Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    3003 Mechanicsville Tpke Richmond, VA 23223-1828
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3003 Mechanicsville Tpke Richmond, VA 23223-1828

    View on Map
    • Office buildings
    • 1,052 SF
    • 0.26 lot acres
    Off-Market
    Property ID
    US87-1259473
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Arrive Alive Driving School / Training Center / Vocational School

    Property Details for 3003 Mechanicsville Tpke

    Year built
    1930
    Lot size
    0.26 lot acres
    Property size
    1,052 SF
    Zone code
    O-2
    Property type
    Office buildings
    APN
    800-731-7226
    APU
    8007317226

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Henrico
    State
    Virginia
    Longitude
    -77.4035
    Latitude
    37.5654
    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
    2023
    $951
    $26,900
    $87,700
    $114,600
    -
    $26,900
    $87,700
    $114,600

    Comparable in this City

    • Value Estimation
      $975,000
      10,120 SF

      2317 Broad St

      PROFESSIONAL BUILDING • 10,120 SF
      2317 Broad St, Richmond, VA 23223
      View Details
    • Value Estimation
      $26,450,000
      165,843 SF

      2100 Cary St

      OFFICE BUILDING • 165,843 SF
      2100 Cary St, Richmond, VA 23223-7270
      View Details
    • Value Estimation by Request
      720 SF

      2311 Magnolia Rd

      PROFESSIONAL BUILDING • 720 SF
      2311 Magnolia Rd, Richmond, VA 23223-2321
      View Details
    • Value Estimation by Request
      1,483 SF

      5210 9th Mile Rd

      OFFICE BUILDING • 1,483 SF
      5210 9th Mile Rd, Richmond, VA 23223-3314
      View Details
    • Value Estimation by Request
      1,020 SF

      3001 Mechanicsville Tpke

      OFFICE BUILDING • 1,020 SF
      3001 Mechanicsville Tpke, Richmond, VA 23223-1828
      View Details
    • Value Estimation by Request
      6,056 SF

      5928 9th Mile Rd

      OFFICE BUILDING • 6,056 SF
      5928 9th Mile Rd, Richmond, VA 23223-3536
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,032 SF

      Office Space in Richmond, VA

      Office property with 4,032 square feet of space.
      1822 E Franklin St, Richmond, VA 23223
      View Details
    • Contact for pricing
      6,403 SF

      Historic Shockoe Bottom Redevelopment Opportunity

      Redevelopment opportunity in Richmond's historic Shockoe Bottom neighborhood.
      7 N 18Th St, Richmond, VA 23223
      View Details
    • Contact for pricing
      1,700 SF

      Prime Scott's Addition Office Space

      Office space in the heart of Scott's Addition.
      2939 W Marshall St, Richmond, VA 23223
      View Details
    • $75,000
      Pending

      Residential Land in Richmond, VA

      Land available to build your own home in Richmond.
      1822 30Th St, Richmond, VA 23223
      View Details
    • $299,950
      0.40 Acres

      Vacant Lot in Church Hill

      Rare opportunity to build your dream home with city views.
      2400 E Franklin St, Richmond, VA 23223
      View Details
    • Contact for pricing
      993 SF

      Union Hill Infill Opportunity

      Commercial land available in Union Hill neighborhood.
      1006 N 25Th St, Richmond, VA 23223
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,366 SF

      Modern Office Space in Richmond

      Office space with glass offices, modern lighting, and kitchenette.
      3410 W Clay St, Richmond, VA 23223
      View Details
    • Contact for pricing

      2025 E Main St, Richmond, VA 23223

      Office Units
      2025 E Main St, Richmond, VA 23223
      View Details
    • Contact for pricing

      Renovated Commercial Space Available

      Historic building with renovated spaces for lease, Fall 2024.
      912 Tulip St, Richmond, VA 23223
      View Details
    • Contact for pricing
      759 SF

      Office Space in Richmond, VA

      Office space available for rent in Richmond, Virginia.
      2915-2919 W Leigh St, Richmond, VA 23223
      View Details
    • Contact for pricing
      6,490 SF

      Office Space in Shockoe Bottom

      Office space for rent in vibrant Shockoe Bottom area.
      2213 E Franklin St, Richmond, VA 23223
      View Details
    • Contact for pricing
      94,537 SF

      Mechanicsville Turnpike Flex Space Available

      Flex space available on Mechanicsville Turnpike with loading docks.
      2501-2555 Mechanicsville Tpke, 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.
    3003 Mechanicsville Tpke
    Richmond, VA 23223-1828
    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.
    Sign Up Successful!
    You now have access to more from Realmo!