Retail Building with Infrastructure
For Sale
$1,000,000
1427 Hull Street, Richmond, VA 23224
Historic-district property with exposed brick and flexible interior configuration.
Property Size7,750 SF
Price / SF$129.03
Days on Market213
Property Features for 1427 Hull Street
General Information
Standard status
Active
Size
7,750 SF
Property subtype
General Commercial
Additional Details
Utilities to Site
Yes
Amenities
3
Level
City Road, Level.
Building Details
Year Built
1920
Buildings
1
Listing Agency:
(804) 307-8151
Listed By:
Capital Real Estate Services
(804) 307-8151
Source:
Xome
Added: Jan 29
Changed: Aug 30
Last Checked: Aug 30 at 2:58PM
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.
This retail property is offered as a clean commercial shell with exposed original brick, providing a substantial starting point for interior planning. 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 basement sump pump system. Additional basement area provides space for storage or operational support.
The building sits at 1427 Hull Street in Richmond’s Manchester district, within a historic district and along the Hull Street corridor. Nearby residential development, restaurants, and entertainment venues contribute to the surrounding commercial context, while the property offers access to Downtown Richmond, the James River, and major transportation routes. Eligible renovation or buildout expenses may qualify for an approximately 40% historic tax credit.
The building sits at 1427 Hull Street in Richmond’s Manchester district, within a historic district and along the Hull Street corridor. Nearby residential development, restaurants, and entertainment venues contribute to the surrounding commercial context, while the property offers access to Downtown Richmond, the James River, and major transportation routes. Eligible renovation or buildout expenses may qualify for an approximately 40% historic tax credit.
Key Highlights
- Major building upgrades include a new TPO roof and 400‑amp three‑phase electrical service
- Rooftop natural‑gas backup generator with automatic transfer switch
- Reinforced structural flooring with steel C‑channel beams
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
Specialty Retail
$1.44M
$1.26M – $1.68M
NOI $100,545 @ 7.0% cap · market cap 10.05%
Second Best
Retail
$1.21M
$1.06M – $1.41M
NOI $84,584 @ 7.0% cap · market cap 8.46%
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
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
905
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Retail space - Historic-district property with exposed brick and flexible interior configuration.
Where is this retail space located?
The property is located at 1427 Hull Street 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: Major building upgrades include a new TPO roof and 400‑amp three‑phase electrical service; Rooftop natural‑gas backup generator with automatic transfer switch; Reinforced structural flooring with steel C‑channel beams
