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    Property profile & analytics

    3405 Commerce Rd Richmond, VA 23234

    • Office buildings
    • 41,396 SF
    • 3.46 lot acres
    For Sale
    View listing
    $5,100,000
    Last Sale
    Aug 19, 2022
    $2,200,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3833181
    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

    • CC Staffing service / Employment Agency
    • Git The Trucking Commercial Tires / Used Tire Shop / Wheel Alignment Service
    • 69 Chosen LLC / Screen Printer

    Property Details for 3405 Commerce Rd

    Year built
    1900
    Construction
    TYPE NOT SPECIFIED
    Lot size
    3.46 lot acres
    Property size
    41,396 SF
    Zone code
    M-1 LIGHT INDUSTRIAL
    Property type
    Office buildings
    APN
    S-008-0822-072
    APU
    S0080822072

    Description

    This exceptional single-tenant industrial investment opportunity in Richmond, VA, presents a compelling chance to acquire a high-cash-flow asset with minimal management demands. Located at 3405 Commerce Rd, this 42,628 square foot building sits on a 3.46-acre parcel and boasts a triple-net lease structure, ensuring the tenant, Git The Trucking Commercial Tires, covers all real estate taxes, insurance, utilities, and maintenance. The building, constructed in 1962 and recently updated with a new roof (20-year warranty), features 12-foot ceilings, three loading docks, one drive-in door, and two levelers. The property also includes approximately 177 parking spaces. The current lease, in place for over a year, includes annual market rate increases. The building's prime location, with high visibility from I-95, makes it an ideal distribution hub for the East Coast. The property's M-1 zoning and 3-phase/240V/3000-amp service further enhance its appeal. The building's previous use was printing and direct mail, showcasing its adaptability. The strong Richmond industrial market, characterized by healthy demand and significant rental rate growth, ensures a robust return on investment. This is a turnkey opportunity for a savvy investor seeking a low-maintenance, high-yield property. The asking price is $5,100,000, translating to $128.03 per square foot. The property is currently 100% occupied.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,925,000
      ML approach
      $1,910,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,669,000
      Market price range: $1.67M - $6.82M

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4309
    Latitude
    37.4762
    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
    $638,000
    $1,406,000
    $2,044,000
    -
    $638,000
    $1,406,000
    $2,044,000

    Comparable in this City

    • Value Estimation
      $330,000
      2,689 SF

      3535 Iron Brg Rd

      PROFESSIONAL BUILDING • 2,689 SF
      3535 Iron Brg Rd, Richmond, VA 23234-2937
      View Details
    • Value Estimation
      $270,000
      5,420 SF

      3801 Richmond Hwy

      PROFESSIONAL BUILDING • 5,420 SF
      3801 Richmond Hwy, Richmond, VA 23234-2631
      View Details
    • Value Estimation
      $310,000
      2,080 SF

      6550 Iron Brg Rd

      OFFICE BUILDING • 2,080 SF
      6550 Iron Brg Rd, North Chesterfield, VA 23234-5206
      View Details
    • Value Estimation
      $790,000
      3,106 SF

      5935 Hopkins Rd

      OFFICE BUILDING • 3,106 SF
      5935 Hopkins Rd, North Chesterfield, VA 23234-5436
      View Details
    • Value Estimation
      $270,000
      4,487 SF

      6520 Iron Brg Rd

      OFFICE BUILDING • 4,487 SF
      6520 Iron Brg Rd, North Chesterfield, VA 23234-5206
      View Details
    • Value Estimation
      $285,000
      2,008 SF

      4050 Transport Pl

      PROFESSIONAL BUILDING • 2,008 SF
      4050 Transport Pl, Richmond, VA 23234-1610
      View Details

    Similar Nearby for Sale

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    • $45,000
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      Richmond, VA Building Lot

      Building lot priced below assessment in Richmond, Virginia.
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      View Details
    • New
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      Land Opportunity in Chesterfield, VA

      Nearly 1-acre lot ideal for custom home or development.
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    • New
      $500,000
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      Chesterfield Land Parcel For Sale

      0.831 acre land parcel near Iron Bridge Rd, Chesterfield, VA
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      View Details

    Similar Nearby for Lease

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      1,600 SF

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      1,600 SF retail space with national co-tenants.
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      26,666 SF

      Richmond Flex Space with I-95 Frontage

      26,666 SF flex space with I-95 visibility.
      5200 Commerce Rd, Richmond, VA 23234
      View Details
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      43,675 SF

      Former Grocery Store Available

      43,657 SF former grocery store in excellent condition.
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      Secured Land for Lease

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    3405 Commerce Rd
    Richmond, VA 23234
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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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