Character Office Building with Historic
For Sale
$750,000
1641 W Broad Street, Richmond, VA 23220
Distinctive historic-office building with large windows and flexible space for owner-occupants and professional tenants.
Property Size4,871 SF
Price / SF$153.97
Days on Market85
Property Features for 1641 W Broad Street
General Information
Standard status
Active
Size
4,871 SF
Additional Details
Highway Access
Yes
Building Details
Year Renovated
1975
Listing Agency:
One South Commercial LLC
(804) 248-2561
Listed By:
Lory Markham · License #0225227308
(804) 248-2561
Source:
Exprealty
Added: Jun 1
Changed: Aug 23
Last Checked: Aug 23 at 3:16AM
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.
1641 W Broad Street is a character-rich office building offering approximately 4,871 square feet of office space plus a partial basement. The property was renovated in 1975 by structural engineer William J. Davis, blending classic historic detailing with retro-influenced interior character. Inside, large windows and distinctive interior finishes help create an inviting workplace environment for both employees and visiting clients, with a layout described as flexible and well-suited to a range of office users.
The building is positioned along West Broad Street in Richmond and is presented as benefiting from strong connectivity and visibility within a dynamic growth corridor. The remarks state that the property provides immediate access to Downtown Richmond, Scott’s Addition, VCU, and Interstate 95/64.
This is a practical fit for an owner-occupant seeking long-term operational control in an architecturally distinctive setting, as well as for organizations that want professional space with authentic architectural personality. The flexible layout and windowed interior configuration support a variety of uses including creative firms, design studios, nonprofits, and boutique headquarters, depending on the tenant’s space planning needs.
The building is positioned along West Broad Street in Richmond and is presented as benefiting from strong connectivity and visibility within a dynamic growth corridor. The remarks state that the property provides immediate access to Downtown Richmond, Scott’s Addition, VCU, and Interstate 95/64.
This is a practical fit for an owner-occupant seeking long-term operational control in an architecturally distinctive setting, as well as for organizations that want professional space with authentic architectural personality. The flexible layout and windowed interior configuration support a variety of uses including creative firms, design studios, nonprofits, and boutique headquarters, depending on the tenant’s space planning needs.
Key Highlights
- Historic office building built in 1925 with approximately 4,871 SF of office space plus a partial basement
- Renovated in 1975 by structural engineer William J. Davis
- Office layout described as flexible and suited for creative firms, professional offices, nonprofits, design studios, or boutique headquarters
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
$65,490
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
8.73%
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%
$1,309,800
$1.3M
Cap Rate 7%
$935,571
$935.6K
Cap Rate 9%
$727,667
$727.7K
Market Conditions
NOI Build-Up for 4,871 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
$103.5K $21.24/SF
− Vacancy
−$16.1K −$3.31/SF
EGI
$87.3K $17.93/SF
− OpEx
−$21.8K −$4.48/SF
NOI
$65.5K $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%
$1,309,800
Cap Rate 7%
$935,571
Cap Rate 9%
$727,667
Alternative Uses
Best Use
Office B
$935.6K
$818.6K – $1.09M
NOI $65,490 @ 7.0% cap · market cap 8.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$984.7K – $1.31M
NOI $78,776 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,978
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
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Frequently Asked Questions
What type of property is this?
Office building - Distinctive historic-office building with large windows and flexible space for owner-occupants and professional tenants.
Where is this office building located?
The property is located at 1641 W Broad Street Richmond, VA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Historic office building built in 1925 with approximately 4,871 SF of office space plus a partial basement; Renovated in 1975 by structural engineer William J. Davis; Office layout described as flexible and suited for creative firms, professional offices, nonprofits, design studios, or boutique headquarters
