Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    508 E Cary St Richmond, VA 23219
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    508 E Cary St Richmond, VA 23219

    View on Map
    • Office buildings
    • 5,160 SF
    • 0.25 lot acres
    For Sale
    View Listing →
    508 E Cary Street,, VA 23219 For Sale
    Contact for pricing

    508 E Cary Street,, VA 23219

    Unique historic building suitable for office or residential use.

    508 E Cary St, Richmond, VA 23219
    View Listing
    Property ID
    US87-1064286
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • SR22 Insurance / Insurance Agency

    Property Details for 508 E Cary St

    Year built
    1844
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.25 lot acres
    Property size
    5,160 SF
    Zone code
    B-4 CENTRAL BUSINESS
    Property type
    Office buildings
    APN
    W-000-0013-025
    APU
    W0000013025

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $765,000
      Current use
      AUTO REPAIR, GARAGE
      $940,000
      Change: +23% Conversion: Difficult
      MEDICAL BUILDING
      $860,000
      Change: +13% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $850,000
      Change: +11% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $830,000
      Change: +9% Conversion: Easy
      RETAIL STORES
      $745,000
      Change: -3% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4403
    Latitude
    37.5395
    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
    $527,000
    $837,000
    $1,364,000
    -
    $527,000
    $837,000
    $1,364,000

    Comparable in this City

    • Value Estimation
      $5,080,000
      57,384 SF

      501 2nd St

      PROFESSIONAL BUILDING • 57,384 SF
      501 2nd St, Richmond, VA 23219-1321
      View Details
    • Value Estimation
      $34,045,000
      488,976 SF

      901 Cary St

      OFFICE BUILDING • 488,976 SF
      901 Cary St, Richmond, VA 23219-4003
      View Details
    • Value Estimation by Request
      640,340 SF

      901 Byrd St

      OFFICE BUILDING • 640,340 SF
      901 Byrd St, Richmond, VA 23219-4052
      View Details
    • Value Estimation
      $28,275,000
      652,952 SF

      1001 Haxall Ptc

      OFFICE BUILDING • 652,952 SF
      1001 Haxall Ptc, Richmond, VA 23219-3940
      View Details
    • Value Estimation
      $740,000
      4,811 SF

      1228 Broad St

      PROFESSIONAL BUILDING • 4,811 SF
      1228 Broad St, Richmond, VA 23219-2040
      View Details
    • Value Estimation by Request
      3,656 SF

      202 Cary St

      PROFESSIONAL BUILDING • 3,656 SF
      202 Cary St, Richmond, VA 23219-3737
      View Details

    Similar Nearby for Sale

    • $1,300,000
      Pending

      Historical Building on Grace Street

      Prime investment opportunity in a vibrant, walkable Richmond neighborhood.
      424 E Grace St, Richmond, VA 23219
      View Details
    • Contact for pricing
      15,600 SF

      Richmond Office Building For Sale

      15,600 SF office building in Richmond, Virginia.
      9 S 12Th St, Richmond, VA 23219
      View Details
    • Contact for pricing
      16,488 SF

      Redevelopment Opportunity Near VCU

      Redevelopment opportunity with parking near VCU's proposed Arts Center.
      310 W Broad St, Richmond, VA 23219
      View Details
    • Contact for pricing
      11,474 SF

      Downtown Richmond Office Building

      Office building in the heart of downtown Richmond.
      114 E Cary St, Richmond, VA 23219
      View Details
    • $550,000
      7,500 SF

      Mixed-Use Building in Richmond

      7,500 SF mixed-use building with retail and office space.
      1114 E Main St, Richmond, VA 23219
      View Details
    • $2,800,000
      Pending

      Downtown Richmond Redevelopment Opportunity

      Historic building ready for residential or mixed-use redevelopment.
      422 E Franklin St, Richmond, VA 23219
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Downtown Richmond Office Space Available

      33,368± SF office space for lease in Richmond's CBD.
      411 E Franklin St, Richmond, VA 23219
      View Details
    • Contact for pricing
      2,075 SF

      Downtown Richmond Office Space Available

      Renovated office building in the heart of downtown Richmond.
      626 E Broad St, Richmond, VA 23219
      View Details
    • Contact for pricing

      Renovated Historic Office Building

      Historic office building in Richmond's Shockoe Slip for rent.
      1314 E Cary St, Richmond, VA 23219
      View Details
    • Contact for pricing

      Class A Office Space Downtown

      Prominent 26-story Class A office building in Richmond's Central Business District.
      919 E Main St, Richmond, VA 23219
      View Details
    • Contact for pricing
      3,252 SF

      Office Space in Two James Center

      Office space for rent in Richmond's Two James Center.
      1021 E Cary St, Richmond, VA 23219
      View Details
    • Contact for pricing
      22,797 SF

      Office Building in Richmond, VA

      13,196 SF office space for rent in Richmond.
      1051 E Cary St, Richmond, VA 23219
      View Details
    View Listing
    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 E Cary St
    Richmond, VA 23219
    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.
    Sign Up Successful!
    You now have access to more from Realmo!