Diamond District Mixed-Use
For Sale
$6,695,000
1603 Ownby Ln, Richmond, VA 23220
Mixed-use property in Diamond District with multi-family potential.
Property Size31,300 SF
Price / SF$115.43
Days on Market236
Property Features for 1603 Ownby Ln
General Information
Standard status
Active
Size
31,300 SF
Property subtype
Industrial
Building Details
Building Size
31,300 SF
Year Built
1985
Listing Agency:
S.L. Nusbaum
Listed By:
Reid Cardon · License #VA0225096500
(804) 683-0361
Source:
Slnusbaum
Added: Feb 25
Changed: Oct 3
Last Checked: Oct 19 at 4:31AM
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 S.L. Nusbaum
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Investment Insights
Based on property information with market context.
This property, located in the Diamond District, is zoned B-7, which allows for multi-family, office, hotel, retail, warehouse, and distribution uses. The masonry building features two loading docks. The New VCU Athletic Village and new Baseball Stadium construction begins in 2024. The Diamond District development will include a 180-room hotel, 1,100 multi-family units, offices, and 58,000 square feet of retail space. A new condo and multi-family development is located across the street. Scott's Addition is within walking distance, and the Park RVA Entertainment Center is nearby.
Key Highlights
- B‑7 Zoning: Ideal for multi‑family, office, hotel, retail, warehouse, and distribution.
- Located in the developing Diamond District, planned for a 180‑room hotel, 1,100 multi‑family units, offices, and 58,000 SF of retail space.
- Proximity to the new VCU Athletic Village and new Baseball Stadium (construction begins in 2024).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$550,780
Cap Rate
8.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,015,600
$11.0M
Cap Rate 7%
$7,868,286
$7.9M
Cap Rate 9%
$6,119,778
$6.1M
Market Conditions
NOI Build-Up for 58,000 SF
Gross rent
$682.1K $11.76/SF
− Vacancy
−$34.1K −$0.59/SF
EGI
$648.0K $11.17/SF
− OpEx
−$97.2K −$1.68/SF
NOI
$550.8K $9.50/SF
Area
Richmond, VA
Vacancy
5.00%
Lease Rate
$11.76 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,015,600
Cap Rate 7%
$7,868,286
Cap Rate 9%
$6,119,778
Alternative Uses
Best Use
Office B
$11.14M
$9.75M – $13.00M
NOI $779,805 @ 7.0% cap · market cap 11.65%
Second Best
Mixed Use
$10.35M
$9.05M – $12.07M
NOI $724,275 @ 7.0% cap · market cap 10.82%
Theoretical Best
Office A
$13.40M
$11.72M – $15.63M
NOI $937,996 @ 7.0% cap · market cap 14.01%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,220
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
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Market
Vacancy Rate% for Office in Richmond, VA
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property in Diamond District with multi-family potential.
Where is this mixed-use property located?
The property is located at 1603 Ownby Ln Richmond, VA.
What is the asking price?
The asking price for this property is $6,695,000.
What are key features of this property?
This property features: B‑7 Zoning: Ideal for multi‑family, office, hotel, retail, warehouse, and distribution.; Located in the developing Diamond District, planned for a 180‑room hotel, 1,100 multi‑family units, offices, and 58,000 SF of retail space.; Proximity to the new VCU Athletic Village and new Baseball Stadium (construction begins in 2024).
