Renovated Mixed-Use
For Sale
$425,000
1521 Hull St, Richmond, VA 23224
Two-story configuration combines a ground-floor storefront studio with an upper-level apartment.
Property Size2,903 SF
Price / SF$146.40
Days on Market8
Property Features for 1521 Hull St
General Information
Standard status
Active
Size
2,903 SF
Zoning
B-5
Amenities
rear deck
rear fenced yard
shipping container outbuilding
off-street parking
Building Details
Year Built
1920
Buildings
1
Stories
2
Construction
post and beam
Tenancy
Multi
Listing Agency:
One South Commercial LLC
(434) 981-3146
Listed By:
Ann Schweitzer · License #0225211714
Source:
Riverfoxrealty
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 28 at 12:53PM
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 LLC
Investment Insights
Based on property information with market context.
Located at 1521 Hull St in Richmond, Virginia, this 2,903-square-foot, two-story property was built in 1920 and renovated for mixed-use occupancy. The ground floor contains a highly visible retail storefront studio, while the second floor offers a modern two-bedroom, two-bath apartment. Historic character includes original post-and-beam construction and exposed brick, complemented by corrugated metal wainscoting, floor-to-ceiling bathroom tile, interior glass walls, and ceilings exceeding 10 feet.
Outdoor improvements include a rear deck serving the apartment, a fenced rear yard, a shipping-container outbuilding, and off-street parking. The property is located in the B-5 zoning district, with the storefront supporting a range of uses that includes production space, creative office, and boutique retail. The same block has 112 apartment units under construction, and the site includes room to potentially expand the building footprint.
Outdoor improvements include a rear deck serving the apartment, a fenced rear yard, a shipping-container outbuilding, and off-street parking. The property is located in the B-5 zoning district, with the storefront supporting a range of uses that includes production space, creative office, and boutique retail. The same block has 112 apartment units under construction, and the site includes room to potentially expand the building footprint.
Key Highlights
- 2,903 SF two‑story mixed‑use duplex built in 1920
- Ground‑floor retail storefront studio with upper‑level 2 bed/2 bath apartment
- B‑5 zoning supports production space, creative office, and boutique retail uses
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
$39,031
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
9.18%
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%
$780,620
$780.6K
Cap Rate 7%
$557,586
$557.6K
Cap Rate 9%
$433,678
$433.7K
Market Conditions
NOI Build-Up for 2,903 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
$61.7K $21.24/SF
− Vacancy
−$9.6K −$3.31/SF
EGI
$52.0K $17.93/SF
− OpEx
−$13.0K −$4.48/SF
NOI
$39.0K $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%
$780,620
Cap Rate 7%
$557,586
Cap Rate 9%
$433,678
Alternative Uses
Best Use
Office B
$557.6K
$487.9K – $650.5K
NOI $39,031 @ 7.0% cap · market cap 9.18%
Second Best
Mixed Use
$517.9K
$453.1K – $604.2K
NOI $36,251 @ 7.0% cap · market cap 8.53%
Theoretical Best
Office A
$670.7K
$586.9K – $782.5K
NOI $46,948 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,032
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 Office in Richmond, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story configuration combines a ground-floor storefront studio with an upper-level apartment.
Where is this mixed-use property located?
The property is located at 1521 Hull St Richmond, VA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,903 SF two‑story mixed‑use duplex built in 1920; Ground‑floor retail storefront studio with upper‑level 2 bed/2 bath apartment; B‑5 zoning supports production space, creative office, and boutique retail uses
