Fan District Development
1109 & 1111 W Franklin St Richmond, VA 23220
For Sale
$1,295,000
Pending
Two buildings in Richmond's Fan District with development potential.
Property Size8,008 SF
Days on Market95
Property Features for 1109 & 1111 W Franklin St
General Information
Standard status
Pending
Size
8,008 SF
Property subtype
Commercial
Building Details
Year Built
1900
Listing Agency:
Joyner Commercial
(804) 967-2735
Listed By:
David Feibish · License #0225001652
(804) 967-2735
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Jul 27 at 9:12AM
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 Joyner Commercial
Investment Insights
Based on property information with market context.
This offering presents a generational development opportunity in the vibrant Fan District, with potential for Historic Tax Credits. Located within the area once known as Richmond’s 5th Avenue, the property features architectural styles including Second Empire, Queen Anne, Jacobean, Romanesque, and Colonial Revival. The location is part of the western portal to the original RPI, now VCU. The offering includes two buildings, previously two single-family homes, totaling approximately 8,008 square feet, with each building offering around 4,000 square feet. Additionally, there is approximately 3,916 square feet of full, unfinished basement space. The property includes a new roof and off-street parking spaces. Potential uses include single-family renovation or resale, owner-occupied single or multi-family use, duplex luxury rental units, conversion to condominiums, or offices/mixed-use development. The location has a bike score of 91, indicating it is a biker's paradise, a walk score of 94, indicating it is a walker's paradise, and a transit score of 52, indicating good transit options.
Key Highlights
- Prime Fan District location with high walkability (Walk Score: 94) and bikeability (Bike Score: 91).
- Significant development opportunity with multiple potential uses.
- Two buildings totaling approximately 8,008 sq. ft. plus a ~3,916 sq. ft. unfinished basement.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $161.4k | $20.16 |
| − Vacancy | −$10.5k | −$1.31 |
| EGI | $150.9k | $18.85 |
| − OpEx | −$45.3k | −$5.65 |
| NOI | $105.7k | $13.19 |
8,008 SF · lease $20.16/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.51M
$1.32M – $1.76M
NOI $105,663 @ 7.0% cap · market cap 8.16%
Second Best
Mixed Use
$1.43M
$1.25M – $1.67M
NOI $100,000 @ 7.0% cap · market cap 7.72%
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,508 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
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 & 1111 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 Fan District location with high walkability (Walk Score: 94) and bikeability (Bike Score: 91).; Significant development opportunity with multiple potential uses.; Two buildings totaling approximately 8,008 sq. ft. plus a ~3,916 sq. ft. unfinished basement.
