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Property profile & analytics
OFF-MARKET
Estimated value
$650,000
Flex space
3400 Coastal Blvd Richmond, VA 23224
Entity Owned
2-yr Hold
Free & Clear
Property ID
US87-1278157
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1988
Total area
5,041 SF
Lot
1 ac (43,560 SF)
Zoning code
M-1 LIGHT INDUSTRIAL
APN
C-009-0379-014
UPID
US87-1278157
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$650k
CAP Approach
CAP
$490k
Comparable Approach
Comparable
$794k
Blend (final)
Blend
$650k
Owner & transaction history
Formex Road LLC · 2 yrs held
Formex Road LLC
since 2024
Last sale
$650,000
2 recorded transactions
Zoning & alternative use
M-1 LIGHT INDUSTRIAL · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$840,000
+61.7%
Neighborhood: shopping center
$830,000
+59.4%
Office building
$745,000
+43.5%
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
$650,000
ML approach
$650,000
CAP Approach
CAP Return
Estimation
6%
$535,000
6.5%
$490,000
7%
$455,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$520,000
Current use
MEDICAL BUILDING
$840,000
Change: +62% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$830,000
Change: +59% · Conversion: Difficult
OFFICE BUILDING
$745,000
Change: +44% · Conversion: Difficult
COMMERCIAL (GENERAL)
$540,000
Change: +4% · Conversion: Difficult
AUTO REPAIR, GARAGE
$500,000
Change: -4% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$425,000
Change: -18% · Conversion: Difficult
Blend value · Realmo final
$650k
Range $585k – $715k · ±10% · vs last sale $650k (Feb 14 2024)
Last sale anchor
$650k
Feb 14 2024
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
$129 / 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
$375,000
Assessed 2024
Previous assessed
$367,000
+2.2% YoY
Effective rate
0.01%
On assessed value
Assessed land
$170,000
Assessed improvement
$205,000
Land market value
$170,000
Improvement market value
$205,000
Total market value
$375,000
Applied tax rate
8.0000
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
Off-Market
Year built
1988
Heating
YES
Cooling
CENTRAL
Buildings
2
Stories
1
Bathrooms
0
Total area
5,041 SF
Lot
1 ac (43,560 SF)
Zoning code
M-1 LIGHT INDUSTRIAL
APN
C-009-0379-014
UPID
US87-1278157
Jurisdiction
RICHMOND CITY
Zoning & alternative use
M-1 LIGHT INDUSTRIAL · Richmond, VA
Zoning M-1 LIGHT INDUSTRIAL · permitted uses
M-1 LIGHT INDUSTRIAL · 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
INDUSTRIAL (GENERAL) Current
Est. value
$520,000
MEDICAL BUILDING
Est. value
$840,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$830,000
OFFICE BUILDING
Est. value
$745,000
COMMERCIAL (GENERAL)
Est. value
$540,000
AUTO REPAIR, GARAGE
Est. value
$500,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$425,000
INDUSTRIAL (GENERAL) Current
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
OFFICE BUILDING
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
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
1988
Heating
YES
Cooling
Yes
Stories
1
Buildings
2
Bathrooms
0
Lot
1 ac
Current owner
From public records · entity-resolved
Formex Road LLC
Entity
Free & Clear · 2 yrs held
Mailing address
1711 REYMET RD, NORTH CHESTERFIELD, VA 23237-3727
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 15, 2024
—
Formex Road LLC
—
Deed
related
$725,000 · First Bank
Feb 14, 2024
$650,000
Formex Road LLC
John P Scott
Warranty Deed
—
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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