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    Property profile & analytics

    3501 Patterson Ave Richmond, VA 23221-2160

    • Apartment buildings
    • 48,063 SF
    • 1.33 lot acres
    OFF-MARKET
    Value Estimations
    $5,525,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0261892
    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

    • Apartment buildings

    Property Details for 3501 Patterson Ave

    Year built
    2017
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.33 lot acres
    Property size
    48,063 SF
    Zone code
    R-48 MULTI FAMILY
    Property type
    Apartment buildings
    APN
    W-000-1615-002
    APU
    W0001615002

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $7,725,000
      Current use
      AUTO REPAIR, GARAGE
      $8,755,000
      Change: +13% Conversion: Difficult
      MEDICAL BUILDING
      $8,005,000
      Change: +4% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $7,895,000
      Change: +2% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $7,590,000
      Change: -2% Conversion: Moderate
      OFFICE BUILDING
      $7,110,000
      Change: -8% Conversion: Moderate
      RETAIL STORES
      $6,925,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4833
    Latitude
    37.5625
    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
    $2,040,000
    $9,825,000
    $11,865,000
    -
    $2,040,000
    $9,825,000
    $11,865,000

    Comparable in this City

    • Value Estimation
      $1,110,000
      10,638 SF

      3009 Monument Ave

      APARTMENT HOUSE (5+ UNITS) • 10,638 SF
      3009 Monument Ave, Richmond, VA 23221-1464
      View Details
    • Value Estimation
      $1,055,000
      10,722 SF

      3000 Monument Ave

      APARTMENT HOUSE (5+ UNITS) • 10,722 SF
      3000 Monument Ave, Richmond, VA 23221-1460
      View Details
    • Value Estimation
      $1,010,000
      10,116 SF

      2832 Monument Ave

      APARTMENT HOUSE (5+ UNITS) • 10,116 SF
      2832 Monument Ave, Richmond, VA 23221-1752
      View Details
    • Value Estimation
      $955,000
      9,000 SF

      3004 Monument Ave

      APARTMENT HOUSE (5+ UNITS) • 9,000 SF
      3004 Monument Ave, Richmond, VA 23221-1462
      View Details
    • Value Estimation
      $17,280,000
      147,352 SF

      41 12th Malvern Ave

      APARTMENT HOUSE (100+ UNITS) • 147,352 SF
      41 12th Malvern Ave, Richmond, VA 23221-2603
      View Details
    • Value Estimation
      $5,485,000
      62,356 SF

      920 Hamilton St

      APARTMENT HOUSE (5+ UNITS) • 62,356 SF
      920 Hamilton St, Richmond, VA 23221-1224
      View Details

    Similar Nearby for Sale

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      $1,200,000
      Pending

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      View Details
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      1,980 SF

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      City-approved development plans in Richmond's sought-after Museum District.
      3303 Park Ave, Richmond, VA 23221
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    Similar Nearby for Lease

    • Contact for pricing
      1,520 SF

      Museum District Retail/Office Space

      Retail or office space in walkable Museum District neighborhood.
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      View Details
    • Contact for pricing
      92,834 SF

      Richmond Retail Center - Prime Location

      92,834 SF Retail Space Available in Richmond, VA
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      30,450 SF

      Carytown Square Office Suites

      Prime Richmond Office & Coworking Space
      3218 Cary St, Richmond, VA 23221
      View Details
    • Contact for pricing
      3,000 SF

      Medical Office Condos Available

      Medical office condos for sale or lease near Route 288.
      Patterson Ave, Richmond, VA 23221
      View Details
    • Contact for pricing
      59,066 SF

      Carytown Office Space: Prime Location

      1,238 sq ft Creative Office Available
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      View Details
    • Contact for pricing
      9,800 SF

      Office Space in Scott’s Addition

      Office space for sublease in ideal location.
      1408 Roseneath Rd, Richmond, VA 23221
      View Details
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    3501 Patterson Ave
    Richmond, VA 23221-2160
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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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