Renovated Storefront
For Sale
$1,000,000
1427 Hull St, Richmond, VA 23224
Flexible dark-shell commercial space with upgraded building systems and exposed original brick interiors.
Property Size7,750 SF
Price / SF$129.03
Days on Market34
Property Features for 1427 Hull St
General Information
Standard status
Active
Size
7,750 SF
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Capital Real Estate Services
Listed By:
Brent Samuel · License #0225232736
Source:
Riverfoxrealty
Added: Jul 28
Changed: Aug 29
Last Checked: Aug 29 at 4:14PM
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 Capital Real Estate Services
Investment Insights
Based on property information with market context.
Built in 1920, this approximately 7,750-square-foot storefront property is delivered as a clean commercial dark shell with exposed original brick. The interior is positioned for buyer-directed buildout, while additional basement space provides storage or operational support beyond the primary square footage.
Recent work includes a TPO roof, 400-amp three-phase electrical service, a rooftop natural gas generator with automatic transfer switch, reinforced structural flooring using steel C-channel beams, and a new basement sump pump system. The improvements were completed by licensed contractors and inspected by the City of Richmond.
The property is within a historic district and may qualify for approximately a 40% historic tax credit on eligible renovation or buildout expenses. It is located at 1427 Hull St in Richmond’s Manchester district, with access to Downtown Richmond, the James River, and major transportation routes.
Recent work includes a TPO roof, 400-amp three-phase electrical service, a rooftop natural gas generator with automatic transfer switch, reinforced structural flooring using steel C-channel beams, and a new basement sump pump system. The improvements were completed by licensed contractors and inspected by the City of Richmond.
The property is within a historic district and may qualify for approximately a 40% historic tax credit on eligible renovation or buildout expenses. It is located at 1427 Hull St in Richmond’s Manchester district, with access to Downtown Richmond, the James River, and major transportation routes.
Key Highlights
- Approximately 7,750 SF storefront property
- 1920 construction with exposed original brick interior
- New TPO roof and 400‑amp three‑phase electrical service
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
$84,584
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
8.46%
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%
$1,691,680
$1.7M
Cap Rate 7%
$1,208,343
$1.2M
Cap Rate 9%
$939,822
$939.8K
Market Conditions
NOI Build-Up for 7,750 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
$132.1K $17.04/SF
− Vacancy
−$11.2K −$1.45/SF
EGI
$120.8K $15.59/SF
− OpEx
−$36.3K −$4.68/SF
NOI
$84.6K $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%
$1,691,680
Cap Rate 7%
$1,208,343
Cap Rate 9%
$939,822
Alternative Uses
Best Use
Retail
$1.21M
$1.06M – $1.41M
NOI $84,584 @ 7.0% cap · market cap 8.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,336 @ 7.0% cap · market cap 12.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,032
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23224, VA
39,468
Population
18,201
Households
2.2
Avg Household Size
33
Median Age
19%
College-Educated
80%
High-School Grad
11.6 sq mi
ZIP Area
3,402
Density / Sq Mi
$49,263
Median Household Income
$36,275
Median Earnings
$1,268
Median Rent
$189,200
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
- Su Su's Petals — 1306 Porter St, Richmond, VA 23224
Frequently Asked Questions
What type of property is this?
Storefront property - Flexible dark-shell commercial space with upgraded building systems and exposed original brick interiors.
Where is this storefront property located?
The property is located at 1427 Hull St Richmond, VA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Approximately 7,750 SF storefront property; 1920 construction with exposed original brick interior; New TPO roof and 400‑amp three‑phase electrical service
