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Property profile & analytics
FOR SALE
Office buildings
306 E Main St Richmond, VA 23219
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US87-3930264
For Sale
1 / 9
$1,400,000
306 E Main St, Richmond, VA 23219
View Listing →
Property summary
AI-generated overview
This exceptional Class A office building, located at 306 E Main Street in Richmond, Virginia, presents a unique investment opportunity. The 7,500 square foot property, situated in the Enterprise Zone, boasts a desirable multi-tenancy setup, perfect for generating strong rental income. The building, a two-story painted brick structure, underwent a complete renovation in 2016, including a new roof with a 20-year warranty. The interior features exposed brick, hardwood floors, and other high-end finishes ideal for creative office spaces. The building also includes a finished basement, providing additional usable space, and a rooftop deck offering stunning city views. The asking price is $1,400,000, translating to a price per square foot of $186.67. The property is listed as a Net-Net-Net (NNN) lease, meaning tenants are responsible for property taxes, insurance, and maintenance. This prime location in Downtown Richmond, with its vibrant atmosphere and convenient access to amenities, ensures strong tenant demand and long-term investment potential. The zip code is 23219.
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
1915
Construction
TYPE NOT SPECIFIED
Total area
6,705 SF
Lot
0.13 ac (5,809 SF)
Zoning code
B-4 CENTRAL BUSINESS
APN
W-000-0034-022
UPID
US87-3930264
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
-
DPS GreenPay Accounting Firm
-
AdLinea LLC Marketing & Advertising
-
Beatties Snow Removal Richmond VA Landscaping General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$645k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$678k
Blend (final)
Blend
$695k
Owner & transaction history
Mrp Property LLC · 4 yrs held
Mrp Property LLC
since 2022
Last sale
$750,000
7 recorded transactions
Zoning & alternative use
B-4 CENTRAL BUSINESS · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.1M
+12.6%
Neighborhood: shopping center
$1.1M
+11.1%
Apartment house (5+ units)
$1.1M
+8.7%
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
$655,000
ML approach
$645,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$990,000
Current use
MEDICAL BUILDING
$1,115,000
Change: +13% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$1,100,000
Change: +11% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,080,000
Change: +9% · Conversion: Easy
RETAIL STORES
$965,000
Change: -3% · Conversion: Moderate
Blend value · Realmo final
$695k
Range $626k – $765k · ±10% · vs last sale $750k (Mar 1 2022)
Last sale anchor
$750k
Mar 1 2022
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
$104 / 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
$767,000
Assessed 2024
Previous assessed
$767,000
+0.0% YoY
Effective rate
0.00%
On assessed value
Assessed land
$328,000
Assessed improvement
$439,000
Land market value
$328,000
Improvement market value
$439,000
Total market value
$767,000
Applied tax rate
6.0000
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
Office buildings
Use group
PROFESSIONAL BUILDING
Status
For Sale
Year built
1915
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
YES
Stories
2
Bathrooms
1
Total area
6,705 SF
Lot
0.13 ac (5,809 SF)
Zoning code
B-4 CENTRAL BUSINESS
APN
W-000-0034-022
UPID
US87-3930264
Jurisdiction
RICHMOND CITY
Zoning & alternative use
B-4 CENTRAL BUSINESS · Richmond, VA
Zoning B-4 CENTRAL BUSINESS · permitted uses
B-4 CENTRAL BUSINESS · 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
OFFICE BUILDING Current
Est. value
$990,000
MEDICAL BUILDING
Est. value
$1.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.1M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.1M
RETAIL STORES
Est. value
$965,000
OFFICE BUILDING Current
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
APARTMENT HOUSE (5+ UNITS)
RETAIL STORES
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
1915
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
2
Bathrooms
1
Lot
0.13 ac
Current owner
From public records · entity-resolved
Mrp Property LLC
Entity
Mailing address
1420 N PARHAM RDR129, RICHMOND, VA 23229-5513
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 1, 2022
$750,000
Mrp Property LLC
Dps Properties INC
Special Warranty Deed
$600,000 · Blue Ridge Bank NA
Mar 8, 2006
$625,000
D P S Properties INC
9 North Third L L C
Warranty Deed
$350,000 · First Capital Bank
Dec 7, 2005
—
9 North Third LLC
Colonial Properties Svc INC
Quit Claim Deed
related
—
Sep 30, 2005
$1,350,000
Colonial Properties Svc
Clnl Acquisition Sub LLC
Grant Deed
—
—
—
Dps Properties INC
—
Deed Of Trust
related
$150,000 · Wachovia Mtg Corp/ft Lauderdal
—
—
Dps Props INC
—
Deed Of Trust
related
$495,000 · Wells Fargo Bk
—
—
Dps Properties INC
—
Deed Of Trust
related
$291,000 · Business Fin Grp
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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