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    Property profile & analytics

    6100 9th Mile Rd Richmond, VA 23223-3539

    • Car washes
    • 4,087 SF
    • 0.66 lot acres
    OFF-MARKET
    Last Sale
    Sep 30, 2024
    $1,620,000
    Value Estimations
    $1,510,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3918580
    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

    • HOG Car Wash / Car Wash
    • GO Car Wash / Car Wash

    Property Details for 6100 9th Mile Rd

    Year built
    1987
    Lot size
    0.66 lot acres
    Property size
    4,087 SF
    Zone code
    B-3
    Property type
    Car washes
    APN
    819-726-1719
    APU
    8197261719

    Description

    This exceptional investment opportunity presents a 4,200-square-foot car wash located at 6100 Nine Mile Rd, Richmond, VA 23223, in Henrico County. The property sits on a 0.66-acre lot and boasts a strong 8.00% cap rate, generating a net operating income (NOI) of $135,603. The property is subject to a long-term, absolute triple-net (NNN) lease with 17.1 years remaining, commencing December 1, 2021, and expiring December 31, 2041. The lease includes five, five-year tenant renewal options, extending the potential lease term to 45 years. Annual rent is $135,603, with a 1.50% annual increase built into the lease. Built in 1987, this property offers significant tax advantages, qualifying for 15-year accelerated depreciation and bonus depreciation. The asking price is $1,695,038, translating to a price per square foot of $403.58. This is a rare opportunity to acquire a stable, high-yielding investment with substantial long-term growth potential. The property's strong tenant, long lease term, and built-in rent increases make it an attractive addition to any investment portfolio.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,520,000
      ML approach
      $1,845,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,340,000
      Market price range: $370k - $1.40M

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Henrico
    State
    Virginia
    Longitude
    -77.3401
    Latitude
    37.5508
    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
    $0.00
    $140,600
    $619,100
    $759,700
    -
    $140,600
    $619,100
    $759,700

    Comparable in this City

    • Value Estimation
      $195,000
      5,617 SF

      4523 9th Mile Rd

      CAR WASH • 5,617 SF
      4523 9th Mile Rd, Richmond, VA 23223
      View Details
    • Value Estimation
      $750,000
      3,000 SF

      3025 Mechanicsville Tpke

      CAR WASH • 3,000 SF
      3025 Mechanicsville Tpke, Richmond, VA 23223-1828
      View Details
    • Value Estimation
      $4,375,000
      4,392 SF

      4810 9th Mile Rd

      CAR WASH • 4,392 SF
      4810 9th Mile Rd, Richmond, VA 23223-5730
      View Details
    • Value Estimation
      $200,000
      2,580 SF

      6118 9th Mile Rd

      CAR WASH • 2,580 SF
      6118 9th Mile Rd, Richmond, VA 23223-3555
      View Details
    • Value Estimation
      $210,000
      2,280 SF

      6109 9th Mile Rd

      CAR WASH • 2,280 SF
      6109 9th Mile Rd, Richmond, VA 23223
      View Details
    • Value Estimation
      $240,000
      0.05 Acres

      2105 Venable St

      PARKING LOT • 0.05 Acres
      2105 Venable St, Richmond, VA 23223-6354
      View Details

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      1.55 Acres

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      View Details

    Similar Nearby for Lease

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      Retail Space at Signalized Intersection

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      3,109 SF

      Retail Space For Lease

      Retail space available in Richmond's East End sub-market.
      4869-4949 Nine Mile Rd, Richmond, VA 23223
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    • $25 SF/Yr
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      Oak Hill Plaza Retail Space

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      Prime Richmond Executive Office Space

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      View Details
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    Richmond, VA 23223-3539
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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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