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Property profile & analytics
OFF-MARKET
Estimated value
$2,265,000
Flex space
601 Gordon Ave Richmond, VA 23224-7021
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US87-0721011
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1979
Construction
TYPE NOT SPECIFIED
Total area
25,920 SF
Lot
1.47 ac (63,859 SF)
Zoning code
M-2 HEAVY INDUSTRIAL
APN
S-000-0386-012
UPID
US87-0721011
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
-
Hallmark Fabricators Inc Production Facility Metal Fabrication Plant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.88M
CAP Approach
CAP
$2.53M
Comparable Approach
Comparable
$2.70M
Blend (final)
Blend
$2.27M
Owner & transaction history
Museum District LLC · 3 yrs held
Museum District LLC
since 2022
Last sale
$2.3M
2 recorded transactions
Zoning & alternative use
M-2 HEAVY INDUSTRIAL · Richmond, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$2.8M
+4.2%
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
$1,970,000
ML approach
$1,875,000
CAP Approach
CAP Return
Estimation
6%
$2,740,000
6.5%
$2,530,000
7%
$2,350,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$2,670,000
Current use
COMMERCIAL (GENERAL)
$2,785,000
Change: +4% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,565,000
Change: -4% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$2,180,000
Change: -18% · Conversion: Difficult
Blend value · Realmo final
$2.27M
Range $2.04M – $2.49M · ±10% · vs last sale $2.25M (Nov 17 2022)
Last sale anchor
$2.25M
Nov 17 2022
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
$87 / 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
$1,277,000
Assessed 2024
Previous assessed
$868,000
+47.1% YoY
Effective rate
0.00%
On assessed value
Assessed land
$576,000
Assessed improvement
$701,000
Land market value
$576,000
Improvement market value
$701,000
Total market value
$1,277,000
Applied tax rate
6.0000
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
Off-Market
Year built
1979
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
YES
Stories
1
Rooms
3
Bathrooms
2
Total area
25,920 SF
Lot
1.47 ac (63,859 SF)
Zoning code
M-2 HEAVY INDUSTRIAL
APN
S-000-0386-012
UPID
US87-0721011
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
INDUSTRIAL (GENERAL) Current
Est. value
$2.7M
COMMERCIAL (GENERAL)
Est. value
$2.8M
AUTO REPAIR, GARAGE
Est. value
$2.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$2.2M
INDUSTRIAL (GENERAL) Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
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
1979
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
1
Rooms
3
Bathrooms
2
Lot
1.47 ac
Current owner
From public records · entity-resolved
Museum District LLC
Entity
Mailing address
15 ROBIN RD, RICHMOND, VA 23226-3221
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 26, 2024
—
Museum District LLC
—
Deed
related
$2,175,624 · Virginia Credit Union INC
Nov 17, 2022
$2,250,000
Museum District LLC
Edwards Properties Of Virginia LLC
Warranty Deed
$1,250,000 · First Community Bank NA
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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