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    Property profile & analytics

    2703 Commerce Rd Richmond, VA 23234-1807

    • Distribution centers
    • 154,035 SF
    • 75.49 lot acres
    OFF-MARKET
    Last Sale
    Apr 16, 2025
    Value Estimations
    $16,765,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1192143
    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

    • Lowes BDC 3469 / Warehouse & Storage

    Property Details for 2703 Commerce Rd

    Year built
    2022
    Lot size
    75.49 lot acres
    Property size
    154,035 SF
    Zone code
    MULTIPLE ZONING
    Property type
    Distribution centers
    APN
    S-008-0601-051
    APU
    S0080601051

    Value Estimations

    based on Realmo’s proprietary methodology

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4324
    Latitude
    37.486
    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
    $7,839,000
    $120,458,000
    $128,297,000
    -
    $7,839,000
    $120,458,000
    $128,297,000

    Comparable in this City

    • Value Estimation
      $1,140,000
      18,980 SF

      3024 Bells Rd

      DISTRIBUTION WAREHOUSE • 18,980 SF
      3024 Bells Rd, Richmond, VA 23234-1608
      View Details
    • Value Estimation
      $1,520,000
      25,065 SF

      2300 Deepwater Terminal Rd

      DISTRIBUTION WAREHOUSE • 25,065 SF
      2300 Deepwater Terminal Rd, Richmond, VA 23234-1818
      View Details
    • Value Estimation
      $3,500,000
      57,416 SF

      1701 Ruffin Rd

      DISTRIBUTION WAREHOUSE • 57,416 SF
      1701 Ruffin Rd, Richmond, VA 23234-1830
      View Details
    • Value Estimation
      $1,145,000
      10,836 SF

      3501 Belt Blvd

      DISTRIBUTION WAREHOUSE • 10,836 SF
      3501 Belt Blvd, Richmond, VA 23234-1520
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    • Value Estimation by Request
      1,568 SF

      1800 Trenton Ave

      DISTRIBUTION WAREHOUSE • 1,568 SF
      1800 Trenton Ave, Richmond, VA 23234-2203
      View Details
    • Value Estimation
      $1,510,000
      16,830 SF

      3800 Deepwater Terminal Rd

      DISTRIBUTION WAREHOUSE • 16,830 SF
      3800 Deepwater Terminal Rd, Richmond, VA 23234-2227
      View Details

    Similar Nearby for Sale

    • $5,100,000
      42,628 SF

      Richmond Industrial Investment

      High-cash-flow industrial property.
      3405 Commerce Rd, Richmond, VA 23234
      View Details
    • Contact for pricing

      Land Parcel For Sale

      Land parcel available near Chippenham Pkwy/I-95 on-ramp.
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    • Contact for pricing

      Land on Cogbill Road

      Commercial land with frontage on Iron Bridge and Cogbill Roads.
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    • $650,000
      2.35 Acres

      Richmond Retail Land Opportunity

      2.347 acres, prime retail location, $650,000
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      4.5 Acre Commercial Outparcel

      4.5 acre commercial land with high visibility and access.
      6767 Iron Bridge Rd, Richmond, VA 23234
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    • $160,000
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      Land Opportunity in Chesterfield, VA

      Nearly 1-acre lot ideal for custom home or development.
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    Similar Nearby for Lease

    • Contact for pricing
      56,160 SF

      Richmond Industrial Space with IOS

      Industrial space with outdoor storage and rail access in Richmond.
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    • Contact for pricing
      26,666 SF

      Richmond Flex Space with I-95 Frontage

      26,666 SF flex space with I-95 visibility.
      5200 Commerce Rd, Richmond, VA 23234
      View Details
    • Contact for pricing
      40,000 SF

      Richmond Warehouse Space for Lease

      40,000 SF warehouse space available for lease in Richmond.
      3310 Deepwater Terminal Rd, Richmond, VA 23234
      View Details
    • $8 SF/Yr
      15,150 SF

      Richmond Flex Space For Lease

      12,000 SF Flex Space Available
      2930-2954 Bells Rd, Richmond, VA 23234
      View Details
    • Contact for pricing
      330,000 SF

      Richmond Warehouse Available For Lease

      330000 sqft warehouse available for lease in Richmond Enterprise Zone.
      2700 Deepwater Terminal Rd, Richmond, VA 23234
      View Details
    • Contact for pricing
      41,117 SF

      Retail Space Available For Sublease

      41,117 SF retail space available for sublease.
      7000 Iron Bridge Rd, North Chesterfield, VA 23234
      View Details
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    2703 Commerce Rd
    Richmond, VA 23234-1807
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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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