424 Grace St Richmond, VA 23219

This exceptional mixed-use property at 424 E Grace St, Richmond, VA 23219, presents a compelling investment opportunity. The 10,980 square foot building, constructed in 1928, features a blend of retail, multifamily, and office space, currently operating at 66% occupancy. A new ten-year triple-net lease is in place for the first floor and basement, providing immediate income. The second floor, approximately 3,660 square feet, is available for owner-occupancy or lease, offering flexibility for various business ventures. The property benefits from favorable B-4 zoning, allowing for diverse redevelopment possibilities. Situated on a 0.084-acre corner lot at the intersection of N 5th St and E Grace St, this highly visible location boasts a stately architectural profile and excellent street-level visibility. The building includes an elevator serving the basement and first floor. Its prime location, one block south of Broad Street, places it within walking distance of numerous restaurants, cafes, and performing arts venues, contributing to its strong appeal. The area has experienced significant recent development, transforming into a vibrant and bustling neighborhood. The asking price is $1,300,000. The property is ready for immediate occupancy and offers significant potential for value-add improvements. This is a rare opportunity to acquire a well-located, income-producing asset in a thriving Richmond neighborhood.