Add Listing
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

    601 Commerce Rd Richmond, VA 23224-5415

    • Warehouses
    • 20,944 SF
    • 11.37 lot acres
    OFF-MARKET
    Value Estimations
    $1,705,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0836436
    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

    • XTRA Lease Richmond / Car Rental Facility
    • Global Career Finders / Employment Agency
    • 5 Star CDL Training / Vocational School
    • Eastern Tho Turbo Charger Inc / Auto Parts Store

    Property Details for 601 Commerce Rd

    Year built
    1953
    Construction
    TYPE NOT SPECIFIED
    Lot size
    11.37 lot acres
    Property size
    20,944 SF
    Zone code
    M-2 HEAVY INDUSTRIAL
    Property type
    Warehouses
    APN
    S-000-0225-001
    APU
    S0000225001

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,129,000
      Market price range: $683k - $2.29M
      AI Estimate
      $1,292,000
      Market price range: $352k - $1.34M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,390,000
      Current use
      COMMERCIAL (GENERAL)
      $2,250,000
      Change: +62% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $2,160,000
      Change: +55% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,070,000
      Change: +49% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.438
    Latitude
    37.5168
    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
    $1,856,000
    $262,000
    $2,118,000
    -
    $1,856,000
    $262,000
    $2,118,000

    Comparable in this City

    • Value Estimation by Request
      10,652 SF

      101 7Th St

      Distribution properties • 10,652 SF
      101 7Th St, Richmond, VA 23224
      View Details
    • Value Estimation by Request
      4,500 SF

      100 Stockton St

      WAREHOUSE, STORAGE • 4,500 SF
      100 Stockton St, Richmond, VA 23224-4234
      View Details
    • Value Estimation
      $740,000
      22,830 SF

      3250 Coastal Blvd

      WAREHOUSE, STORAGE • 22,830 SF
      3250 Coastal Blvd, Richmond, VA 23224-6350
      View Details
    • Value Estimation
      $7,845,000
      151,805 SF

      318 Cowardin Ave

      MINI-WAREHOUSE, STORAGE • 151,805 SF
      318 Cowardin Ave, Richmond, VA 23224-2024
      View Details
    • Value Estimation by Request
      2,640 SF

      210 Maury St

      BULK STORAGE, TANKS • 2,640 SF
      210 Maury St, Richmond, VA 23224-4228
      View Details
    • Value Estimation
      $4,010,000
      50,550 SF

      351 Belt Blvd

      MINI-WAREHOUSE, STORAGE • 50,550 SF
      351 Belt Blvd, Richmond, VA 23224-1701
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Warehouse, Showroom, and Office Space

      9,102 SF warehouse/showroom/office with fenced storage in Old Manchester.
      706 Decatur St, Richmond, VA 23224
      View Details
    • Contact for pricing

      Old Manchester Warehouse/Showroom/Office Space

      9,102 SF warehouse/showroom/office with fenced storage yard.
      706 Decatur St, Richmond, VA 23224
      View Details
    • Contact for pricing

      Manchester Warehouse/Showroom/Office with Yard

      9,102 SF warehouse/showroom/office with fenced storage yard.
      706 Decatur St, Richmond, VA 23224
      View Details
    • Contact for pricing
      10,652 SF

      Richmond Opportunity Zone Assemblage

      Assemblage in Richmond's Opportunity Zone, great visibility, development potential.
      706 Decatur St, Richmond, VA 23224
      View Details
    • Contact for pricing

      Old Manchester Warehouse/Showroom/Office Space

      9,102 SF warehouse/showroom/office with fenced storage yard.
      706 Decatur St, Richmond, VA 23224
      View Details
    • Contact for pricing
      18,630 SF

      Renovated Office Space with Yard

      Newly renovated office space with heavy power and fenced yard.
      815 Dinwiddie Ave, Richmond, VA 23224
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Centrally Located Mixed-Use Site

      Office, warehouse, and secure yard near Downtown Richmond.
      710 Perry St, Richmond, VA 23224
      View Details
    • $7 SF/Yr

      Warehouse with Fenced Yard

      Warehouse with racking system and convenient Chippenham Parkway access.
      6550 Hull Street Rd, Richmond, VA 23224
      View Details
    • Contact for pricing
      27,975 SF

      Industrial Buildings with Storage Yard

      Two buildings with modernized systems and large outdoor storage.
      1618-1622 Commerce Rd, Richmond, VA 23224
      View Details
    • Contact for pricing
      32,600 SF

      Richmond Warehouse Space Available

      32,600 SF warehouse space for lease in Richmond.
      2 Giant Dr, Richmond, VA 23224
      View Details
    • Contact for pricing
      58,000 SF

      Centrally Located Warehouse Space

      Warehouse space centrally located less than 2-miles from I-95.
      1500 Commerce Rd, Richmond, VA 23224
      View Details
    • Contact for pricing
      19,500 SF

      Richmond Warehouse with Secured Parking

      19,500 SF warehouse with secured parking near I-95.
      300 Stockton St, Richmond, VA 23224
      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.
    601 Commerce Rd
    Richmond, VA 23224-5415
    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!