Creative Office Building in
For Sale
Contact for pricing
1509 W Main St, Richmond, VA 23220
Three-story, 6,188 SF creative office building in Richmond's Fan District.
Property Size6,188 SF
Price / SF$266.65
Days on Market161
Property Features for 1509 W Main St
General Information
Standard status
Active
Size
6,188 SF
Property subtype
Office
Zoning
UB
Building Details
Year Built
1986
Buildings
1
Stories
3
Tenancy
Single
Listing Agency:
One South Commercial
(804) 353-0009
Listed By:
Ken Campbell · License #0226037201
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
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 = 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
$83,197
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
5.04%
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%
$1,663,940
$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
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
$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 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%
$1,663,940
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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,947
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
Market
Vacancy Rate% for Office in Richmond, VA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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.
