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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    424 Hull St Richmond, VA 23224

    • Commercial real estate
    • 66,454 SF
    • 0.27 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2163831
    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

    • The Offices at The Current / Real Estate Agency
    • Brown Advisory / Financial Advisor
    • PlanRVA / Corporate Office
    • Phlow Corp. / Factory / Production Facility

    Property Details for 424 Hull St

    Year built
    2021
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.27 lot acres
    Property size
    66,454 SF
    Zone code
    B-5 CENTRAL BUSINESS
    Property type
    Commercial real estate
    APN
    S-000-0075-024
    APU
    S0000075024

    Description

    This exceptional Class A executive office space, located at 424 Hull Street in Richmond, Virginia, presents a unique sublease opportunity. The entire fourth floor of "The Current" building is available, offering 10,434 to 11,999 square feet of fully furnished space. Built in 1900, this landmark building boasts a total of 60,000 square feet and is situated in the desirable Richmond city county, zip code 23224. The property is categorized as a multi-tenant office building, although this particular suite comprises the entire fourth floor. The space is immediately available and presents a turnkey solution for businesses seeking a prestigious and well-appointed office environment. Its prime location offers easy access to various amenities and transportation options within Richmond. The suite's fully furnished status eliminates the need for extensive upfront investment in furniture and fixtures, allowing for a seamless transition and immediate occupancy. This is an unparalleled opportunity to secure a substantial, high-quality office space in a highly sought-after location. Contact us today to schedule a viewing and explore the possibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $13,830,000
      6.5%
      $12,765,000
      7%
      $11,855,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $13,124,000
      Market price range: $3.06M - $13.8M
      AI Estimate
      $8,163,000
      Market price range: $1.86M - $8.16M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $7,140,000
      Current use
      RESTAURANT
      $18,700,000
      Change: +162% Conversion: Difficult
      MEDICAL BUILDING
      $11,070,000
      Change: +55% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $10,920,000
      Change: +53% Conversion: Difficult
      OFFICE BUILDING
      $9,830,000
      Change: +38% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $6,850,000
      Change: -4% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4382
    Latitude
    37.5245
    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
    $497,000
    $12,378,000
    $12,875,000
    -
    $497,000
    $12,378,000
    $12,875,000

    Comparable in this City

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      0.62 Acres

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    • Value Estimation
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      604 Hull St

      COMMERCIAL (GENERAL) • 8,400 SF
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    • Value Estimation
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      520 Dinwiddie Ave

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      2637 Turner Rd

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      View Details
    • Value Estimation
      $1,190,000
      6,808 SF

      2900 Turner Rd

      COMMERCIAL (GENERAL) • 6,808 SF
      2900 Turner Rd, North Chesterfield, VA 23224-2546
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • Contact for pricing
      60,000 SF

      Furnished Office Sublease Available

      Sublease of a fully furnished office space on Hull St.
      424 Hull St, Richmond, VA 23224
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space on Corner Location

      Retail space available at Chippenham Pkwy and Hull Street Rd.
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      Modern Office Space Available

      Creative office space for rent in Manchester neighborhood.
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      Retail Space in Richmond, VA

      Retail space available for lease in Richmond, Virginia.
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    424 Hull St
    Richmond, VA 23224
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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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