Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$1,925,000
Distribution centers
3609 Belt Blvd Richmond, VA 23234-1522
Entity Owned
4-yr Hold
Free & Clear
Property ID
US87-1085353
Property profile
Verified
Property type
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Year built
1962
Construction
TYPE NOT SPECIFIED
Total area
16,490 SF
Lot
6.99 ac (304,484 SF)
Zoning code
M-1 LIGHT INDUSTRIAL
APN
C-009-0643-014
UPID
US87-1085353
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
$1.73M
CAP Approach
CAP
$2.41M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.93M
Owner & transaction history
Var Ltl LLC · 4 yrs held
Var Ltl LLC
since 2021
Last sale
$2.0M
6 recorded transactions
Zoning & alternative use
M-1 LIGHT INDUSTRIAL · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$3.0M
+84.9%
Medical building
$2.7M
+69.1%
Neighborhood: shopping center
$2.7M
+66.7%
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
$1,500,000
ML approach
$1,725,000
CAP Approach
CAP Return
Estimation
6%
$2,610,000
6.5%
$2,410,000
7%
$2,235,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,625,000
Current use
AUTO REPAIR, GARAGE
$3,005,000
Change: +85% · Conversion: Easy
MEDICAL BUILDING
$2,745,000
Change: +69% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$2,710,000
Change: +67% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$2,650,000
Change: +63% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,605,000
Change: +60% · Conversion: Difficult
OFFICE BUILDING
$2,440,000
Change: +50% · Conversion: Difficult
Blend value · Realmo final
$1.93M
Range $1.73M – $2.12M · ±10% · vs last sale $2.00M (Oct 25 2021)
Last sale anchor
$2.00M
Oct 25 2021
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
$117 / 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
$1,917,000
Assessed 2024
Previous assessed
$1,892,000
+1.3% YoY
Effective rate
0.00%
On assessed value
Assessed land
$511,000
Assessed improvement
$1,406,000
Land market value
$511,000
Improvement market value
$1,406,000
Total market value
$1,917,000
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
Distribution centers
Use group
DISTRIBUTION WAREHOUSE
Status
Off-Market
Year built
1962
Construction
TYPE NOT SPECIFIED
Heating
YES
Stories
1
Bathrooms
1
Total area
16,490 SF
Lot
6.99 ac (304,484 SF)
Zoning code
M-1 LIGHT INDUSTRIAL
APN
C-009-0643-014
UPID
US87-1085353
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
WAREHOUSE, STORAGE Current
Est. value
$1.6M
AUTO REPAIR, GARAGE
Est. value
$3.0M
MEDICAL BUILDING
Est. value
$2.7M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$2.7M
COMMERCIAL (GENERAL)
Est. value
$2.6M
OFFICE BUILDING
Est. value
$2.4M
WAREHOUSE, STORAGE Current
AUTO REPAIR, GARAGE
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
OFFICE BUILDING
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
1962
Construction
TYPE NOT SPECIFIED
Heating
YES
Stories
1
Bathrooms
1
Lot
6.99 ac
Current owner
From public records · entity-resolved
Var Ltl LLC
Entity
Free & Clear · 4 yrs held
Mailing address
650 WESTTOWN RD, WEST CHESTER, PA 19382-4900
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 25, 2021
$2,000,000
Var Ltl LLC
Bex Asset Management LLC
Special Warranty Deed
—
Aug 8, 2012
$535,500
Bex Asset Management LLC
Usf Holland INC
Special Warranty Deed
$629,000 · First Capital Bank
Dec 30, 2004
—
Usf Holland Realty LLC
Usf Red Star INC
Quit Claim Deed
related
—
—
—
Usf Holland INC
—
Deed Of Trust
related
$1,500,000,000 · Jp Morgan Chase Bk
—
—
Usf Holland INC
—
Deed Of Trust
related
$300,000,000 · Wilmington Tr
—
—
Usf Holland Realty LLC
—
Deed Of Trust
related
—
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 3609 Belt Blvd?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
