Office/Warehouse Buildings in Fan
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12 South Lombardy Street, Richmond, VA 23220
11,865 SF office/warehouse buildings in Richmond's Fan District.
Property Size11,865 SF
Price / SF$143.28
Days on Market288
Property Features for 12 South Lombardy Street
General Information
Standard status
Active
Size
11,865 SF
Property subtype
Industrial
Zoning
R-7, UB
Listing Agency:
Porter Realty Company, Inc.
Listed By:
Kevin E. Cox · License #VA 0225079330
(804) 353-7994
Source:
Crexi
Added: Nov 24, 2025
Changed: Sep 8
Last Checked: Sep 7 at 9:58AM
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 Porter Realty Company, Inc.
Investment Insights
Based on property information with market context.
The property features a total of 11,865 square feet of office and warehouse buildings, situated on a 0.404-acre lot. It is zoned R-7 and UB. The location provides proximity to I-95, I-64, and I-195. It is located in the Fan District of Richmond, Virginia.
Key Highlights
- Proximate to I‑95/I‑64/I‑195
- 11,865 SF +/- Total Office/Warehouse Buildings
- Located in The Fan District
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
$112,672
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
6.63%
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%
$2,253,440
$2.3M
Cap Rate 7%
$1,609,600
$1.6M
Cap Rate 9%
$1,251,911
$1.3M
Market Conditions
NOI Build-Up for 11,865 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
$139.5K $11.76/SF
− Vacancy
−$7.0K −$0.59/SF
EGI
$132.6K $11.17/SF
− OpEx
−$19.9K −$1.68/SF
NOI
$112.7K $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%
$2,253,440
Cap Rate 7%
$1,609,600
Cap Rate 9%
$1,251,911
Alternative Uses
Best Use
Office B
$2.28M
$1.99M – $2.66M
NOI $159,524 @ 7.0% cap · market cap 9.38%
Second Best
Warehouse
$1.61M
$1.41M – $1.88M
NOI $112,672 @ 7.0% cap · market cap 6.63%
Theoretical Best
Office A
$2.74M
$2.40M – $3.20M
NOI $191,885 @ 7.0% cap · market cap 11.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,947
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23220, VA
36,942
Population
16,561
Households
2.2
Avg Household Size
27
Median Age
59%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
7,696
Density / Sq Mi
$56,681
Median Household Income
$33,249
Median Earnings
$1,354
Median Rent
$468,900
Median Home Value
Market
Vacancy Rate% for Office in Richmond, VA
Questions? Ask Rey
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Similar Off Market Nearby
- Self-Storage at U-Haul — 900 N Lombardy St, Richmond, VA 23220
Frequently Asked Questions
What type of property is this?
Warehouse - 11,865 SF office/warehouse buildings in Richmond's Fan District.
Where is this warehouse located?
The property is located at 12 South Lombardy Street Richmond, VA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Proximate to I‑95/I‑64/I‑195; 11,865 SF +/- Total Office/Warehouse Buildings; Located in The Fan District
