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    Property profile & analytics

    7000 Frst Ave Richmond, VA 23230-1735

    • Strip malls
    • 19,285 SF
    • 3.93 lot acres
    OFF-MARKET
    Value Estimations
    $2,410,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-2294484
    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

    • Chipotle Mexican Grill / Restaurant
    • Jersey Mike's Subs / Take-out & Catering
    • Marco's Pizza / Restaurant
    • Hair Cuttery / Hair Salon
    • V Nails & Spa / Nail Salon

    Property Details for 7000 Frst Ave

    Year built
    2015
    Lot size
    3.93 lot acres
    Property size
    19,285 SF
    Zone code
    MIXE
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    765-744-3673
    APU
    7657443673

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $3,170,000
      Current use
      AUTO REPAIR, GARAGE
      $3,515,000
      Change: +11% Conversion: Difficult
      MEDICAL BUILDING
      $3,210,000
      Change: +1% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $3,100,000
      Change: -2% Conversion: Difficult
      WAREHOUSE, STORAGE
      $2,870,000
      Change: -9% Conversion: Difficult
      RETAIL STORES
      $2,780,000
      Change: -12% Conversion: Easy
      OFFICE BUILDING
      $2,620,000
      Change: -17% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Henrico
    State
    Virginia
    Longitude
    -77.525
    Latitude
    37.6034
    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
    $57,632
    $1,198,900
    $5,581,300
    $6,780,200
    -
    $1,198,900
    $5,581,300
    $6,780,200

    Comparable in this City

    • Value Estimation
      $1,475,000
      10,000 SF

      6100 Broad St

      SHOPPING CENTER, STRIP CENTER • 10,000 SF
      6100 Broad St, Richmond, VA 23230-2214
      View Details
    • Value Estimation by Request
      2,440 SF

      3024 Arthur Ashe Blvd

      SHOPPING CENTER, STRIP CENTER • 2,440 SF
      3024 Arthur Ashe Blvd, Richmond, VA 23230-4319
      View Details
    • Value Estimation
      $745,000
      8,279 SF

      916 Arthur Ashe Blvd

      SHOPPING CENTER, STRIP CENTER • 8,279 SF
      916 Arthur Ashe Blvd, Richmond, VA 23230-4802
      View Details
    • Value Estimation
      $5,015,000
      47,218 SF

      4900 Libbie Ml E Blvd

      SHOPPING CENTER, STRIP CENTER • 47,218 SF
      4900 Libbie Ml E Blvd, Richmond, VA 23230-2179
      View Details
    • Value Estimation
      $2,160,000
      22,420 SF

      2123 Staples Ml Rd

      SHOPPING CENTER, STRIP CENTER • 22,420 SF
      2123 Staples Ml Rd, Richmond, VA 23230-2905
      View Details
    • Value Estimation
      $2,355,000
      9,380 SF

      5215 Broad St, Unit 1

      SHOPPING CENTER, STRIP CENTER • 9,380 SF
      5215 Broad St, Richmond, VA 23230-3009
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,000 SF

      Freestanding Building with Drive-Thru Lanes

      4,176 SF building with three drive-thru lanes for sale.
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    • $3,200,000
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      801 W Broad St: Mixed-Use Gem

      Prime Richmond location, high-traffic area.
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      3,323 SF

      Restaurant with Drive Thru

      3,323 SF restaurant with drive-thru for sale.
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      9,492 SF

      Historic Building in Prime Location

      Creative space with high visibility in a growing area.
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    • $650,000
      1.24 Acres

      Richmond Development Land - 1.2 Acres

      Prime B-3 zoned land, near I-64 & W. Broad.
      6504 Dickens Pl, Richmond, VA 23230
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      5,978 SF

      Updated Office Building on Broad

      Recently updated office building with excellent frontage and ample parking.
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    Similar Nearby for Lease

    • Contact for pricing
      2,464 SF

      Vibrant Open-Air Lifestyle Center Space

      Open-air shopping center with community gathering place and play area.
      1601 Willow Lawn Dr, Richmond, VA 23230
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    • Contact for pricing
      5,271 SF

      Prime Richmond Retail Space

      Two Suites, 5,271 SF Total
      2922-2925 Marshall St, Richmond, VA 23230
      View Details
    • Contact for pricing
      43,881 SF

      Willow Place Retail Center

      Richmond, VA: Prime Retail Space Available
      5400 Broad St, Richmond, VA 23230
      View Details
    • $30 SF/Yr
      17,055 SF

      Historic Scott's Addition Office Space

      17,055 SF Creative Office/Retail Space
      3011 Leigh St, Richmond, VA 23230
      View Details
    • Contact for pricing
      2,261 SF

      Richmond Executive Office Space

      Prime Richmond location, 2,261 sq ft.
      2943 Marshall St, Richmond, VA 23230
      View Details
    • Contact for pricing
      300,000 SF

      Arthur Ashe Blvd Retail Space

      Prime Richmond Retail, Multiple Spaces Available
      1201 Arthur Ashe Blvd, Richmond, VA 23230
      View Details
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    Richmond, VA 23230-1735
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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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