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Fan District Development Opportunity

1109 & 1111 W Franklin St, Richmond, VA 23220

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For Sale

$1,295,000

Two buildings in Richmond's Fan District with development potential.

Type:Commercial

Property size:

8,008 SF

Price / SF:

$161/SF

HighLights

Prime Fan District location with high walkability (Walk Score: 94) and bikeability (Bike Score: 91).
Significant development opportunity with multiple potential uses.
Two buildings totaling approximately 8,008 sq. ft. plus a ~3,916 sq. ft. unfinished basement.
Potential for Historic Tax Credits.
New roof and off‑street parking.
Located in an area historically known as Richmond's 5th Avenue, featuring diverse architectural styles.

We can help!

Listing Contact

David Feibish

Learn more

For Sale

$1,295,000

Two buildings in Richmond's Fan District with development potential.

Type:Commercial

Property size:

8,008 SF

Price / SF:

$161/SF

Added:: Apr 24, 2026
Days on Market:: 50
Last Refresh:: Apr 24 at 5:47 pm

Property Features for 1109 & 1111 W Franklin St

General Information

Standard status: Active
Size: 8,008 SF
Property subtype: Commercial

Building Details

Year Built: 1900

We can help!

Listing Contact

David Feibish

Listing agent David Feibish License #0225001652

Listing office Joyner Commercial

Listing date Apr 24, 2026

Source Elliman

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 Joyner Commercial

HighLights

Prime Fan District location with high walkability (Walk Score: 94) and bikeability (Bike Score: 91).
Significant development opportunity with multiple potential uses.
Two buildings totaling approximately 8,008 sq. ft. plus a ~3,916 sq. ft. unfinished basement.
Potential for Historic Tax Credits.
New roof and off‑street parking.
Located in an area historically known as Richmond's 5th Avenue, featuring diverse architectural styles.

Overview

This offering presents a generational development opportunity in the vibrant Fan District, with potential for Historic Tax Credits. Located within the area once known as Richmond’s 5th Avenue, the property features architectural styles including Second Empire, Queen Anne, Jacobean, Romanesque, and Colonial Revival. The location is part of the western portal to the original RPI, now VCU. The offering includes two buildings, previously two single-family homes, totaling approximately 8,008 square feet, with each building offering around 4,000 square feet. Additionally, there is approximately 3,916 square feet of full, unfinished basement space. The property includes a new roof and off-street parking spaces. Potential uses include single-family renovation or resale, owner-occupied single or multi-family use, duplex luxury rental units, conversion to condominiums, or offices/mixed-use development. The location has a bike score of 91, indicating it is a biker's paradise, a walk score of 94, indicating it is a walker's paradise, and a transit score of 52, indicating good transit options.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$170.1k	$21.24
− Vacancy	−$26.5k	−$3.31
EGI	$143.6k	$17.93
− OpEx	−$35.9k	−$4.48
NOI	$107.7k	$13.44

8,008 SF · lease $21.24/SF/yr · vacancy 15.60% · expense 25.00%

Alternative Uses

Best Use

Office B

$1.54M

$1.35M – $1.79M (±1% cap)

NOI $107,667 @ 7.0% cap · market cap 8.31%

Second Best

Multifamily LT 5

$1.51M

$1.32M – $1.76M (±1% cap)

NOI $105,663 @ 7.0% cap · market cap 8.16%

Theoretical Best

Office A

$1.85M

$1.62M – $2.16M (±1% cap)

NOI $129,508 @ 7.0% cap · market cap 10.00%

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

Location Intelligence

Current Use by Public Records

Beth Ahabah Museum ... Museum Beth Ahabah Online ... Cemetery

Suggested Use

Location Insight

Map
Local Demand

City: Richmond
County: Richmond City
State: Virginia
Longitude: -77.4552344
Latitude: 37.5506876

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For sale
Mixed-use properties
VA
Richmond
23220
1109 & 1111 W Franklin St

What type of property is this?

Mixed-use property - Two buildings in Richmond's Fan District with development potential.

Where is this mixed-use property located?

The property is located at 1109 & 1111 W Franklin St Richmond, VA.

What is the asking price?

The asking price for this property is $1,295,000.

What are key features of this property?

This property features: Prime Fan District location with high walkability (Walk Score: 94) and bikeability (Bike Score: 91).; Significant development opportunity with multiple potential uses.; Two buildings totaling approximately 8,008 sq. ft. plus a ~3,916 sq. ft. unfinished basement.