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Property profile & analytics
OFF-MARKET
Estimated value
$1,705,000
Warehouses
601 Commerce Rd, Richmond, VA 23224-5415
Entity Owned
20-yr Hold
Free & Clear
Property ID
US87-0836436
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1953
Construction
TYPE NOT SPECIFIED
Total area
20,944 SF
Lot
11.37 ac (495,277 SF)
Zoning code
M-2 HEAVY INDUSTRIAL
APN
S-000-0225-001
UPID
US87-0836436
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · 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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.13M
Blend (final)
Blend
$1.71M
Owner & transaction history
Mg Commerce Road LLC · 20 yrs held
Mg Commerce Road LLC
since 2006
1 recorded transaction
Zoning & alternative use
M-2 HEAVY INDUSTRIAL · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$2.3M
+61.9%
Industrial (general)
$2.2M
+55.3%
Auto repair, garage
$2.1M
+49.0%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Richmond submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Richmond submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
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
Blend value · Realmo final
$1.71M
Range $1.53M – $1.88M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$81 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2020Property tax & assessments
Tax year 2020
Tax billed
$20
Tax year 2020
Assessed value
$2,118,000
Assessed 2024
Previous assessed
$1,994,000
+6.2% YoY
Effective rate
0.00%
On assessed value
Assessed land
$1,856,000
Assessed improvement
$262,000
Land market value
$1,856,000
Improvement market value
$262,000
Total market value
$2,118,000
Applied tax rate
8.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1953
Construction
TYPE NOT SPECIFIED
Heating
YES
Buildings
4
Stories
1
Rooms
8
Bathrooms
1
Total area
20,944 SF
Lot
11.37 ac (495,277 SF)
Zoning code
M-2 HEAVY INDUSTRIAL
APN
S-000-0225-001
UPID
US87-0836436
Jurisdiction
RICHMOND CITY
Zoning & alternative use
M-2 HEAVY INDUSTRIAL · Richmond, VA
Zoning M-2 HEAVY INDUSTRIAL · permitted uses
M-2 HEAVY INDUSTRIAL · Richmond, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Richmond. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$1.4M
COMMERCIAL (GENERAL)
Est. value
$2.3M
INDUSTRIAL (GENERAL)
Est. value
$2.2M
AUTO REPAIR, GARAGE
Est. value
$2.1M
WAREHOUSE, STORAGE Current
COMMERCIAL (GENERAL)
INDUSTRIAL (GENERAL)
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1953
Construction
TYPE NOT SPECIFIED
Heating
YES
Stories
1
Buildings
4
Rooms
8
Bathrooms
1
Lot
11.37 ac
Current owner
From public records · entity-resolved
Mg Commerce Road LLC
Entity
Free & Clear · 20 yrs held
Mailing address
PO BOX 13470, RICHMOND, VA 23225-8470
Ownership since
2006
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 27, 2006
—
Mg Commerce Road LLC
Grover,martha E
Grant Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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