2403 Richmond HwyRichmond, VA 23234

Property Details for 2403 Richmond Hwy

Year built

1949

Lot size

1.29 AC

Property size (Sq ft)

19,251 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This 19,251 square foot shopping center in Richmond, VA, presents a compelling investment opportunity. Boasting a 7.5% cap rate and 95% occupancy, the property features seven tenants across nine units, averaging 2,400 square feet each. A complete renovation in 2023 included a new roof, plumbing, windows, doors, and HVAC systems, resulting in low maintenance costs. All utilities are individually metered and billed to tenants, minimizing expenses. Three short-term leases provide value-add potential, with planned rent increases for two tenants in 2024 and 2025. The B-3 zoning allows for diverse retail and office uses. Situated on Richmond Highway (Route 1), the center benefits from a dense daytime population (64,000 within 3 miles) and proximity to the James River Villas, a newly improved multi-family development, and a new townhome development adding 264 units. Its location offers easy access to downtown Richmond, VCU, and I-95. The property sits on 1.29 acres and was built in 1949. The thriving Manchester neighborhood, with significant recent residential growth, further enhances the investment potential. The average household income within 3 miles is $56,431. This is a single-story building with a gross lease structure.

Location Insight

City

Richmond

County

Henrico

State

Virginia

Latitude

37.4888

Longitude

-77.4449

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