Historic Creative Office
For Sale
Contact for pricing
17 East Main Street, Richmond, VA 23219
A 1915-era office building with private offices, lounge areas, full kitchen, and two full bathrooms.
Property Size2,150 SF
Price / SF$302.33
Days on Market44
Property Features for 17 East Main Street
General Information
Standard status
Active
Size
2,150 SF
Class
C
Property subtype
Office
Zoning
B-3
Occupancy
100%
Additional Details
Business Included
No
Building Details
Year Built
1915
Tenancy
Single
Listing Agency:
Porter Realty Company, Inc.
Listed By:
Wilson M. Flohr · License #VA 0225201087
(804) 353-7994
Source:
Crexi
Added: Jul 27
Changed: Sep 8
Last Checked: Sep 8 at 7:31AM
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 Porter Realty Company, Inc.
Investment Insights
Based on property information with market context.
This historic creative office building was built in 1915 and offers a flexible floor plan suited to single-tenant or multi-tenant occupancy. The layout includes five private offices, two lounge or common areas, a full kitchen, and two full bathrooms.
The property also features a rear exterior patio area with a storage shed. Monthly parking is available directly behind the building.
The space is currently fully leased to a therapist’s office, supporting income-producing occupancy. The property is zoned B-4, allowing for a variety of office uses and potential residential uses.
The property also features a rear exterior patio area with a storage shed. Monthly parking is available directly behind the building.
The space is currently fully leased to a therapist’s office, supporting income-producing occupancy. The property is zoned B-4, allowing for a variety of office uses and potential residential uses.
Key Highlights
- 2,280 SF creative office building built in 1915
- Flexible floor plan for single or multi‑tenant use: 5 private offices plus 2 lounge/common areas, full kitchen, and 2 full bathrooms
- Fully leased therapist’s office generating rental income
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
$28,907
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
4.45%
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%
$578,140
$578.1K
Cap Rate 7%
$412,957
$413.0K
Cap Rate 9%
$321,189
$321.2K
Market Conditions
NOI Build-Up for 2,150 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
$45.7K $21.24/SF
− Vacancy
−$7.1K −$3.31/SF
EGI
$38.5K $17.93/SF
− OpEx
−$9.6K −$4.48/SF
NOI
$28.9K $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%
$578,140
Cap Rate 7%
$412,957
Cap Rate 9%
$321,189
Alternative Uses
Best Use
Office B
$413.0K
$361.3K – $481.8K
NOI $28,907 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$496.7K
$434.6K – $579.5K
NOI $34,771 @ 7.0% cap · market cap 5.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
5,144
Businesses Nearby
Explore this area
Business Placement
Demographics for 23219, VA
5,307
Population
3,488
Households
1.5
Avg Household Size
29
Median Age
62%
College-Educated
91%
High-School Grad
1.3 sq mi
ZIP Area
4,082
Density / Sq Mi
$62,533
Median Household Income
$46,509
Median Earnings
$1,439
Median Rent
$287,500
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?
Creative space - A 1915-era office building with private offices, lounge areas, full kitchen, and two full bathrooms.
Where is this creative space located?
The property is located at 17 East Main Street Richmond, VA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 2,280 SF creative office building built in 1915; Flexible floor plan for single or multi‑tenant use: 5 private offices plus 2 lounge/common areas, full kitchen, and 2 full bathrooms; Fully leased therapist’s office generating rental income
