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    422 E Franklin St Richmond, VA 23219

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    Claim this Listing
    Pending
    $2,800,000

    Commercial/Industrial - Richmond, VA

    Property size:
    23,187 SF
    Lot size:
    0.26 Acres
    Added:
    Oct 2, 2025
    Days on Market:
    200
    Last Refresh:
    Apr 19 at 12:06 pm

    Property Features for 422 E Franklin St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Exterior features
    Other
    Standard status
    Pending
    Size
    23,187 SF
    Lot size
    0.26 Acres

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1923
    Floors in Building
    3
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Jennie Dotts
    Jennie Dotts

    Listing agent Jennie Dotts

    Listing office Grove 5702 Grove Avenue, VA

    Listing date Oct 2, 2025

    MLS# 2526872 Listing URL

    Copyright © 2026 Long & Foster Real Estate. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Downtown Richmond Redevelopment Opportunity

    This three-story, 23,187 square foot office building, constructed in 1923 for the Imperial Tobacco Co., is located in downtown Richmond. The Imperial Building, clad in limestone with Neoclassic entrances, anchors a corner across from the Hotel John Marshall and is situated blocks from the State Capitol and the Riverfront. The building, a Golden Hammer Award winner for its 2002 renovation, currently houses the Richmond Free Press and other businesses, and is suited for residential or mixed-use redevelopment. Historic Tax Credit and Enterprise Zone incentives are available. Each floor provides approximately 7,729 square feet of space with high ceilings, large windows, and natural light. The main level features a lobby extending from the front to the rear, with parking located below. The second floor includes wood-paneled executive offices with fireplaces, a board room, conference rooms, offices, and a break room. The third floor offers spacious suites and storage. The building is located on a 0.26-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    McCollum at Law P.C Law Firm HDH Department Store Community Staffing Employment Agency HDH Copying & Printing ... (Bike/Boat/Book/etc) Store Richmond Free Press Publishing House

    Suggested Use

    Real Estate Agency Spa & Massage Center Restaurant Hair Salon Dental Office Nail Salon Building Supply Daycare Center Gym & Fitness Center Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4392306
    Latitude
    37.5414821

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    FAQs

    What type of property is this?
    Mixed-use property - Historic building ready for residential or mixed-use redevelopment.
    Where is this mixed-use property located?
    The property is located at 422 E Franklin St Richmond, VA.
    What is the asking price?
    The asking price for this property is $2,800,000.
    What are key features of this property?
    This property features: Redevelopment opportunity in downtown Richmond for residential or mixed‑use property.; Eligible for Historic Tax Credit and Enterprise Zone incentives.; **Large, three‑story building (23,187 SF) with high ceilings, large windows, and abundant natural light.**
    (888) 536-0216
    We can help!
    Listing Contact
    Jennie Dotts
    Jennie Dotts
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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