For Sale
$1,300,000

424 Grace StRichmond, VA 23219

Historic building, high-growth area.

Overview

Added:
Dec 11, 2024
Days on market:
113
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.

Highlights

  • 10,980 SF mixed-use building on a corner lot in desirable Richmond, VA.
  • B-4 zoning allows for diverse redevelopment options.
  • Elevator servicing the basement and first floor.
  • 3,660 SF of space available for owner-occupancy or lease.

Property Details for 424 Grace St

Property type
Retail properties, Office properties
Square Feet
10,980 SF
Year Built
1928
Buildings
1
Stories
2
Lot Size (sq. ft)
3,659 SF

Location Insight

City
Richmond
County
Richmond City
State
Virginia
Latitude
37.5423435
Longitude
-77.4382323
424 Grace St, Richmond, Virginia

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424 Grace St
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