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Property profile & analytics
OFF-MARKET
Estimated value
$5,225,000
Strip malls
3120 Cary St Richmond, VA 23221-3504
Entity Owned
Free & Clear
Property ID
US87-0749832
Property summary
AI-generated overview
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.
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1956
Construction
TYPE NOT SPECIFIED
Total area
59,066 SF
Lot
2.14 ac (93,306 SF)
Zoning code
UB-PO2 PARKING OVERLAY
APN
W-000-1406-059
UPID
US87-0749832
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
-
Can Can Brasserie Restaurant
-
Christopher Flowers (Bike/Boat/Book/etc) Store Florist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$5.23M
Owner & transaction history
SAUER PROPERTIES INC
SAUER PROPERTIES INC
Zoning & alternative use
UB-PO2 PARKING OVERLAY · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$8,510,000
Change: -12% · Conversion: Easy
Blend value · Realmo final
$5.23M
Range $4.70M – $5.75M · ±10%
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
$88 / 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
$7,534,000
Assessed 2024
Previous assessed
$7,534,000
+0.0% YoY
Effective rate
0.00%
On assessed value
Assessed land
$3,081,000
Assessed improvement
$4,453,000
Land market value
$3,081,000
Improvement market value
$4,453,000
Total market value
$7,534,000
Applied tax rate
5.0000
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1956
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
YES
Stories
2
Rooms
20
Total area
59,066 SF
Lot
2.14 ac (93,306 SF)
Zoning code
UB-PO2 PARKING OVERLAY
APN
W-000-1406-059
UPID
US87-0749832
Jurisdiction
RICHMOND CITY
Zoning & alternative use
UB-PO2 PARKING OVERLAY · Richmond, VA
Zoning UB-PO2 PARKING OVERLAY · permitted uses
UB-PO2 PARKING OVERLAY · 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
RETAIL STORES
Est. value
$8.5M
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
1956
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
2
Rooms
20
Lot
2.14 ac
Current owner
From public records · entity-resolved
SAUER PROPERTIES INC
Entity
Free & Clear · 0 yrs held
Mailing address
PO BOX 71150, RICHMOND, VA 23255-1150
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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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