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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3031 Norfolk St Richmond, VA 23230-4549

    • Retail residential properties
    • 38,252 SF
    • 1.38 lot acres
    OFF-MARKET
    Value Estimations
    $5,025,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3963227
    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

    • 1 Scott's Addition / Apartment Building

    Property Details for 3031 Norfolk St

    Year built
    1900
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.38 lot acres
    Property size
    38,252 SF
    Zone code
    M-1 LIGHT INDUSTRIAL
    Property type
    Retail residential properties
    APN
    N-000-1597-012
    APU
    N0001597012

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,017,000
      Market price range: $1.72M - $5.02M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,890,000
      Current use
      AUTO REPAIR, GARAGE
      $6,965,000
      Change: +79% Conversion: Difficult
      MEDICAL BUILDING
      $6,370,000
      Change: +64% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $6,285,000
      Change: +62% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $6,150,000
      Change: +58% Conversion: Moderate
      WAREHOUSE, STORAGE
      $5,690,000
      Change: +46% Conversion: Difficult
      RETAIL STORES
      $5,510,000
      Change: +42% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4693
    Latitude
    37.5681
    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
    $1,203,000
    $15,167,000
    $16,370,000
    -
    $1,203,000
    $15,167,000
    $16,370,000

    Comparable in this City

    • Value Estimation
      $1,675,000
      17,322 SF

      1400 Arthur Ashe Blvd

      STORES & APARTMENTS • 17,322 SF
      1400 Arthur Ashe Blvd, Richmond, VA 23230-4524
      View Details
    • Value Estimation
      $3,560,000
      37,259 SF

      3122 Norfolk St

      STORES & APARTMENTS • 37,259 SF
      3122 Norfolk St, Richmond, VA 23230
      View Details
    • Value Estimation
      $820,000
      8,092 SF

      1111 Thompson St

      STORES & APARTMENTS • 8,092 SF
      1111 Thompson St, Richmond, VA 23230-4922
      View Details
    • Value Estimation
      $8,715,000
      116,492 SF

      1300 Mactavish Ave

      STORES & APARTMENTS • 116,492 SF
      1300 Mactavish Ave, Richmond, VA 23230-4633
      View Details
    • Value Estimation
      $840,000
      21,586 SF

      2101 Westmoreland St

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 21,586 SF
      2101 Westmoreland St, Richmond, VA 23230-3229
      View Details
    • Value Estimation
      $10,205,000
      332,465 SF

      2000 Westmoreland St

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 332,465 SF
      2000 Westmoreland St, Richmond, VA 23230-3241
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      1,600 SF

      Richmond Industrial Building For Sale

      1,600 SF building on a 0.423-acre lot.
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    • $2,300,000
      20,000 SF

      20,000 SF Flex/Industrial Space

      20,000 SF flex/industrial space in Richmond, Virginia for sale.
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      20,000 SF

      Richmond Office Building: Owner/User Opportunity

      20,000 SF Office, High Occupancy, Prime Location
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    Similar Nearby for Lease

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      5,233 SF

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      Modern Office Suites, 2,030-3,203 SF Available
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      43,881 SF

      Willow Place Retail Center

      Richmond, VA: Prime Retail Space Available
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      View Details
    • $30 SF/Yr
      17,055 SF

      Historic Scott's Addition Office Space

      17,055 SF Creative Office/Retail Space
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      View Details
    • Contact for pricing
      24,645 SF

      Prime Richmond Executive Office Space

      24,645 SF Executive Office Suite in Willow Lawn
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    • Contact for pricing
      41,953 SF

      Richmond Warehouse Space Available

      41,953 SF warehouse space for rent in Richmond, VA.
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      View Details
    • Contact for pricing
      7,300 SF

      Warehouse in Dabney Road Area

      Distribution warehouse in Henrico County, centrally located near Richmond.
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      View Details
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    3031 Norfolk St
    Richmond, VA 23230-4549
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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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