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    309-317 E Broad St, Unit Richmond VA 23219 Richmond, VA 23219

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    For Sale
    $7,900,000

    Income-producing mixed-use property in Richmond's Arts District.

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    Listing Contact
    Andrew Pegalis
    Andrew Pegalis
    Source: Slnusbaum

    Listing Agency: S.L. Nusbaum Realty Co - Corporate Listing Agent: Andrew Pegalis

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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    Overview

    Renovated Mixed-Use Arts District Building

    The Gather Arts District Building, a 47,461 square foot mixed-use property, is located at 309-317 E. Broad St. in Downtown Richmond, VA. The building was largely renovated in 2019 for Gather, a provider of flexible co-working office space with premium amenities. Gather occupies approximately two-thirds of the property. Metro by T-Mobile, Ember Music Hall and SinnerG Tattoo occupy the ground floor retail spaces. The property is 100% occupied and presents an opportunity to own and maintain an income-producing asset or reposition for a future redevelopment opportunity. The building is located between Virginia Commonwealth University and the Medical College of Virginia, and is within walking distance of the Virginia State Capitol. Richmond, the capital city of the Commonwealth of Virginia, has a population of approximately 234,000, making it the fourth largest city in the state. The Richmond metropolitan population exceeds 1.3 million, making it the third most populous metro area in Virginia. The Greater Richmond area serves as the headquarters for eight Fortune 500 companies and continues to experience year-over-year job growth.
    Location Intelligence

    Current Use by Public Records

    Coworking space

    Suggested Use

    Real Estate Agency Spa & Massage Center Restaurant Hair Salon Dental Office Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4390229
    Latitude
    37.5436369

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    FAQs

    What type of property is this?
    Mixed-use property - Income-producing mixed-use property in Richmond's Arts District.
    Where is this mixed-use property located?
    The property is located at 309-317 E Broad St, Unit Richmond VA 23219 Richmond, VA.
    What is the asking price?
    The asking price for this property is $7,900,000.
    What are key features of this property?
    This property features: - 100% occupied mixed-use property provides immediate income.; - Magnificently renovated in 2019 offering modern amenities.; - Located in the Arts District of Downtown Richmond, VA.
    (804) 678-8816
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    309-317 E Broad St, Unit Richmond VA 23219 Richmond, VA 23219
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    309-317 E Broad St, Unit Richmond VA 23219 Richmond, VA 23219
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    Listing Contact
    Andrew Pegalis
    Andrew Pegalis
    Real Estate License ID: #0225250542
    (804) 678-8816 (757) 627-8611 (804) 944-9272
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