318 Broad St Richmond, VA 23220

This exceptional, fully leased mixed-use investment property in Richmond, Virginia's Arts District presents a compelling opportunity. The 6,816 square foot building, constructed in 1910 and boasting a B-4 mixed-use zoning designation, comprises three units: 3,408 square feet of commercial space on the ground floor, leased through April 30, 2025, and two residential apartments above (a 1,300 sq ft one-bedroom and a 575 sq ft studio). Each apartment features granite countertops, hardwood floors, and in-unit laundry. The property enjoys 100% occupancy, generating a 2023 gross income of $75,326 and a net operating income (NOI) of $59,362, representing a 5.88% cap rate. Significant capital improvements completed in 2023 include a new HVAC system and sewer line replacement. The commercial lease includes recent rent escalation. This well-maintained property is situated on a 0.079-acre lot at 318 W Broad St, Richmond, VA 23220, offering excellent proximity to Virginia Commonwealth University (VCU) and thriving businesses. The asking price is $1,010,000, translating to $148.18 per square foot. This turnkey investment boasts strong rental history and a prime location.