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

    5215 Broad St, Unit 1 Richmond, VA 23230-3009

    • Strip malls
    • 9,380 SF
    • 0.00 lot acres
    OFF-MARKET
    Last Sale
    Feb 17, 2022
    $2,800,000
    Value Estimations
    $2,175,000
    Show details
    Cap Rate Potential
    5%
    Strip malls
    Location Intelligence
    Property ID
    US87-2357441
    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

    • CareNow Urgent Care - Willow Lawn / Urgent Care Center
    • Dr. Paulo Gazoni / Emergency Care Physician
    • Kelly Leese / Nurse Practitioner

    Property Details for 5215 Broad St

    Year built
    2014
    Lot size
    0.00 lot acres
    Property size
    9,380 SF
    Zone code
    R-6C
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    772-738-8719.001
    APU
    7727388719001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,450,000
      ML approach
      $2,275,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,030,000
      6.5%
      $1,870,000
      7%
      $1,740,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,916,000
      Market price range: $412k - $2.96M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,540,000
      Current use
      RESTAURANT
      $2,640,000
      Change: +71% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,710,000
      Change: +11% Conversion: Difficult
      MEDICAL BUILDING
      $1,565,000
      Change: +1% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $1,510,000
      Change: -2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Henrico
    State
    Virginia
    Longitude
    -77.4993
    Latitude
    37.5852
    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
    2023
    $22,169
    $668,700
    $1,939,400
    $2,608,100
    -
    $668,700
    $1,939,400
    $2,608,100

    Comparable in this City

    • Value Estimation
      $210,000
      8,279 SF

      916 Arthur Ashe Blvd

      SHOPPING CENTER, STRIP CENTER • 8,279 SF
      916 Arthur Ashe Blvd, Richmond, VA 23230-4802
      View Details
    • Value Estimation
      $475,000
      10,000 SF

      6100 Broad St

      SHOPPING CENTER, STRIP CENTER • 10,000 SF
      6100 Broad St, Richmond, VA 23230-2214
      View Details
    • Value Estimation
      $2,500,000
      2,440 SF

      3024 Arthur Ashe Blvd

      SHOPPING CENTER, STRIP CENTER • 2,440 SF
      3024 Arthur Ashe Blvd, Richmond, VA 23230-4319
      View Details
    • Value Estimation
      $855,000
      47,218 SF

      4900 Libbie Ml E Blvd

      SHOPPING CENTER, STRIP CENTER • 47,218 SF
      4900 Libbie Ml E Blvd, Richmond, VA 23230-2179
      View Details
    • Value Estimation
      $1,805,000
      22,420 SF

      2123 Staples Ml Rd

      SHOPPING CENTER, STRIP CENTER • 22,420 SF
      2123 Staples Ml Rd, Richmond, VA 23230-2905
      View Details
    • Value Estimation
      $275,000
      19,285 SF

      7000 Frst Ave

      SHOPPING CENTER, STRIP CENTER • 19,285 SF
      7000 Frst Ave, Richmond, VA 23230-1735
      View Details

    Similar Nearby for Sale

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      4,176 SF building with three drive-thru lanes for sale.
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      Richmond 7-Eleven For Sale

      NNN leased 7-Eleven with rental increases in Richmond, Virginia.
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      3,323 SF

      Restaurant with Drive Thru

      3,323 SF restaurant with drive-thru for sale.
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      3.10 Acres

      Richmond Industrial Land - 3 Acres

      Prime Richmond location, M-1 zoning, build-to-suit options.
      4816 Coleman Rd, Richmond, VA 23230
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    Similar Nearby for Lease

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      2,464 SF

      Vibrant Open-Air Lifestyle Center Space

      Open-air shopping center with community gathering place and play area.
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      144,000 SF

      Executive Suites in Richmond, VA

      Class A Office Space Available Now
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      View Details
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      Restaurant Space with Drive-Through

      Restaurant space available with drive-through and patio.
      6291 West Broad Street Rd, Richmond, VA 23230
      View Details
    • Contact for pricing
      2,393 SF

      Retail Space in Scotts Addition

      Retail space for lease with patio and parking availability.
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    • Contact for pricing
      2,261 SF

      Richmond Executive Office Space

      Prime Richmond location, 2,261 sq ft.
      2943 Marshall St, Richmond, VA 23230
      View Details
    • Contact for pricing
      300,000 SF

      Arthur Ashe Blvd Retail Space

      Prime Richmond Retail, Multiple Spaces Available
      1201 Arthur Ashe Blvd, Richmond, VA 23230
      View Details
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    5215 Broad St, Unit 1
    Richmond, VA 23230-3009
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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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