Renovated Midcentury Office
For Sale
$2,100,000
1506 Staples Mill Road Richmond, Richmond, VA 23230
Fully renovated two-story office building with elevator service and dedicated surface/covered parking.
Property Size7,900 SF
Price / SF$266.26
Days on Market27
Property Features for 1506 Staples Mill Road Richmond
General Information
Standard status
Active
Size
7,900 SF
Elevators
Yes
Zoning
TOD
Building Details
Year Built
1965
Buildings
1
Stories
3
Building Size
7,900 SF
Construction
Midcentury
Tenancy
Single
Listing Agency:
One South Commercial
(804) 353-0009
Listed By:
Patrick Sullivan · License #0225030879
(804) 353-0009
Source:
Onesouthrealty
Added: Jul 28
Changed: Aug 23
Last Checked: Aug 23 at 6:24AM
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 One South Commercial
Investment Insights
Based on property information with market context.
A fully renovated midcentury style office building totaling 7,900 SF. The property is configured with a mix of private offices, conference rooms, open work areas, and collaborative space, designed to support a range of professional office functions. The building is elevator-served for accessibility and features high-quality finishes throughout, while maintaining its midcentury character.
Set on a prominent corner parcel in Richmond’s Near West End, the building sits just a few blocks south of Broad St and is immediately adjacent to the Willow Lawn district. The two-story structure is over podium parking and includes its own dedicated surface and covered parking, providing convenient on-site options for occupants and visitors.
Set on a prominent corner parcel in Richmond’s Near West End, the building sits just a few blocks south of Broad St and is immediately adjacent to the Willow Lawn district. The two-story structure is over podium parking and includes its own dedicated surface and covered parking, providing convenient on-site options for occupants and visitors.
Key Highlights
- Fully renovated 7,900 SF, two‑story midcentury office building in Richmond’s Near West End
- Elevator‑served for accessibility
- Configured with a mix of private offices, conference rooms, open work areas, and collaborative 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
$106,040
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
5.05%
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%
$2,120,800
$2.1M
Cap Rate 7%
$1,514,857
$1.5M
Cap Rate 9%
$1,178,222
$1.2M
Market Conditions
NOI Build-Up for 7,887 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
$167.5K $21.24/SF
− Vacancy
−$26.1K −$3.31/SF
EGI
$141.4K $17.93/SF
− OpEx
−$35.3K −$4.48/SF
NOI
$106.0K $13.44/SF
Area
Richmond, VA
Vacancy
15.60%
Lease Rate
$21.24 /SF/Yr
Expense Ratio
25.00%
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%
$2,120,800
Cap Rate 7%
$1,514,857
Cap Rate 9%
$1,178,222
Alternative Uses
Best Use
Office B
$1.51M
$1.33M – $1.77M
NOI $106,040 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.82M
$1.59M – $2.13M
NOI $127,551 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,655
Businesses Nearby
Explore this area
Business Placement
Demographics for 23230, VA
8,263
Population
5,066
Households
1.6
Avg Household Size
35
Median Age
52%
College-Educated
89%
High-School Grad
4.3 sq mi
ZIP Area
1,922
Density / Sq Mi
$71,189
Median Household Income
$55,121
Median Earnings
$1,608
Median Rent
$343,500
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 - Fully renovated two-story office building with elevator service and dedicated surface/covered parking.
Where is this office building located?
The property is located at 1506 Staples Mill Road Richmond Richmond, VA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Fully renovated 7,900 SF, two‑story midcentury office building in Richmond’s Near West End; Elevator‑served for accessibility; Configured with a mix of private offices, conference rooms, open work areas, and collaborative space
