421 Franklin StRichmond, VA 23219

Property Details for 421 Franklin St

Year built

1927

Construction

TYPE NOT SPECIFIED

Lot size

0.11 AC

Property size (Sq ft)

13,622 SF

Zone code

B-4 CENTRAL BUSINESS

Property type

Retail residential properties

APN

W-000-0023-009

APU

W0000023009

Description

This exceptional Class A mixed-use property, "The French Quarter Building," is a prime investment opportunity in the heart of Richmond, VA. The 14,174 square foot building, constructed in 1927 and beautifully renovated in 2016 using historic tax credits, boasts 11 units: 10 residential apartments (on the second and third floors) and 6,764 square feet of ground-floor retail space. Currently 100% occupied, the building features a long-term (20+ year) ground-floor tenant, Penny Lane Pub, with a lease extending through 2028, providing immediate and substantial cash flow. The building's iconic wrought iron and stucco exterior is a landmark in the city. The property presents a strong value-add opportunity through the implementation of a RUBS program and potential light interior unit updates. Its central downtown location offers residents easy access to a vibrant "live, work, play" lifestyle, with numerous restaurants, entertainment venues, and the soon-to-be-completed riverfront amphitheater all within walking distance. Recent capital expenditures include an $84,000 roof replacement. The property's proximity to Costar's future $460 million HQ2, anticipated to bring 2,000 jobs, further enhances its long-term investment potential. This is a rare chance to acquire a meticulously maintained, high-performing asset in a rapidly growing market. The 0.11-acre lot houses a three-story building. This Core+ investment offers proven cash flows and significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $3,728,122

  6.5%

  $3,441,344

  7%

  $3,195,534

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,526,266

  Geo Method

  $3,526,266

• Alternative Use

  Use

  Valuation

  Residential

  $3,441,344

  Hospitality

  $3,152,252

  Educational

  $2,622,637

  Medical

  $2,712,834

  Retail

  $4,079,658

Location Insight

City

Richmond

County

Richmond City

State

Virginia

Latitude

37.5411

Longitude

-77.4394

CBSA code

40060

CBSA name

RICHMOND, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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