Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1109 W Franklin St Richmond, VA 23220

    View on Map
    Loading data...
    Loading data...
    Loading data...
    Pending
    $1,295,000

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

    Property Features for 1109 W Franklin St

    General Information

    Standard status
    Pending

    Building Details

    Year built
    1900

    We can help!

    Listing Contact
    David Feibish
    David Feibish
    Source: Exitrealty

    Listing Agency: Joyner Fine Properties Listing Agent: David Feibish

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

    Learn more

    Overview

    Fan District Development Opportunity

    This offering presents a generational development opportunity in Richmond's vibrant Fan District. Located within the area once known as Richmond’s 5th Avenue, renowned for its Second Empire, Queen Anne, Jacobean, Romanesque, and Colonial Revival architecture, the property benefits from potential Historic Tax Credits. Situated at the western portal to the original RPI, now VCU, the offering includes two buildings, formerly two single-family homes, totaling approximately 8,008 square feet, with each building comprising around 4,000 square feet. Additionally, there is approximately 3,916 square feet of full, unfinished basement space. The property features a new roof and off-street parking spaces. Potential uses include single-family renovation or resale, owner-occupied single or multi-family residences, duplex luxury rental units, condominium conversion, or offices/mixed-use development.
    Location Intelligence

    Current Use by Public Records

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

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4552344
    Latitude
    37.5506876

    Nearby Similar for Sale

    • $635,000
      Pending

      Richmond Triplex Investment Opportunity

      Triplex in The Fan with strong occupancy history.
      309 N Shields Ave, Richmond, VA 23220
      View Details
    • $829,950
      Pending

      Richmond Triplex Investment Opportunity

      Fully occupied triplex near VCU with development potential.
      1701 W Leigh St, Richmond, VA 23220
      View Details
    • $2,800,000
      Pending

      Downtown Richmond Redevelopment Opportunity

      Historic 23,187 SF building suitable for residential or mixed-use redevelopment.
      422 E Franklin St, Richmond, VA 23219
      View Details
    • New
      $675,000
      1,980 SF

      Richmond Duplex Near Carytown

      Well-appointed duplex in desirable Richmond location near VMFA and Carytown.
      3106 Hanover Ave, Richmond, VA 23221
      View Details
    • New
      $400,000
      Pending

      Richmond Duplex Near VCU Campus

      Duplex near VCU campus with flexible rental options.
      615 Idlewood Ave, Richmond, VA 23220
      View Details
    • $665,000
      Pending

      Richmond Quadplex in Fan District

      Four units in Richmond's Fan District, generating $4,465 monthly.
      311 N Shields Ave, Richmond, VA 23220
      View Details
    • New
      $629,950
      3,148 SF

      Richmond Duplex Near McGuire Center

      Well-maintained duplex on a large lot near downtown Richmond.
      1400 Broad Rock Blvd, Richmond, VA 23224
      View Details
    • New
      $700,000
      2,640 SF

      Richmond Multifamily Investment Opportunity

      Two ranch-style duplexes totaling four units in Richmond, Virginia.
      1601-1607 Monteiro Ave, Richmond, VA 23222
      View Details
    • $650,000
      0.31 Acres

      Richmond Industrial Cold-Storage Facility For Sale

      6,410 SF industrial/cold-storage facility in Richmond's Chamberlayne Industrial Center.
      1505 Brook Rd, Richmond, VA 23220
      View Details
    • New
      $610,000
      Pending

      Fan District Duplex Opportunity

      Duplex in the heart of the Fan District.
      2618 W Main St, Richmond, VA 23220
      View Details
    • New
      $625,000
      0.08 Acres

      Richmond Duplex with Income Potential

      Charming duplex in historic Church Hill with income potential.
      414 N 32Nd St, Richmond, VA 23223
      View Details
    • New
      $359,900
      Pending

      Richmond Brick Duplex in Ginter

      Fully occupied brick duplex in Ginter Park near VCU.
      4910 Chamberlayne Ave, Richmond, VA 23227
      View Details

    FAQs

    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 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 development opportunity in the Fan District with potential for historic tax credits.; - Two buildings totaling approximately 8,008 sq. ft. plus a ~3,916 sq. ft. unfinished basement.; - Flexible development options: single-family, multi-family, luxury rentals, condominiums, or mixed-use.
    (804) 967-2735
    Request Owner's contact information
    1109 W Franklin St Richmond, VA 23220
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1109 W Franklin St
    Richmond, VA 23220
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    1109 W Franklin St Richmond, VA 23220
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    David Feibish
    David Feibish
    Real Estate License ID: 0225001652
    (804) 967-2735 (804) 399-4514 (804) 270-9440
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!