Mixed-Use Property with
For Sale
$2,500,000
111 17th Street, Richmond, VA 23219
Office, residential, and unfinished storefront areas offer multiple occupancy configurations with separate utilities.
Property Size9,480 SF
Price / SF$263.71
Days on Market12
Property Features for 111 17th Street
General Information
Standard status
Active
Size
9,480 SF
Property subtype
General Commercial
Property Condition
Severity
Repairs Needed
Evidence
Upgraded/unfinished store front
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Opportunity Zone
Yes
Amenities
kitchenettes
sitting room with wood burning fireplace
3
Building Details
Year Built
1900
Buildings
2
Abandoned
No
Listing Agency:
Neville C Johnson & Assoc, Inc
(804) 914-5902
Listed By:
Neville Johnson
(804) 914-5902
Source:
Xome
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 24 at 3:01AM
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 Neville C Johnson & Assoc, Inc
Investment Insights
Based on property information with market context.
This mixed-use property includes the buildings at 111 N 17th Street and 107 N 17th Street, totaling 13,500 square feet according to the stated tax-record areas. The existing office component has two kitchenette areas, four bathrooms, a sitting room with a wood-burning fireplace, and upgraded systems and structural elements. An adjoining two-bedroom, one-bath apartment has separate utilities and can be occupied or leased independently. The 107 N 17th Street storefront remains unfinished and includes basement space for a new buildout. The property is zoned B-4 and was built in 1900.
The site is in an Economic Opportunity Zone with Amtrak across the street and access to the GRTC Pulse bus line. Paid secured parking is available across the street, while dining and entertainment options are nearby. The property is also located near the Capital One Innovation Center and proposed Slave Museum project in Shockoe Slip.
The site is in an Economic Opportunity Zone with Amtrak across the street and access to the GRTC Pulse bus line. Paid secured parking is available across the street, while dining and entertainment options are nearby. The property is also located near the Capital One Innovation Center and proposed Slave Museum project in Shockoe Slip.
Key Highlights
- 111 N 17th Street includes 9,480 Sq. Ft. per tax record
- 107 N 17th Street includes 4,020 Sq. Ft. per tax record
- Adjoining 2 bedroom, 1 bath apartment with separate utilities
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
$127,458
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
5.10%
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%
$2,549,160
$2.5M
Cap Rate 7%
$1,820,829
$1.8M
Cap Rate 9%
$1,416,200
$1.4M
Market Conditions
NOI Build-Up for 9,480 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
$201.4K $21.24/SF
− Vacancy
−$31.4K −$3.31/SF
EGI
$169.9K $17.93/SF
− OpEx
−$42.5K −$4.48/SF
NOI
$127.5K $13.44/SF
Area
Richmond, VA
Vacancy
15.60%
Lease Rate
$21.24 /SF/Yr
Expense Ratio
25.00%
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%
$2,549,160
Cap Rate 7%
$1,820,829
Cap Rate 9%
$1,416,200
Alternative Uses
Best Use
Office B
$1.82M
$1.59M – $2.12M
NOI $127,458 @ 7.0% cap · market cap 5.10%
Second Best
Mixed Use
$1.69M
$1.48M – $1.97M
NOI $118,382 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$2.19M
$1.92M – $2.56M
NOI $153,314 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
6,645
Businesses Nearby
Explore this area
Business Placement
Demographics for 23219, VA
5,307
Population
3,488
Households
1.5
Avg Household Size
29
Median Age
62%
College-Educated
91%
High-School Grad
1.3 sq mi
ZIP Area
4,082
Density / Sq Mi
$62,533
Median Household Income
$46,509
Median Earnings
$1,439
Median Rent
$287,500
Median Home Value
Market
Vacancy Rate% for Office in Richmond, VA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Office, residential, and unfinished storefront areas offer multiple occupancy configurations with separate utilities.
Where is this mixed-use property located?
The property is located at 111 17th Street Richmond, VA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 111 N 17th Street includes 9,480 Sq. Ft. per tax record; 107 N 17th Street includes 4,020 Sq. Ft. per tax record; Adjoining 2 bedroom, 1 bath apartment with separate utilities
