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

    508 Adams St Richmond, VA 23220-3904

    • Retail residential properties
    • 11,580 SF
    • 0.16 lot acres
    OFF-MARKET
    Value Estimations
    $1,280,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1282814
    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

    • Retail residential properties

    Property Details for 508 Adams St

    Year built
    1925
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.16 lot acres
    Property size
    11,580 SF
    Zone code
    R-6 SINGLE FAMILY ATTACHE
    Property type
    Retail residential properties
    APN
    N-000-0121-020
    APU
    N0000121020

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $871,000
      Market price range: $519k - $1.72M

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $2,110,000
      APARTMENT HOUSE (5+ UNITS)
      $2,000,000
      MEDICAL BUILDING
      $1,930,000
      NEIGHBORHOOD: SHOPPING CENTER
      $1,900,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4411
    Latitude
    37.5482
    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
    $270,000
    $1,605,000
    $1,875,000
    -
    $270,000
    $1,605,000
    $1,875,000

    Comparable in this City

    • Value Estimation
      $590,000
      4,980 SF

      2012 Monument Ave

      STORES & APARTMENTS • 4,980 SF
      2012 Monument Ave, Richmond, VA 23220-2708
      View Details
    • Value Estimation
      $1,200,000
      10,671 SF

      2015 Monument Ave

      STORES & APARTMENTS • 10,671 SF
      2015 Monument Ave, Richmond, VA 23220-2718
      View Details
    • Value Estimation
      $765,000
      4,399 SF

      2318 Main St

      STORES & APARTMENTS • 4,399 SF
      2318 Main St, Richmond, VA 23220
      View Details
    • Value Estimation
      $6,055,000
      65,227 SF

      900 Franklin St

      STORES & APARTMENTS • 65,227 SF
      900 Franklin St, Richmond, VA 23220-4115
      View Details
    • Value Estimation
      $1,675,000
      9,616 SF

      9 Harvie St

      STORES & APARTMENTS • 9,616 SF
      9 Harvie St, Richmond, VA 23220-5312
      View Details
    • Value Estimation
      $2,695,000
      8,888 SF

      919 Grace St

      STORES & APARTMENTS • 8,888 SF
      919 Grace St, Richmond, VA 23220-4137
      View Details

    Similar Nearby for Sale

    • $3,200,000
      6,400 SF

      with VCU

      Institute for Contemporary Art and the CoStar Center for Arts and Innovation
      801 Broad St, Richmond, VA 23220
      View Details
    • $1,295,000
      8,008 SF

      Franklin Street Mixed-Use Investment

      Prime Richmond location, high ROI potential.
      1109 Franklin St, Richmond, VA 23220
      View Details
    • $618,000
      1,518 SF

      Mixed-Use Property in Richmond, VA

      Mixed-use property with apartments and office space in sought-after location.
      2603 W Grace St, Richmond, VA 23220
      View Details
    • $159,000
      0.22 Acres

      Richmond Carver Development Opportunity

      Prime 0.22-acre lot near VCU
      1114 Marshall St, Richmond, VA 23220
      View Details
    • $930,000

      Richmond Specialty Property For Sale

      Specialty property available in Richmond, Virginia for $930,000.
      215 W Clay St, Richmond, VA 23220
      View Details
    • Contact for pricing
      7,200 SF

      Richmond Office Building For Sale

      7,200 SF office building available in Richmond, Virginia.
      225 Stonebridge Plaza Ave, Richmond, VA 23220
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      8,000 SF

      Belmont on Broad Retail Spaces

      Richmond, VA Mixed-Use Retail Opportunity
      4010 Broad St, Richmond, VA 23220
      View Details
    • Contact for pricing
      2,811 SF

      Retail Space in Carytown Exchange

      Retail space available in Richmond's Carytown Exchange.
      3550 W Cary St, Richmond, VA 23220
      View Details
    • Contact for pricing
      1,712 SF

      Retail Space in Richmond, VA

      Retail space available for lease in Richmond, Virginia.
      5420-5478 W Broad St, Richmond, VA 23220
      View Details
    • Contact for pricing
      5,807 SF

      Creative Office Space Available

      Office suite in historic building with open floor plan.
      1840 W Broad St, Richmond, VA 23220
      View Details
    • Contact for pricing
      5,284 SF

      Versatile Space in Richmond, VA

      Office, retail, and restaurant spaces available with ample parking.
      1601 Overbrook Rd, Richmond, VA 23220
      View Details
    • $25 SF/Yr
      1,000 SF

      Prime Retail Space Near VCU

      High-traffic retail space in the heart of VCU campus.
      900 W Franklin St, Richmond, VA 23220
      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.
    508 Adams St
    Richmond, VA 23220-3904
    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.