318 Broad StRichmond, VA 23220

Property Details for 318 Broad St

Year built

1910

Construction

WOOD

Lot size

0.08 AC

Property size (Sq ft)

6,816 SF

Zone code

B-4 CENTRAL BUSINESS

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

N-000-0180-027

APU

N0000180027

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,504,358

  6.5%

  $1,388,638

  7%

  $1,289,450

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,138,340

  Geo Method

  $1,138,340

• Alternative Use

  Use

  Valuation

  Residential

  $1,721,912

  Hospitality

  $1,577,262

  Educational

  $1,312,263

  Medical

  $1,357,394

  Retail

  $2,041,298

Location Insight

City

Richmond

County

Richmond City

State

Virginia

Latitude

37.5479

Longitude

-77.4449

CBSA code

40060

CBSA name

RICHMOND, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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