Historic Building For
For Sale
$12,750,000
140 Virginia St, Richmond, VA 23219
Historic building with event venue infrastructure and ample patio space.
Property Size66,137 SF
Days on Market154
Property Features for 140 Virginia St
General Information
Standard status
Active
Size
66,137 SF
Property subtype
Retail
Building Details
Building Size
66,137 SF
Listing Agency:
@S.L. Nusbaum Realty Co Richmond
(804) 332-3323
Listed By:
Adam Shor · License #0225205935
(804) 332-3323
Source:
Slnusbaum
Added: Apr 1
Changed: Aug 31
Last Checked: Aug 31 at 2:25PM
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 @S.L. Nusbaum Realty Co Richmond
Investment Insights
Based on property information with market context.
This historic building, known as the Lady Byrd Hat Building, is available for sale or lease. It features infrastructure suitable for an event venue accommodating up to 1,500 people, along with ample patio and terrace space. The property benefits from a prominent location. While it has limited dedicated parking, additional parking options are available for a fee. The building is situated near Main Street Station and is within walking distance of approximately 100 restaurants and over 10 hotels.
Key Highlights
- Historic Lady Byrd Hat Building
- In place infrastructure for up to 1,500 person event venue
- Ample patio and terrace space
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
$721,827
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
5.66%
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%
$14,436,540
$14.4M
Cap Rate 7%
$10,311,814
$10.3M
Cap Rate 9%
$8,020,300
$8.0M
Market Conditions
NOI Build-Up for 66,137 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
$1.13M $17.04/SF
− Vacancy
−$95.8K −$1.45/SF
EGI
$1.03M $15.59/SF
− OpEx
−$309.4K −$4.68/SF
NOI
$721.8K $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%
$14,436,540
Cap Rate 7%
$10,311,814
Cap Rate 9%
$8,020,300
Alternative Uses
Best Use
Retail
$10.31M
$9.02M – $12.03M
NOI $721,827 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$15.28M
$13.37M – $17.83M
NOI $1,069,591 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,767
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23219, VA
5,307
Population
3,488
Households
1.5
Avg Household Size
29
Median Age
62%
College-Educated
91%
High-School Grad
1.3 sq mi
ZIP Area
4,082
Density / Sq Mi
$62,533
Median Household Income
$46,509
Median Earnings
$1,439
Median Rent
$287,500
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
- Green Vibes RVA — 1716 E Franklin St, Richmond, VA 23223
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- Blush Florist — 618 E Franklin St, Richmond, VA 23219
- Blooms at The Jefferson Hotel — 101 W Franklin St, Richmond, VA 23220
Frequently Asked Questions
What type of property is this?
Storefront property - Historic building with event venue infrastructure and ample patio space.
Where is this storefront property located?
The property is located at 140 Virginia St Richmond, VA.
What is the asking price?
The asking price for this property is $12,750,000.
What are key features of this property?
This property features: Historic Lady Byrd Hat Building; In place infrastructure for up to 1,500 person event venue; Ample patio and terrace space
