7 16Th St Richmond, VA 23224

This exceptional 26,000 square foot commercial and residentially zoned lot in Richmond, Virginia (zip code 23224, address 7 E 16th St), presents a compelling investment opportunity. Currently featuring a 9,220 square foot, single-story Class B building, formerly occupied by a Family Dollar store, the property offers significant redevelopment potential. The building, constructed in 2004 and renovated that same year, boasts 100% occupancy until the end of the year, generating a Net Operating Income (NOI) of $74,250 and a 3.91% cap rate. The asking price is $1,900,000, translating to $206.07 per square foot. The property is offered as a Net Lease (NN+) with a credit-rated tenant. Lease commencement was January 1st, 2004, and rent bumps are included in the lease agreement. The property's location in a rapidly developing area makes it ideal for various uses, including multi-family residential development, continued retail use, or storage facilities. This is a rare chance to acquire a significant land parcel in a high-growth neighborhood. The property is for sale by owner. The sale includes the existing building and the entire 26,000 square foot lot.