Redevelopment Area
For Sale
$1,699,950
105 E Pilkington St, Richmond, VA 23224
Property in redevelopment area, minutes from downtown Richmond and VCU.
Property Size13,940 SF
Days on Market110
Property Features for 105 E Pilkington St
General Information
Standard status
Active
Size
13,940 SF
Property subtype
Commercial
Building Details
Building Size
13,940 SF
Year Built
1905
Stories
1
Listing Agency:
(804) 714-9799
Listed By:
Woinshet Kassa
(804) 714-9799
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Jul 16 at 11:39AM
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 Woinshet Kassa
Investment Insights
Based on property information with market context.
Located in a redevelopment area, this property presents vast opportunities and includes a number of parcels. Situated along the Hull Street corridor, the location is just minutes from downtown Richmond, VCU, and Commerce Road. The sale includes multiple parcels in addition to 105 Pilkington Street: S0000410029, 20 E Pilkington St 23224 406 B; S0000475001, 2218 Decatur St 101 R Single Family Vacant (R1-R7) 23224; S0000475002, 2313 Short Decatur St 101 R Single Family Vacant(R1-R7) 23224; S0000475003, 2311 Short Decatur St101 R Single Family Vacant (R1-R7)23224; S0000475004 2309 Short Decatur St 101 R Single Family Vacant (R1-R7)23224; S0000475005, 2307 Short Decatur St 101 R Single Family Vacant (R1-R7); S0000475014, 116 E Pilkington St 23224 406 B Paved Surface Parking'; S0000475014, 118 E Pilkington St 23224 406; S0000475014,120 E Pilkington St 23224 406; S0000475014, S0000568001,S0000568001 S0000568002,S0000568003,105 E Pilkington St 468 Religious/Church/Synagogue; S0000568007,-109 E Pilkington St 101 R Single Family V; S0000568008,111 E Pilkington St 101 R Single Family Vacant (R1-R7); S0000570017 H,2309 Decatur S. The location has a bike score of 67, making it bikeable. The walk score is 61, indicating it is somewhat walkable, and the transit score is 45, suggesting some transit options are available.
Key Highlights
- Located in a redevelopment area with vast opportunities.
- Includes multiple parcels of land.
- Minutes from downtown Richmond, VCU, and Commerce Road.
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
$152,143
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
8.95%
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%
$3,042,860
$3.0M
Cap Rate 7%
$2,173,471
$2.2M
Cap Rate 9%
$1,690,478
$1.7M
Market Conditions
NOI Build-Up for 13,940 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
$237.5K $17.04/SF
− Vacancy
−$20.2K −$1.45/SF
EGI
$217.3K $15.59/SF
− OpEx
−$65.2K −$4.68/SF
NOI
$152.1K $10.91/SF
Area
Richmond, VA
Vacancy
8.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
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%
$3,042,860
Cap Rate 7%
$2,173,471
Cap Rate 9%
$1,690,478
Alternative Uses
Best Use
Retail
$2.17M
$1.90M – $2.54M
NOI $152,143 @ 7.0% cap · market cap 8.95%
Second Best
Industrial
$1.26M
$1.10M – $1.47M
NOI $88,384 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$3.22M
$2.82M – $3.76M
NOI $225,443 @ 7.0% cap · market cap 13.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
815
Businesses Nearby
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 Retail in Richmond, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Property in redevelopment area, minutes from downtown Richmond and VCU.
Where is this commercial land located?
The property is located at 105 E Pilkington St Richmond, VA.
What is the asking price?
The asking price for this property is $1,699,950.
What are key features of this property?
This property features: Located in a redevelopment area with vast opportunities.; Includes multiple parcels of land.; Minutes from downtown Richmond, VCU, and Commerce Road.
