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Property profile & analytics
OFF-MARKET
Estimated value
$16,765,000
Distribution centers
2703 Commerce Rd Richmond, VA 23234-1807
Entity Owned
1-yr Hold
Free & Clear
Property ID
US87-1192143
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
2022
Total area
154,035 SF
Lot
75.49 ac (3,288,214 SF)
Zoning code
MULTIPLE ZONING
APN
S-008-0601-051
UPID
US87-1192143
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
-
Lowes BDC 3469 Warehouse & Storage
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$22.51M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$16.77M
Owner & transaction history
Realty Income Us Core Plus 3 LP · 1 yrs held
Realty Income Us Core Plus 3 LP
since 2025
6 recorded transactions
Zoning & alternative use
MULTIPLE ZONING · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$25.7M
+69.1%
Neighborhood: shopping center
$25.3M
+66.7%
Apartment house (5+ units)
$24.8M
+63.2%
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%
$24,380,000
6.5%
$22,505,000
7%
$20,895,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$15,175,000
Current use
MEDICAL BUILDING
$25,660,000
Change: +69% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$25,305,000
Change: +67% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$24,765,000
Change: +63% · Conversion: Difficult
COMMERCIAL (GENERAL)
$24,320,000
Change: +60% · Conversion: Difficult
OFFICE BUILDING
$22,780,000
Change: +50% · Conversion: Difficult
Blend value · Realmo final
$16.77M
Range $15.09M – $18.44M · ±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
$109 / 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
$128,297,000
Assessed 2024
Previous assessed
$126,740,000
+1.2% YoY
Effective rate
0.00%
On assessed value
Assessed land
$7,839,000
Assessed improvement
$120,458,000
Land market value
$7,839,000
Improvement market value
$120,458,000
Total market value
$128,297,000
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
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
2022
Heating
YES
Stories
1
Rooms
12
Bathrooms
3
Total area
154,035 SF
Lot
75.49 ac (3,288,214 SF)
Zoning code
MULTIPLE ZONING
APN
S-008-0601-051
UPID
US87-1192143
Jurisdiction
RICHMOND CITY
Zoning & alternative use
MULTIPLE ZONING · Richmond, VA
Zoning MULTIPLE ZONING · permitted uses
MULTIPLE ZONING · 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
$15.2M
MEDICAL BUILDING
Est. value
$25.7M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$25.3M
APARTMENT HOUSE (5+ UNITS)
Est. value
$24.8M
COMMERCIAL (GENERAL)
Est. value
$24.3M
OFFICE BUILDING
Est. value
$22.8M
WAREHOUSE, STORAGE Current
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
OFFICE 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
2022
Heating
YES
Stories
1
Rooms
12
Bathrooms
3
Lot
75.49 ac
Current owner
From public records · entity-resolved
Realty Income Us Core Plus 3 LP
Entity
Free & Clear · 1 yrs held
Mailing address
11995 EL CAMINO REAL, SAN DIEGO, CA 92130-2539
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 16, 2025
—
Realty Income Us Core Plus 3 LP
Mdc Coastal 21 LLC
Special Warranty Deed
—
Nov 1, 2022
$127,737
Mdc Coastal 21 LLC
Deepwater Hd Crg LLC
Special Warranty Deed
—
Sep 8, 2021
—
Deepwater Hd Crg LLC
—
Deed
related
$66,825,000 · Citizens Bank NA
Jun 21, 2021
—
Deepwater Hd Crg LLC
Deepwater I LLC
Special Warranty Deed
—
Jun 14, 2021
—
Deepwater I LLC
Deepwater I LLC
Intrafamily Transfer
related
—
Nov 30, 2017
$8,500,000
Deepwater I LLC
Alleghany Warehouse Co INC
Grant 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.
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