Richmond Corner Lot Investment
For Sale
$1,200,000
1217 E Main St, Richmond, VA 23219
Prime corner lot in Richmond's financial district with high visibility.
Property Size9,410 SF
Days on Market144
Property Features for 1217 E Main St
General Information
Standard status
Active
Size
9,410 SF
Property subtype
Commercial
Building Details
Building Size
9,410 SF
Year Built
1955
Stories
2
Listing Agency:
(804) 366-3352
Listed By:
Phillip Thai
(804) 366-3352
Source:
Elliman
Added: Apr 11
Changed: Aug 22
Last Checked: Aug 31 at 3:43PM
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 Phillip Thai
Investment Insights
Based on property information with market context.
This property presents an investment opportunity in Richmond, VA's financial district. Situated on a corner lot, the location offers visibility and exposure along E Main St, with reported traffic counts of approximately 5,000–20,000 vehicles per day. The property is divided into three distinct spaces. The first is a turn-key convenience store and deli/restaurant, equipped with shelving, a wall of glass-door beverage coolers, a commercial kitchen with hood, a deli counter, and a café-style dining area. The second space features a smoke shop and lounge concept with a street-facing entrance, occupying both the ground level and a finished basement. The basement includes a custom bar, booth and banquette seating, a DJ/performance area, restrooms, and a prep/back-of-house area. The property has a bike score of 88, indicating it is very bikeable, a walk score of 81, indicating it is very walkable, and a transit score of 58, indicating good transit.
Key Highlights
- High‑visibility corner lot in Richmond's financial district with significant traffic.
- Turn‑key convenience store and deli/restaurant with full build‑out including shelving, coolers, commercial kitchen, deli counter, and dining area.
- Established smoke shop and lounge with street access and finished basement featuring a custom bar and performance area.
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
$102,702
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
8.56%
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%
$2,054,040
$2.1M
Cap Rate 7%
$1,467,171
$1.5M
Cap Rate 9%
$1,141,133
$1.1M
Market Conditions
NOI Build-Up for 9,410 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
$160.3K $17.04/SF
− Vacancy
−$13.6K −$1.45/SF
EGI
$146.7K $15.59/SF
− OpEx
−$44.0K −$4.68/SF
NOI
$102.7K $10.91/SF
Area
Richmond, VA
Vacancy
8.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
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%
$2,054,040
Cap Rate 7%
$1,467,171
Cap Rate 9%
$1,141,133
Alternative Uses
Best Use
Specialty Retail
$1.74M
$1.53M – $2.03M
NOI $122,081 @ 7.0% cap · market cap 10.17%
Second Best
Retail
$1.47M
$1.28M – $1.71M
NOI $102,702 @ 7.0% cap · market cap 8.56%
Theoretical Best
Office A
$2.17M
$1.90M – $2.54M
NOI $152,182 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,787
Businesses Nearby
Balanced
Demand for This Use
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 Retail in Richmond, VA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Westham — 100 S 12th St, Richmond, VA 23219, United States
- TREE HOUSE RESTAURANT & BAR — 700 E Main St, Richmond, VA 23219
- Bick Market Inc — 16 E Broad St, Richmond, VA 23219
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Prime corner lot in Richmond's financial district with high visibility.
Where is this grocery and convenience store located?
The property is located at 1217 E Main St Richmond, VA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: High‑visibility corner lot in Richmond's financial district with significant traffic.; Turn‑key convenience store and deli/restaurant with full build‑out including shelving, coolers, commercial kitchen, deli counter, and dining area.; Established smoke shop and lounge with street access and finished basement featuring a custom bar and performance area.
