Mixed-Use Restaurant and Residential
For Sale
$1,650,000
417 W Grace Street, Richmond, VA 23220
Renovated mixed-use property with NNN restaurant space and furnished-style residential interiors, positioned for steady tenant draw.
Property Size6,132 SF
Price / SF$269.08
Days on Market458
Property Features for 417 W Grace Street
General Information
Standard status
Active
Size
6,132 SF
Property subtype
General Commercial
Occupancy
100%
Additional Details
Business Included
Yes
Sprinkler System
Yes
Commercial Hood
Yes
Building Details
Year Built
2015
Year Renovated
2015
Tenancy
Multi
Listing Agency:
HAAS Realty Group
(804) 349-5788
Listed By:
Susan Haas · License #0225083094
(804) 349-5788
Source:
Xome
Added: Apr 30, 2025
Changed: Jul 10
Last Checked: Jun 14 at 1:53AM
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 HAAS Realty Group
Investment Insights
Based on property information with market context.
This mixed-use building was completely renovated in 2015, combining historic character with modern upgrades designed for durable, comfortable living spaces. Residential units feature large windows, tall ceilings, exposed brick, and hardwood floors throughout. Kitchens are outfitted with granite countertops, stainless-steel appliances, and each unit includes a washer and dryer.
The property is located at 417 W Grace Street in Richmond, Virginia, described as being at VCU’s most prominent and innovative hub in a centrally located, pedestrian-oriented area. The offering notes walkability to campus, shops, restaurants, and mass transit.
The ground-floor commercial component is a restaurant space presented in excellent condition and equipped with a 15' stainless hood, exhaust system, gas stove, large walk-in refrigerator, grease trap, and sprinkler system. The restaurant lease is NNN and is reported to have 3 years remaining. The property is offered as a fully occupied investment opportunity, and the seller indicates that up to 60% seller financing may be available.
The property is located at 417 W Grace Street in Richmond, Virginia, described as being at VCU’s most prominent and innovative hub in a centrally located, pedestrian-oriented area. The offering notes walkability to campus, shops, restaurants, and mass transit.
The ground-floor commercial component is a restaurant space presented in excellent condition and equipped with a 15' stainless hood, exhaust system, gas stove, large walk-in refrigerator, grease trap, and sprinkler system. The restaurant lease is NNN and is reported to have 3 years remaining. The property is offered as a fully occupied investment opportunity, and the seller indicates that up to 60% seller financing may be available.
Key Highlights
- Year built 2015; completely renovated in 2015 for updated mixed‑use living and dining spaces
- Mixed‑use building with residential interiors and a dedicated commercial restaurant space
- Central air and heat pump HVAC; heating includes 3 units
Financial Insights For Specialty Retail
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 | $114.1k | $18.60 |
| − Vacancy | −$8.0k | −$1.30 |
| EGI | $106.1k | $17.30 |
| − OpEx | −$26.5k | −$4.32 |
| NOI | $79.6k | $12.97 |
6,132 SF · lease $18.60/SF/yr · vacancy 7.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.14M
$994.4K – $1.33M
NOI $79,554 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$1.09M
$949.6K – $1.27M
NOI $75,966 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,169 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Sprinkler system
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
3,563
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 Retail in Richmond, VA
Questions? Ask Rey
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Similar Off Market Nearby
- Spice of India — 106 N 7th St, Richmond, VA 23219
- Africanne on Main — 1102 W Main St, Richmond, VA 23220
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Renovated mixed-use property with NNN restaurant space and furnished-style residential interiors, positioned for steady tenant draw.
Where is this conventional restaurant located?
The property is located at 417 W Grace Street Richmond, VA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Year built 2015; completely renovated in 2015 for updated mixed‑use living and dining spaces; Mixed‑use building with residential interiors and a dedicated commercial restaurant space; Central air and heat pump HVAC; heating includes 3 units
