Retail Redevelopment
2423 N Lombardy St Richmond, VA 23220
2423 N Lombardy St, Richmond, VA, 23220
Contact for pricing
For Sale
Contact for pricing
Storefront retail property offered for redevelopment with month-to-month tenant leases.
Property Size14,268 SF
Price / SF$126.16
Days on Market1331
Property Features for 2423 N Lombardy St
General Information
- Standard status
- Active
- Size
- 14,268 SF
- Property subtype
- RETAIL
Listing agency
Partner Commercial
(804) 536-4001
Listed by
Yasmine Hamad · License #0226028968
Source
Moodyscre
Added: Nov 28, 2022 Updated: Jul 20 at 11:55PM Checked: Jul 20 at 11:55PM
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 Partner Commercial
Investment Insights
Based on property information with market context.
This retail storefront property is being offered as a redevelopment opportunity. The current leases are on a month-to-month basis, providing flexibility for a new owner looking to reposition the site.
The property is located on N Lombardy St and is within walking distance to VUU and VCU.
The offering is for sale and includes a total property size of 14,268 square feet.
The property is located on N Lombardy St and is within walking distance to VUU and VCU.
The offering is for sale and includes a total property size of 14,268 square feet.
Key Highlights
- Redevelopment opportunity: storefront retail property
- Current leases are month‑to‑month
- Walking distance to VUU & VCU
Local Financial Insights For 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 | $243.1k | $17.04 |
| − Vacancy | −$20.7k | −$1.45 |
| EGI | $222.5k | $15.59 |
| − OpEx | −$66.7k | −$4.68 |
| NOI | $155.7k | $10.91 |
14,268 SF · lease $17.04/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$2.22M
$1.95M – $2.60M
NOI $155,723 @ 7.0% cap · market cap 8.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.30M
$2.88M – $3.85M
NOI $230,747 @ 7.0% cap · market cap 12.82%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Storefront properties
Similar For Sale Nearby
Similar Off Market Nearby
- The Flower Guy Bron — 214 W Brookland Park Blvd Suite B, Richmond, VA 23222
- Brookland Park Flowers and Gifts — 214 W Brookland Park Blvd, Richmond, VA 23222
- Kroger Floral — 901 N Lombardy St, Richmond, VA 23220
FAQs
What type of property is this?
Storefront property - Storefront retail property offered for redevelopment with month-to-month tenant leases.
Where is this storefront property located?
The property is located at 2423 N Lombardy St Richmond, VA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Redevelopment opportunity: storefront retail property; Current leases are month‑to‑month; Walking distance to VUU & VCU
