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

    3200 Broad St Richmond, VA 23230-5004

    • Apartment buildings
    • 185,604 SF
    • 2.30 lot acres
    OFF-MARKET
    Last Sale
    Jul 06, 2022
    $7,500,000
    Value Estimations
    $6,570,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0894560
    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

    • The Mount Carmel Baptist Church / Baptist Church
    • Virginia Credit Union / Financial Institution

    Property Details for 3200 Broad St

    Year built
    2021
    Construction
    CONCRETE
    Lot size
    2.30 lot acres
    Property size
    185,604 SF
    Zone code
    MULTIPLE ZONING
    Property type
    Apartment buildings
    APN
    N-000-1711-002
    APU
    N0001711002

    Description

    The Icon, located at 3200 W Broad St in Richmond, Virginia (zip code 23230), offers exceptional executive office space for lease. This six-story building boasts a total of 4,300 square feet, with multiple tenancy options available. Currently, 3,964 square feet are vacant, offering flexible space solutions. Individual suites range from a minimum of 1,310 square feet to a maximum contiguous space of 1,495 square feet, ideal for businesses of varying sizes. The building's classification includes both retail and office space, reflecting its versatile design and potential uses. Abundant parking is provided for tenants and their clients, ensuring convenient access. The property is situated in Richmond County, Virginia, offering easy access to major transportation routes and amenities. This prime location makes The Icon an attractive option for businesses seeking a prestigious and functional workspace in the heart of Richmond. The building's modern design and ample space make it an excellent choice for companies looking to establish or expand their presence in the vibrant Richmond market. Interested parties are encouraged to inquire about available spaces and lease terms.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,570,000
      ML approach
      $7,045,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4747
    Latitude
    37.5668
    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
    $8,670,000
    $62,799,000
    $71,469,000
    -
    $8,670,000
    $62,799,000
    $71,469,000

    Comparable in this City

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    • Value Estimation
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      3212 Cutshaw Ave

      APARTMENT HOUSE (5+ UNITS) • 28,115 SF
      3212 Cutshaw Ave, Richmond, VA 23230-5024
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      10,878 SF

      3600 Monument Ave

      APARTMENT HOUSE (5+ UNITS) • 10,878 SF
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    • Value Estimation
      $210,000
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      3122 Clay St

      APARTMENT HOUSE (5+ UNITS) • 14,198 SF
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    • Value Estimation
      $675,000
      89,811 SF

      1821 Mactavish Ave

      APARTMENT HOUSE (100+ UNITS) • 89,811 SF
      1821 Mactavish Ave, Richmond, VA 23230-4327
      View Details
    • Value Estimation
      $390,000
      66,520 SF

      3805 Cutshaw Ave

      APARTMENT HOUSE (5+ UNITS) • 66,520 SF
      3805 Cutshaw Ave, Richmond, VA 23230-3943
      View Details

    Similar Nearby for Sale

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      801 W Broad St: Mixed-Use Gem

      Prime Richmond location, high-traffic area.
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    • $650,000
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      3.10 Acres

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    • $2,300,000
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      20,000 SF flex/industrial space in Richmond, Virginia for sale.
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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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    Similar Nearby for Lease

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      18,500 SF

      Historic Scott's Addition Creative Office

      Richmond, VA: 4 Suites Available, 546-1808 SF
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    • $22 SF/Yr
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      Prime Richmond Office Space

      Prestigious campus, modern office suites
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      300,000 SF

      Arthur Ashe Blvd Retail Space

      Prime Richmond Retail, Multiple Spaces Available
      1201 Arthur Ashe Blvd, Richmond, VA 23230
      View Details
    • Contact for pricing
      67,650 SF

      Warehouse Space with Overhead Cranes

      Warehouse space with convenient highway access and overhead cranes.
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      View Details
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    3200 Broad St
    Richmond, VA 23230-5004
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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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