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    3120 Cary St Richmond, VA 23221-3504
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    Property profile & analytics

    3120 Cary St, Richmond, VA 23221-3504

    View on Map
    • Strip malls
    • 59,066 SF
    • 2.14 lot acres
    Off-Market
    Property ID
    US87-0749832
    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
    $5,225,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Can Can Brasserie / Restaurant
    • Christopher Flowers / (Bike/Boat/Book/etc) Store / Florist

    Property Details for 3120 Cary St

    Year built
    1956
    Construction
    TYPE NOT SPECIFIED
    Lot size
    2.14 lot acres
    Zone code
    UB-PO2 PARKING OVERLAY
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    W-000-1406-059
    APU
    W0001406059

    Description

    This exceptional Class A office property, Cary Court Park & Shop, presents a unique opportunity in Richmond's vibrant Carytown submarket. Located at 3120 W Cary St, zip code 23221, this single, two-story building offers a total of 59,066 square feet of space, currently configured for multiple tenants. One immediately available space of 1,238 square feet is perfect for a creative office user seeking a prominent address. The building was renovated in 1956 and boasts a traditional office layout adaptable to modern needs. Its prime location in Carytown provides unparalleled access to a diverse range of amenities, including restaurants, shops, and entertainment venues. The property's classification as both "Traditional Office" and "Creative Office" reflects its versatility and suitability for a variety of businesses. This is a rare chance to secure space in a highly sought-after location within a well-maintained building. The property's address is easily accessible and benefits from high visibility within the bustling Carytown district. The available space is ready for immediate occupancy. Contact us today to schedule a viewing.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $8,510,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4814
    Latitude
    37.5538
    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
    $3,081,000
    $4,453,000
    $7,534,000
    -
    $3,081,000
    $4,453,000
    $7,534,000

    Comparable in this City

    • Value Estimation
      $500,000
      3,960 SF

      19 Belmont Ave

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      19 Belmont Ave, Richmond, VA 23221-3003
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    • Value Estimation
      $6,455,000
      49,012 SF

      10 Nansemond St

      SHOPPING CENTER, STRIP CENTER
      10 Nansemond St, Richmond, VA 23221-2768
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    • Value Estimation
      $2,935,000
      23,082 SF

      10 Thompson St

      SHOPPING CENTER, STRIP CENTER
      10 Thompson St, Richmond, VA 23221-2718
      View Details
    • Value Estimation
      $1,115,000
      6,702 SF

      606 Sheppard St

      SHOPPING CENTER, STRIP CENTER
      606 Sheppard St, Richmond, VA 23221-1712
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    • Value Estimation by Request
      2,115 SF

      1006 Lafayette St

      SHOPPING CENTER, STRIP CENTER
      1006 Lafayette St, Richmond, VA 23221-1142
      View Details
    • Value Estimation
      $21,565,000
      193,590 SF

      3540 Cary St

      MINI-MALL
      3540 Cary St, Richmond, VA 23221-2729
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,300 SF

      Retail Space on Cary Street

      Highly visible retail space available for sale in Richmond, VA.
      3322 W Cary St, Richmond, VA 23221
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      Carytown Retail/Office Building For Sale

      Small retail/office building in Carytown with flexible zoning and parking.
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      1,732 SF

      Carytown Retail/Office Building For Sale

      Retail/office building in Carytown with flexible zoning and parking.
      25 S Nansemond St, Richmond, VA 23221
      View Details
    • New
      $439,000
      Pending

      Museum District Duplex For Sale

      1962 duplex in the heart of the Museum District.
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      3,560 SF

      Functional Office Space For Sale

      Office or medical space near Libbie & Grove neighborhoods.
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      Spacious Brick Duplex Near Carytown

      Two spacious units near Carytown with separate utilities.
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    Similar Nearby for Lease

    • Contact for pricing
      1,520 SF

      Office/Retail Space for Lease

      Available suite ideal for professional or wellness services.
      10 S Crenshaw Ave, Richmond, VA 23221
      View Details
    • Contact for pricing
      2,811 SF

      Retail Space in Carytown Exchange

      Retail space available in Richmond's Carytown Exchange.
      3550 W Cary St, Richmond, VA 23221
      View Details
    • Contact for pricing
      2,500 SF

      Retail Space on Cary Street

      Retail space with high foot traffic and off-street parking.
      3218-3228 W Cary St, Richmond, VA 23221
      View Details
    • Contact for pricing
      1,520 SF

      Museum District Retail/Office Space

      Retail or office space in walkable Museum District neighborhood.
      606-616 N Sheppard St, Richmond, VA 23221
      View Details
    • Contact for pricing
      764 SF

      Retail Space in Historic Setting

      Renovated retail space with off-street parking in Richmond, VA.
      3120-3158 W Cary St, Richmond, VA 23221
      View Details
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    3120 Cary St
    Richmond, VA 23221-3504
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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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