2343 Broad StRichmond, VA 23220

Property Details for 2343 Broad St

Year built

1940

Construction

TYPE NOT SPECIFIED

Lot size

0.38 AC

Property size (Sq ft)

4,420 SF

Zone code

UB-PO4 PARKING OVERLAY

Property type

Retail space

APN

W-000-1048-002

APU

W0001048002

Description

This exceptional multi-tenant retail property in Richmond, VA, offers a compelling value-add investment opportunity. The 8,110 square foot asset comprises two single-tenant buildings on a 0.7-acre lot, featuring a rare 56-space off-street parking lot at the corner of West Broad Street and North Davis Avenue. Currently 100% occupied by two tenants under net leases with annual escalations and a weighted average lease term of 5.2 years, extending to April 2027, this property provides immediate and increasing cash flow. The B-5 and R-48 zoning allows for diverse future development options, capitalizing on the property's prime location between Scott's Addition and the Fan District. Surrounded by over 8,400 existing apartments and an additional 1,500 under construction within a one-mile radius, this property benefits from excellent walkability and proximity to major employers like VCU, the Science Museum of Virginia, and Whole Foods. The affluent demographic area boasts average household incomes exceeding $118,000 within a one-mile radius, with projected population growth of 10% over the next five years. This unique opportunity combines stable current income with significant long-term upside potential in a highly sought-after Richmond submarket. The asking price is $2,750,000, resulting in a price per square foot of $339.09.

• CAP approach

  CAP return

  Valuation

  6%

  $1,433,973

  6.5%

  $1,323,668

  7%

  $1,229,120

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,860,224

  Geo Method

  $1,860,224

• Alternative Use

  Use

  Valuation

  Residential

  $1,116,563

  Hospitality

  $1,022,766

  Educational

  $850,929

  Medical

  $880,194

  Retail

  $1,323,668

Location Insight

City

Richmond

County

Richmond City

State

Virginia

Latitude

37.5596

Longitude

-77.466

CBSA code

40060

CBSA name

RICHMOND, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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