New search
Property profile & analytics
FOR SALE
Medical Office Space
406 Cowardin Ave Richmond, VA 23224
Entity Owned
5-yr Hold
Free & Clear
Property ID
US87-0689958
For Sale
1 / 4
$995,000
406 Cowardin Ave, Richmond, VA 23224
View Listing →
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL CLINIC
Year built
2022
Total area
6,498 SF
Lot
0.76 ac (33,124 SF)
Zoning code
MULTIPLE ZONING
APN
S-000-0248-007
UPID
US87-0689958
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
Current use
Occupant on record · Public records
-
Fresenius Kidney Care Richmond Manchester Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$710k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$561k
Blend (final)
Blend
$765k
Owner & transaction history
324 Cowardin Ave LLC · 5 yrs held
324 Cowardin Ave LLC
since 2021
Last sale
$925,000
1 recorded transaction
Zoning & alternative use
MULTIPLE ZONING · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$695,000
ML approach
$710,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$1,080,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$1,070,000
Change: -1% · Conversion: Difficult
OFFICE BUILDING
$960,000
Change: -11% · Conversion: Easy
Blend value · Realmo final
$765k
Range $689k – $842k · ±10% · vs last sale $925k (Feb 8 2021)
Last sale anchor
$925k
Feb 8 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
$118 / 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
$1,991,000
Assessed 2024
Previous assessed
$1,964,000
+1.4% YoY
Effective rate
0.00%
On assessed value
Assessed land
$506,000
Assessed improvement
$1,485,000
Land market value
$506,000
Improvement market value
$1,485,000
Total market value
$1,991,000
Applied tax rate
5.0000
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
Medical Office Space
Use group
MEDICAL CLINIC
Status
For Sale
Year built
2022
Heating
YES
Stories
1
Bathrooms
1
Total area
6,498 SF
Lot
0.76 ac (33,124 SF)
Zoning code
MULTIPLE ZONING
APN
S-000-0248-007
UPID
US87-0689958
Jurisdiction
RICHMOND CITY
Zoning & alternative use
MULTIPLE ZONING · Richmond, VA
Zoning MULTIPLE ZONING · permitted uses
MULTIPLE ZONING · 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
MEDICAL BUILDING Current
Est. value
$1.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.1M
OFFICE BUILDING
Est. value
$960,000
MEDICAL BUILDING Current
NEIGHBORHOOD: SHOPPING CENTER
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
2022
Heating
YES
Stories
1
Bathrooms
1
Lot
0.76 ac
Current owner
From public records · entity-resolved
324 Cowardin Ave LLC
Entity
Free & Clear · 5 yrs held
Mailing address
5607 GRV AVE, RICHMOND, VA 23226-2101
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
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 8, 2021
$925,000
324 Cowardin Ave LLC
Jae D Shon
Special Warranty Deed
—
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?”
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.
