Diamond District Mixed-Use
1603 Ownby Ln Richmond, VA 23220
1603 Ownby Ln, Richmond, VA, 23220
$6,695,000
For Sale
$6,695,000
Mixed-use property in Diamond District with multi-family potential.
Property Size58,000 SF
Price / SF$115.43
Days on Market146
Property Features for 1603 Ownby Ln
General Information
- Standard status
- Active
- Size
- 58,000 SF
- Property subtype
- Industrial
Building Details
- Year Built
- 1985
Listing Agency
@S.L. Nusbaum Realty Co Richmond
(804) 683-0361
Listed by
Reid Cardon · License #0225205935
(804) 683-0361
Source
Slnusbaum
Added: Feb 25 Updated: Jul 10 at 12:03 pm Checked: Jul 20 at 2:56 am
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 Realty Co Richmond
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).
Local Financial Insights For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $682.1k | $11.76 |
| − Vacancy | −$34.1k | −$0.59 |
| EGI | $648.0k | $11.17 |
| − OpEx | −$97.2k | −$1.68 |
| NOI | $550.8k | $9.50 |
58,000 SF · lease $11.76/SF/yr · vacancy 5.00% · expense 15.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Cirrus Vodka
Bar & Pub
Main Line Brewery
Production Facility
Fuel Purification Llc
Gas Station
Tiffany’s Smokehouse
Restaurant
Similar For Sale Nearby
FAQs
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).
