Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3609 Chamberlayne Ave Richmond, VA 23227-4541

    • Apartment buildings
    • 24,564 SF
    • 1.15 lot acres
    OFF-MARKET
    Last Sale
    Jul 28, 2020
    $8,559,250
    Value Estimations
    $5,600,000
    Show details
    Cap Rate Potential
    5.7%
    Apartment buildings
    Location Intelligence
    Property ID
    US87-0851102
    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 3609 Chamberlayne Ave

    Year built
    1972
    Construction
    WOOD
    Lot size
    1.15 lot acres
    Property size
    24,564 SF
    Zone code
    R-48 MULTI FAMILY
    Property type
    Apartment buildings
    APN
    N-000-1630-021
    APU
    N0001630021

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,350,000
      ML approach
      $5,435,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,070,000
      6.5%
      $4,680,000
      7%
      $4,345,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,988,000
      Market price range: $2.18M - $13.4M
      AI Estimate
      $4,081,000
      Market price range: $522k - $10.9M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $8,220,000
      Current use
      RESTAURANT
      $6,910,000
      Change: -16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4464
    Latitude
    37.583
    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
    $200,000
    $1,989,000
    $2,189,000
    -
    $200,000
    $1,989,000
    $2,189,000

    Comparable in this City

    • Value Estimation
      $4,955,000
      9,495 SF

      3605 Chamberlayne Ave

      APARTMENT HOUSE (5+ UNITS) • 9,495 SF
      3605 Chamberlayne Ave, Richmond, VA 23227-4549
      View Details
    • Value Estimation
      $5,060,000
      18,442 SF

      3403 Chamberlayne Ave

      APARTMENT HOUSE (5+ UNITS) • 18,442 SF
      3403 Chamberlayne Ave, Richmond, VA 23227-4577
      View Details
    • Value Estimation
      $165,000
      4,212 SF

      4902 Chamberlayne Ave

      APARTMENT HOUSE (5+ UNITS) • 4,212 SF
      4902 Chamberlayne Ave, Richmond, VA 23227-3428
      View Details
    • Value Estimation
      $1,280,000
      15,534 SF

      4904 Old Brk Rd

      APARTMENT HOUSE (5+ UNITS) • 15,534 SF
      4904 Old Brk Rd, Richmond, VA 23227-3453
      View Details
    • Value Estimation by Request
      4,108 SF

      4219 Chamberlayne Ave

      APARTMENT HOUSE (5+ UNITS) • 4,108 SF
      4219 Chamberlayne Ave, Richmond, VA 23227-5039
      View Details
    • Value Estimation
      $275,000
      43,264 SF

      4800 Old Brk Rd

      APARTMENT HOUSE (100+ UNITS) • 43,264 SF
      4800 Old Brk Rd, Richmond, VA 23227-3465
      View Details

    Similar Nearby for Sale

    • New
      $374,900
      2,306 SF

      Occupied Brick Duplex in Ginter Park

      Fully occupied brick duplex with hardwood floors in Richmond, Virginia.
      4910 Chamberlayne Ave, Richmond, VA 23227
      View Details
    • Contact for pricing
      15,238 SF

      Henrico County Flex Space Available

      Flex space with direct access to major routes.
      8801 Park Central Dr, Richmond, VA 23227
      View Details
    • $585,000
      1.55 Acres

      Richmond Commercial Land - B-3 Zoning

      1.55-acre lot, ideal for retail/flex development.
      5409 Brook Rd, Richmond, VA 23227
      View Details
    • $750,000
      0.66 Acres

      Prime Richmond Redevelopment Opportunity

      Former bank, 3 drive-thrus, high visibility
      1101 Azalea Ave, Richmond, VA 23227
      View Details
    • New
      Contact for pricing
      0.13 Acres

      Land For Sale, Richmond, VA

      Commercial land available in Richmond, zoned C-1.
      5317 Edgewood Ave, Richmond, VA 23227
      View Details
    • $595,000

      Commercial Land on Chamberlayne Avenue

      4.06 acre commercial land with highway access.
      5506 Chamberlayne Rd, Richmond, VA 23227
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,400 SF

      Retail Space in Brookside Center

      Retail space available in Henrico County shopping center.
      7601 Brook Rd, Richmond, VA 23227
      View Details
    • Contact for pricing
      2,544 SF

      Retail Pad Site Available

      Retail pad site with drive-thru opportunity near major retailers.
      5214 Chamberlayne Rd, Richmond, VA 23227
      View Details
    • $1,245,000
      4,280 SF

      Retail Space on Chamberlayne Road

      Retail space for rent with frontage on Chamberlayne Road.
      5602 Chamberlayne Rd, Richmond, VA 23227
      View Details
    • Contact for pricing
      1,267 SF

      Retail Space Near Major Highways

      Retail space available in highly visible strip center.
      7721 Brook Rd, Richmond, VA 23227
      View Details
    • Contact for pricing
      2,755 SF

      Freestanding Building with Drive-Thru

      2,755 SF freestanding building with drive-thru on 0.78 acres.
      8300 Brook Rd, Richmond, VA 23227
      View Details
    • Contact for pricing
      41,117 SF

      Freestanding Retail Building on 6.24 Acres

      41,117 SF former Walmart, excellent location and visibility.
      5221 Brook Rd, Richmond, VA 23227
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3609 Chamberlayne Ave
    Richmond, VA 23227-4541
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.