Creative Office Building in
1509 W Main St, Richmond, VA 23220
For Sale
Contact for pricing
Three-story, 6,188 SF creative office building in Richmond's Fan District.
Property Size6,188 SF
Price / SF$266.65
Days on Market255
Property Features for 1509 W Main St
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Neighborhood
Building Details
Year Built
Buildings
Stories
Tenancy
Listing Agency:
One South Commercial
Listed By:
Ken Campbell · License VA #0226037201
(804) 387-8812
Source:
Crexi
Added: Mar 4
Changed: Aug 8
Last Checked: Jul 17 at 12:03AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Located in the heart of Richmond’s Fan District, this 6,188 SF, three-story creative office building at 1509 W Main Street features a historic Federal-style facade and a modernized, renovated interior. Constructed in 1986, the property is designed for collaborative and design-focused use. The open and flexible layout includes polished concrete floors, exposed ceilings, and contemporary architectural accents. A third-floor atrium with wrought iron railings provides natural light to the first floor, enhancing openness and creativity. The building blends historic sensibility with modern functionality, making it a unique asset in a desirable office and retail submarket. The layout includes private offices and open collaborative workspace. Its end-unit position allows additional natural light and privacy. Situated along Main Street, the location offers walkable access to retail, dining, and lifestyle amenities, as well as proximity to Virginia Commonwealth University, downtown Richmond, and surrounding residential areas.
Key Highlights
- Prime Fan District location on Main Street with walkable access to retail, dining, and VCU.
- Modernized 6,188 SF creative office building with open, flexible layout and collaborative workspace.
- Unique historic Federal‑style facade combined with a completely renovated, contemporary interior.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$83,197
Cap Rate
5.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,663,940
$1.7M
Cap Rate 7%
$1,188,529
$1.2M
Cap Rate 9%
$924,411
$924.4K
Market Conditions
NOI Build-Up for 6,188 SF
Gross rent
$131.4K $21.24/SF
− Vacancy
−$20.5K −$3.31/SF
EGI
$110.9K $17.93/SF
− OpEx
−$27.7K −$4.48/SF
NOI
$83.2K $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 Rate 5%
$1,663,940
Cap Rate 7%
$1,188,529
Cap Rate 9%
$924,411
Alternative Uses
Best Use
Office B
$1.19M
$1.04M – $1.39M
NOI $83,197 @ 7.0% cap · market cap 5.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,075 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,814
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Richmond, VA
Frequently Asked Questions
What type of property is this?
Creative space - Three-story, 6,188 SF creative office building in Richmond's Fan District.
Where is this creative space located?
The property is located at 1509 W Main St Richmond, VA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Prime Fan District location on Main Street with walkable access to retail, dining, and VCU.; Modernized 6,188 SF creative office building with open, flexible layout and collaborative workspace.; Unique historic Federal‑style facade combined with a completely renovated, contemporary interior.
