Two-Building Office
For Sale
$1,295,000
Pending
11091111 Franklin Street, Richmond, VA 23220
Two historic buildings offer office layouts with off-street parking and adaptable redevelopment potential.
Property Size8,008 SF
Days on Market1068
Property Features for 11091111 Franklin Street
General Information
Standard status
Pending
Size
8,008 SF
Property subtype
General Commercial
Amenities
3
60 x 144
Building Details
Year Built
1900
Listing Agency:
(804) 967-2735
Listed By:
Joyner Fine Properties
(804) 967-2735
Source:
Xome
Added: Sep 3, 2023
Changed: Aug 3
Last Checked: Aug 3 at 4:57AM
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 Fine Properties
Investment Insights
Based on property information with market context.
This office property comprises two buildings with a combined 8,008 square feet, each measuring approximately 4,000 square feet. Originally constructed as Fan District single-family residences, the structures are currently configured for administrative and office use. Each building includes a full unfinished basement, while the property also features a newer roof and off-street parking. Built in 1900, the buildings retain historic architectural character associated with the surrounding Fan District, including Second Empire, Queen Anne, Jacobean, Romanesque, and Colonial Revival influences. The site measures 60 x 144 and is located on West Franklin Street in Richmond, Virginia. Existing improvements support continued office occupancy, with the layout and building configuration also presenting options for residential, multifamily, condominium, or mixed-use redevelopment as permitted.
Key Highlights
- Two buildings totaling 8,008 square feet
- Approximately 4,000 square feet per building
- Full unfinished basement in each building
Financial Insights For Office B
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 | $170.1k | $21.24 |
| − Vacancy | −$26.5k | −$3.31 |
| EGI | $143.6k | $17.93 |
| − OpEx | −$35.9k | −$4.48 |
| NOI | $107.7k | $13.44 |
8,008 SF · lease $21.24/SF/yr · vacancy 15.60% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.54M
$1.35M – $1.79M
NOI $107,667 @ 7.0% cap · market cap 8.31%
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
Current Use
Location Intelligence
Trade Area within ½ mile
1,081
Businesses Nearby
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 Office in Richmond, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two historic buildings offer office layouts with off-street parking and adaptable redevelopment potential.
Where is this office building located?
The property is located at 11091111 Franklin Street 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: Two buildings totaling 8,008 square feet; Approximately 4,000 square feet per building; Full unfinished basement in each building
