanicsville Tpke, Richmond, VA 23223
      View Details
    • Contact for pricing
      14,934 SF

      Prime Richmond Executive Office Space

      6,000 SF Available, Historic Charm
      2711 Broad St, Richmond, VA 23223
      View Details
    • Contact for pricing
      3,109 SF

      Retail Space For Lease

      Retail space available in Richmond's East End sub-market.
      4869-4949 Nine Mile Rd, Richmond, VA 23223
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2603 Main St
    Richmond, VA 23223-7849
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.