Diamond District Industrial
For Sale
Contact for pricing
1603 Ownby Ln, Richmond, VA 23220
Industrial property for sale in the Diamond District.
Property Size31,300 SF
Price / SF$213.90
Days on Market971
Property Features for 1603 Ownby Ln
General Information
Standard status
Active
Size
31,300 SF
Property subtype
Industrial
Zoning
B-7
Site & Location
Neighborhood
Ntw
Building Details
Year Built
1985
Listing Agency:
S.L. Nusbaum
Listed By:
Reid Cardon · License #VA0225096500
(804) 683-0361
Source:
Crexi
Added: Feb 26, 2024
Changed: Oct 14
Last Checked: Oct 23 at 5:24AM
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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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This industrial property, encompassing 31,300 square feet, is located in the Diamond District. The property is within walking distance of Scott’s Addition.
Key Highlights
- Rare Diamond District property
- Walking distance to Scott’s Addition
- Built in 1985
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$198,453
Cap Rate
2.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,969,060
$4.0M
Cap Rate 7%
$2,835,043
$2.8M
Cap Rate 9%
$2,205,033
$2.2M
Market Conditions
NOI Build-Up for 31,300 SF
Gross rent
$311.7K $9.96/SF
− Vacancy
−$28.2K −$0.90/SF
EGI
$283.5K $9.06/SF
− OpEx
−$85.1K −$2.72/SF
NOI
$198.5K $6.34/SF
Area
Richmond, VA
Vacancy
9.06%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,969,060
Cap Rate 7%
$2,835,043
Cap Rate 9%
$2,205,033
Alternative Uses
Best Use
Industrial
$2.84M
$2.48M – $3.31M
NOI $198,453 @ 7.0% cap · market cap 2.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.23M
$6.33M – $8.44M
NOI $506,195 @ 7.0% cap · market cap 7.56%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
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 Industrial in Richmond, VA
Frequently Asked Questions
What type of property is this?
Industrial property - Industrial property for sale in the Diamond District.
Where is this industrial 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: Rare Diamond District property; Walking distance to Scott’s Addition; Built in 1985
