Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    6511 Midlothian Tpke Richmond, VA 23225-5609
    Back to Search
    Property profile & analytics

    6511 Midlothian Tpke, Richmond, VA 23225-5609

    View on Map
    • Motels
    • 7,592 SF
    • 0.33 lot acres
    Off-Market
    Last Sale Apr 5, 2022
    Property ID
    US87-1303593
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Travel Inn / Hotel & Motel

    Property Details for 6511 Midlothian Tpke

    Year built
    1991
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.33 lot acres
    Zone code
    B-3 GENERAL BUSINESS
    Property type
    Motels
    APN
    C-007-0067-010
    APU
    C0070067010

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Apr 5, 2022 — Om Sohum LLC Rameshbhai N Patel Deed —
    — — Patel,rameshbhai N & Hansaben R Etal — Deed Of Trust · related $450k · Branch Bk&tr

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.5159
    Latitude
    37.5026
    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
    $151,000
    $464,000
    $615,000
    -
    $151,000
    $464,000
    $615,000

    Comparable in this City

    • Value Estimation by Request
      17,612 SF

      6523 Midlothian Tpke

      MOTEL
      6523 Midlothian Tpke, Richmond, VA 23225-5609
      View Details
    • Value Estimation
      $1,090,000
      9,498 SF

      6620 Midlothian Tpke

      MOTEL
      6620 Midlothian Tpke, Richmond, VA 23225-5613
      View Details
    • Value Estimation by Request
      8,066 SF

      6515 Midlothian Tpke

      MOTEL
      6515 Midlothian Tpke, Richmond, VA 23225-5609
      View Details
    • Value Estimation
      $675,000
      74,620 SF

      6910 Midlothian Tpke

      MOTEL
      6910 Midlothian Tpke, Richmond, VA 23225-5635
      View Details
    • Value Estimation by Request
      25,220 SF

      100 Greshamwood Pl

      MOTEL
      100 Greshamwood Pl, Richmond, VA 23225-6800
      View Details
    • Value Estimation by Request
      10,952 SF

      5918 Midlothian Tpke

      MOTEL
      5918 Midlothian Tpke, Richmond, VA 23225-5918
      View Details

    Similar Nearby for Sale

    • $85,000
      0.32 Acres

      Richmond Wooded Homesite For Sale

      Wooded homesite in established Richmond neighborhood, perfect for custom home.
      6623 Greenvale Dr, Richmond, VA 23225
      View Details
    • Contact for pricing

      Turnkey Automotive Property on Turnpike

      5,394 SF building on 0.865 acres with C-5 zoning.
      7530 Midlothian Tpke, Richmond, VA 23225
      View Details
    • Contact for pricing

      Turnkey Automotive Property on Turnpike

      5,394 SF building on 0.865 acres with C-5 zoning.
      7530 Midlothian Tpke, Richmond, VA 23225
      View Details
    • Contact for pricing
      1,200 SF

      Retail Building with Restaurant Space

      Multi-tenant retail building with redevelopment opportunity and restaurant space.
      1205 Westover Hills Blvd, Richmond, VA 23225
      View Details
    • Contact for pricing
      Pending

      Midlothian Turnpike Commercial Building

      Two-level, 30,000 sq ft building on 1.3 acres.
      5400 Midlothian Tpke, Richmond, VA 23225
      View Details
    • $825,000

      Turnkey Baskin-Robbins Franchise Opportunity

      Established Baskin-Robbins franchise for sale in a prime location.
      6940 Forest Hill Ave, Richmond, VA 23225
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space For Lease

      Retail spaces available for lease.
      2545-2557 Forest Hill Ave, Richmond, VA 23225
      View Details
    • Contact for pricing
      6,487 SF

      Office Space Near Chippenham Hospital

      Office space for rent, located across from Chippenham Hospital.
      681 Hioaks Rd, Richmond, VA 23225
      View Details
    • Contact for pricing
      2,224 SF

      Class A Office Space

      Six-story Class A office building with lake views and amenities.
      7501 Boulders View Dr, Richmond, VA 23225
      View Details
    • Contact for pricing

      Office Space in Richmond, VA

      Office space available for lease in Richmond, Virginia.
      7501 Boulders View Dr, Richmond, VA 23225
      View Details
    • Contact for pricing
      2,482 SF

      Retail Space on Forest Hill

      Retail space available for lease on Forest Hill Avenue.
      5035 Forest Hill Ave, Richmond, VA 23225
      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.
    6511 Midlothian Tpke
    Richmond, VA 23225-5609
    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

    Thank You for Inquiry
    6511 Midlothian Tpke, Richmond, VA, 23225
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!