Flex Space with Storage
For Sale
$1,500,000
Pending
101 E 7th St, Richmond, VA 23224
Corner-positioned flex property with office, warehouse, and separate storage improvements in Richmond’s Old Manchester district.
Property Size10,652 SF
Lot Size0.75 Acres
Days on Market129
Property Features for 101 E 7th St
General Information
Standard status
Pending
Size
10,652 SF
Lot size
0.75 Acres
Property subtype
Commercial
Additional Details
Opportunity Zone
Yes
Road Access
Yes
Building Details
Building Size
10,652 SF
Year Built
1959
Buildings
2
Stories
1
Listing Agency:
(804) 912-5488
Listed By:
Angel Papa
(804) 912-5488
Source:
Elliman
Added: Apr 24
Changed: Aug 30
Last Checked: Aug 30 at 1:27AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Angel Papa
Investment Insights
Based on property information with market context.
The property includes a 9,102-square-foot flex building configured for office and warehouse use, along with a detached storage structure of approximately 1,550 square feet. Built in 1959, the offering combines four lots totaling approximately 3/4 acre and occupies a corner position at Decatur and E. 7th Streets. The property is designated as an Opportunity Zone.
Located in Richmond’s historic Old Manchester district, the site is south of the downtown financial district and has visibility along Commerce Road, where the stated traffic count is 20,000 VPD. The surrounding area includes cafes, restaurants, breweries, art studios, music studios, riverfront parks, and James River access. WalkScore is 75, BikeScore is 61, and TransitScore is 48.
Located in Richmond’s historic Old Manchester district, the site is south of the downtown financial district and has visibility along Commerce Road, where the stated traffic count is 20,000 VPD. The surrounding area includes cafes, restaurants, breweries, art studios, music studios, riverfront parks, and James River access. WalkScore is 75, BikeScore is 61, and TransitScore is 48.
Key Highlights
- 9,102‑square‑foot main flex, office, and warehouse building
- Detached ~1550‑square‑foot storage building
- Four‑lot assemblage totaling approximately 3/4 acre
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$101,154
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.74%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,023,080
$2.0M
Cap Rate 7%
$1,445,057
$1.4M
Cap Rate 9%
$1,123,933
$1.1M
Market Conditions
NOI Build-Up for 10,652 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$125.3K $11.76/SF
− Vacancy
−$6.3K −$0.59/SF
EGI
$119.0K $11.17/SF
− OpEx
−$17.9K −$1.68/SF
NOI
$101.2K $9.50/SF
Area
Richmond, VA
Vacancy
5.00%
Lease Rate
$11.76 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,023,080
Cap Rate 7%
$1,445,057
Cap Rate 9%
$1,123,933
Alternative Uses
Best Use
Office B
$2.05M
$1.79M – $2.39M
NOI $143,215 @ 7.0% cap · market cap 9.55%
Second Best
Warehouse
$1.45M
$1.26M – $1.69M
NOI $101,154 @ 7.0% cap · market cap 6.74%
Theoretical Best
Office A
$2.46M
$2.15M – $2.87M
NOI $172,268 @ 7.0% cap · market cap 11.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
993
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23224, VA
39,468
Population
18,201
Households
2.2
Avg Household Size
33
Median Age
19%
College-Educated
80%
High-School Grad
11.6 sq mi
ZIP Area
3,402
Density / Sq Mi
$49,263
Median Household Income
$36,275
Median Earnings
$1,268
Median Rent
$189,200
Median Home Value
Market
Vacancy Rate% for Office in Richmond, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Corner-positioned flex property with office, warehouse, and separate storage improvements in Richmond’s Old Manchester district.
Where is this flex space located?
The property is located at 101 E 7th St Richmond, VA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 9,102‑square‑foot main flex, office, and warehouse building; Detached ~1550‑square‑foot storage building; Four‑lot assemblage totaling approximately 3/4 acre
