Three-Story Mixed-Use
1717 E Franklin Street, Richmond, VA 23223
For Sale
$1,499,000
The first-floor restaurant is available for occupancy, with two upper-level apartments currently occupied.
Property Size7,744 SF
Price / SF$193.57
Days on Market90
Property Features for 1717 E Franklin Street
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Neighborhood
Highway Access
Units
Unit Mix
Multifamily Units
Additional Details
Equipment Included
Tenant in Place
Building Details
Building Size
Year Built
Buildings
Stories
Tenancy
Listing Agency:
Compass
(804) 567-9250
Listed By:
Jenny Maraghy · License #0225161742
(804) 405-7337
Source:
Colerealestateinc
Added: Aug 12
Changed: Nov 7
Last Checked: Nov 8 at 9:21AM
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 Compass
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Investment Insights
Based on property information with market context.
Built in 1890, this three-story mixed-use property contains 7,744 square feet. Its 3,864-square-foot ground-floor restaurant includes a dining room, private dining areas, a prep kitchen on the lower level, a walk-in cooler, and operational kitchen equipment. The restaurant space is available for immediate occupancy. Two apartments above it are each approximately 1,940 square feet, with three bedrooms and two full bathrooms; both are occupied. Apartment features include hardwood flooring, high ceilings, natural light, and views of Downtown Richmond.
The property is at 1717 E Franklin Street in Richmond’s Shockoe Bottom. Nearby restaurants, breweries, entertainment venues, and major employers are within walking distance, and I-95, I-64, and the Central Business District are accessible from the area. Zoning is COM.
The property is at 1717 E Franklin Street in Richmond’s Shockoe Bottom. Nearby restaurants, breweries, entertainment venues, and major employers are within walking distance, and I-95, I-64, and the Central Business District are accessible from the area. Zoning is COM.
Key Highlights
- 7,744‑square‑foot, three‑story mixed‑use property built in 1890
- 3,864‑square‑foot first‑floor restaurant space available for immediate occupancy
- Restaurant includes private dining areas, a lower‑level prep kitchen, walk‑in cooler, and operational kitchen equipment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$100,467
Cap Rate
6.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,009,340
$2.0M
Cap Rate 7%
$1,435,243
$1.4M
Cap Rate 9%
$1,116,300
$1.1M
Market Conditions
NOI Build-Up for 7,744 SF
Gross rent
$144.0K $18.60/SF
− Vacancy
−$10.1K −$1.30/SF
EGI
$134.0K $17.30/SF
− OpEx
−$33.5K −$4.32/SF
NOI
$100.5K $12.97/SF
Area
Richmond, VA
Vacancy
7.00%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,009,340
Cap Rate 7%
$1,435,243
Cap Rate 9%
$1,116,300
Alternative Uses
Best Use
Specialty Retail
$1.44M
$1.26M – $1.67M
NOI $100,467 @ 7.0% cap · market cap 6.70%
Second Best
Mixed Use
$1.38M
$1.21M – $1.61M
NOI $96,703 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,239 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
6,645
Businesses Nearby
Explore this area
Business Placement
Demographics for 23223, VA
51,960
Population
27,141
Households
1.9
Avg Household Size
35
Median Age
32%
College-Educated
90%
High-School Grad
16.7 sq mi
ZIP Area
3,111
Density / Sq Mi
$56,518
Median Household Income
$39,828
Median Earnings
$1,224
Median Rent
$236,300
Median Home Value
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Market
Average Price Trend$/SF for Mixed-use properties in Richmond, VA
Properties on Market for Mixed-use properties in Richmond
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The first-floor restaurant is available for occupancy, with two upper-level apartments currently occupied.
Where is this mixed-use property located?
The property is located at 1717 E Franklin Street Richmond, VA.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: 7,744‑square‑foot, three‑story mixed‑use property built in 1890; 3,864‑square‑foot first‑floor restaurant space available for immediate occupancy; Restaurant includes private dining areas, a lower‑level prep kitchen, walk‑in cooler, and operational kitchen equipment
