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

    3032 Richmond Rd Ste, Unit 2 Williamsburg, VA 23185-7001

    • Retail space
    • 11,121 SF
    • 4.82 lot acres
    OFF-MARKET
    Value Estimations
    $925,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2946632
    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

    • Retail space

    Property Details for 3032 Richmond Rd Ste

    Year built
    1987
    Lot size
    4.82 lot acres
    Property size
    11,121 SF
    Zone code
    B-2 (CORRIDOR BUSINESS)
    Property type
    Retail space
    APN
    4008.296.506
    APU
    4008296506

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $920,000
      Current use
      OFFICE BUILDING
      $1,285,000
      Change: +40% Conversion: Easy
      RESTAURANT
      $885,000
      Change: -4% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Williamsburg
    County
    Williamsburg City
    State
    Virginia
    Longitude
    -76.7313
    Latitude
    37.308
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 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
    $26,102
    $1,664,300
    $2,545,700
    $4,210,000
    -
    $1,664,300
    $2,545,700
    $4,210,000

    Comparable in this City

    • Value Estimation
      $2,975,000
      127,276 SF

      200 Marquis Pkwy

      RETAIL STORES (PERSONAL SERVICES) • 127,276 SF
      200 Marquis Pkwy, Williamsburg, VA 23185-5371
      View Details
    • Value Estimation
      $1,700,000
      6,816 SF

      409 Byp Rd

      RETAIL STORES (PERSONAL SERVICES) • 6,816 SF
      409 Byp Rd, Williamsburg, VA 23185-2924
      View Details
    • Value Estimation by Request
      3,300 SF

      1012 Richmond Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,300 SF
      1012 Richmond Rd, Williamsburg, VA 23185-2824
      View Details
    • Value Estimation by Request
      6,500 SF

      1656 Richmond Rd

      RETAIL STORES (PERSONAL SERVICES) • 6,500 SF
      1656 Richmond Rd, Williamsburg, VA 23185-2724
      View Details
    • Value Estimation by Request
      1,155 SF

      124 Duke Of Gloucester St

      RETAIL STORES (PERSONAL SERVICES) • 1,155 SF
      124 Duke Of Gloucester St, Williamsburg, VA 23185-4258
      View Details
    • Value Estimation
      $1,590,000
      33,954 SF

      414 Duke Of Gloucester St

      RETAIL STORES (PERSONAL SERVICES) • 33,954 SF
      414 Duke Of Gloucester St, Williamsburg, VA 23185-3603
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,560 SF

      Retail Space with Redevelopment Underway

      Retail spaces available in renovated shopping center near I-64.
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    • $1,200,000
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      Highly Visible Retail/Office Space

      Central location with private parking and monument signage.
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      1,640 SF

      Retail Space Near I-64

      Retail spaces available near I-64 and Richmond Rd (Route 60).
      118-120 Waller Mill Rd, Williamsburg, VA 23185
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    • $800,016
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      Williamsburg Gas Station NNN Lease

      Stable cash flow asset with zero landlord responsibilities.
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      8,393 SF

      Prime Williamsburg Restaurant Space

      8,393 SF Restaurant, 2 Acres, VA
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    • $850,000
      1.15 Acres

      Williamsburg Retail Land - $850K

      Prime 1.15-acre retail lot, high traffic area.
      817 Merrimac Trl, Williamsburg, VA 23185
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      1,135 SF

      Retail Space in Neighborhood Center

      Retail space suitable for salon, services, or medical use.
      113 Palace Ln, Williamsburg, VA 23185
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    • $28 SF/Yr
      1,870 SF

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      86,000 SF retail center with diverse tenant mix.
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    • $6,000 /Mo
      6,000 SF

      Retail Space Near Best Western

      Retail space adjacent to Best Western in Williamsburg, Virginia.
      351 York St, Williamsburg, VA 23185
      View Details
    • Contact for pricing
      14,920 SF

      Colonial Williamsburg Retail and Office

      Premier retail and office space in historic Merchants Square.
      134 N Henry St, Williamsburg, VA 23185
      View Details
    • $14 SF/Yr
      8,450 SF

      Retail Space in Williamsburg, VA

      Retail space available for lease in Williamsburg, Virginia.
      4511 John Tyler Hwy, Williamsburg, VA 23185
      View Details
    • Contact for pricing
      932 SF

      Williamsburg Retail Pad Site

      Retail property with drive-thru, near major attractions.
      105 Bypass Rd, Williamsburg, VA 23185
      View Details
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    3032 Richmond Rd Ste, Unit 2
    Williamsburg, VA 23185-7001
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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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