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    Property profile & analytics

    3410 Leigh St Richmond, VA 23230-4442

    • Office buildings
    • 10,523 SF
    • 0.26 lot acres
    OFF-MARKET
    Last Sale
    Apr 21, 2022
    $1,893,760
    Value Estimations
    $1,895,000
    Show details
    Cap Rate Potential
    9.1%
    Office buildings
    Location Intelligence
    Property ID
    US87-1326432
    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

    • Method Woodworking & Design / General Contractor
    • Newmark / Real Estate Agency
    • Designs in Wood LLC / General Contractor / Renovation Specialist

    Property Details for 3410 Leigh St

    Year built
    1951
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.26 lot acres
    Property size
    10,523 SF
    Zone code
    M-1 LIGHT INDUSTRIAL
    Property type
    Office buildings
    APN
    N-000-1788-005
    APU
    N0001788005

    Description

    This exceptional creative office space, located at 3410 W Leigh St in Richmond, Virginia, offers a unique opportunity for businesses seeking a vibrant and inspiring work environment. The property boasts a total of 6,419 square feet, with 2,699 square feet currently available for lease. The building features a desirable 10-foot ceiling height, providing ample space and a sense of openness. The property is classified as a multi-tenant building, offering flexibility and potential for collaboration. Situated in Richmond County, this location provides easy access to the city's amenities and transportation networks. The property type is officially designated as an office building, specifically categorized as a creative office space, ideal for companies seeking a modern and adaptable workspace. The available space totals 2,699 square feet, presenting a significant opportunity for businesses of various sizes. The address is 3410 W Leigh St, Richmond, VA 23230. This property is perfect for businesses seeking a unique and functional office space in a thriving Richmond location. The building's design and layout are well-suited for creative industries, offering a flexible and inspiring environment for employees. The ample square footage allows for customization and adaptation to meet specific business needs. The convenient location in Richmond County ensures easy access to local businesses, transportation, and other essential services. This is a prime opportunity to secure a desirable office space in a sought-after area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,660,000
      ML approach
      $1,605,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,515,000
      6.5%
      $2,320,000
      7%
      $2,155,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,984,000
      Market price range: $792k - $2.07M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,430,000
      Current use
      RESTAURANT
      $2,960,000
      Change: +107% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,915,000
      Change: +34% Conversion: Difficult
      MEDICAL BUILDING
      $1,755,000
      Change: +23% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $1,730,000
      Change: +21% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $1,690,000
      Change: +18% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,565,000
      Change: +9% Conversion: Difficult
      RETAIL STORES
      $1,515,000
      Change: +6% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.475
    Latitude
    37.571
    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
    $824,000
    $1,224,000
    $2,048,000
    -
    $824,000
    $1,224,000
    $2,048,000

    Comparable in this City

    • Value Estimation
      $23,655,000
      257,130 SF

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      OFFICE BUILDING • 257,130 SF
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      View Details
    • Value Estimation by Request
      254,997 SF

      2015 Staples Ml Rd

      OFFICE BUILDING • 254,997 SF
      2015 Staples Ml Rd, Richmond, VA 23230-3108
      View Details
    • Value Estimation
      $1,405,000
      9,000 SF

      4900 Fitzhugh Ave

      PROFESSIONAL BUILDING • 9,000 SF
      4900 Fitzhugh Ave, Richmond, VA 23230-3510
      View Details
    • Value Estimation by Request
      3,015 SF

      3021 Clay St

      PROFESSIONAL BUILDING • 3,015 SF
      3021 Clay St, Richmond, VA 23230-4701
      View Details
    • Value Estimation
      $1,160,000
      33,360 SF

      5310 Markel Rd

      OFFICE BUILDING • 33,360 SF
      5310 Markel Rd, Richmond, VA 23230-3030
      View Details
    • Value Estimation
      $1,460,000
      14,904 SF

      5000 Monument Ave

      OFFICE BUILDING • 14,904 SF
      5000 Monument Ave, Richmond, VA 23230-3627
      View Details

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      3.10 Acres

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    Similar Nearby for Lease

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    • $15 SF/Yr
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    3410 Leigh St
    Richmond, VA 23230-4442
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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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