Ground Floor Office
1716 Summit Ave Richmond, VA 23230
For Sale
Contact for pricing
Freshly renovated ground-floor office condo features high ceilings, concrete floors, an expansive window line, and a new kitchen.
Property Size1,100 SF
Price / SF$363.59
Days on Market173
Property Features for 1716 Summit Ave
General Information
Standard status
Active
Size
1,100 SF
Property subtype
OFFICE
Listing Agency:
One South Commercial
(434) 981-3146
Listed By:
Ann Schweitzer Riley
Source:
Moodyscre
Added: Feb 6
Changed: Jul 26
Last Checked: Jul 28 at 2:32PM
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
Investment Insights
Based on property information with market context.
Offered for sale is a freshly renovated ground-floor office condo unit with a mostly open layout. The space includes high ceilings, concrete flooring, and an expansive window line for abundant natural light. A newly installed kitchen adds practical functionality within the unit.\n\nUnit 32 is located within Hook & Ladder Lofts, a newly converted condo building. The property is positioned in Scott’s Addition and is described as being within walking distance of local breweries, restaurants, and lifestyle amenities, with proximity to I-95 and I-64. It is also noted as being just blocks from the Diamond District redevelopment.\n\nAt 1,100 square feet, this move-in-ready ground floor office condo is presented as a scaled ownership opportunity within a single commercial unit in the conversion.
Key Highlights
- Freshly renovated 1,100 SF ground‑floor office condo (Unit 32) in Hook & Ladder Lofts
- Move‑in ready with high ceilings, concrete flooring, and an expansive window line
- Newly installed kitchen and a mostly open layout for flexible office use
Financial Insights For Office B
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 | $23.4k | $21.24 |
| − Vacancy | −$3.6k | −$3.31 |
| EGI | $19.7k | $17.93 |
| − OpEx | −$4.9k | −$4.48 |
| NOI | $14.8k | $13.44 |
1,100 SF · lease $21.24/SF/yr · vacancy 15.60% · expense 25.00%
Alternative Uses
Best Use
Office B
$211.3K
$184.9K – $246.5K
NOI $14,789 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$254.1K
$222.4K – $296.5K
NOI $17,790 @ 7.0% cap · market cap 4.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office units - Freshly renovated ground-floor office condo features high ceilings, concrete floors, an expansive window line, and a new kitchen.
Where is this office units located?
The property is located at 1716 Summit Ave Richmond, VA.
What is the asking price?
The asking price for this property is $399,950.
What are key features of this property?
This property features: Freshly renovated 1,100 SF ground‑floor office condo (Unit 32) in Hook & Ladder Lofts; Move‑in ready with high ceilings, concrete flooring, and an expansive window line; Newly installed kitchen and a mostly open layout for flexible office use
