Mixed-Use Building with
For Sale
$795,000
1814 Franklin Street, Richmond, VA 23223
Ground-floor retail with large storefront windows plus a fully renovated two-bedroom, two-bath apartment upstairs.
Property Size3,784 SF
Price / SF$210.10
Days on Market344
Property Features for 1814 Franklin Street
General Information
Standard status
Active
Size
3,784 SF
Property subtype
General Commercial
Additional Details
Multifamily Units
1
Amenities
Central Air
3
Level
City Road, Level.
Building Details
Year Built
1919
Stories
2
Listing Agency:
One South Commercial LLC
(804) 248-2561
Listed By:
Lory Markham · License #0225227308
(804) 248-2561
Source:
Xome
Added: Sep 1, 2025
Changed: Aug 7
Last Checked: Aug 9 at 4:45AM
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.
This mixed-use property includes a ground-level commercial space with large storefront windows facing East Franklin Street, providing prominent street visibility. The second floor has been completely renovated and features a two-bedroom, two-bath apartment with an open floor plan. Interior finishes include exposed brick walls and hardwood flooring, with large windows designed to bring in natural light.
1814 E Franklin Street is positioned in Shockoe Bottom, one of Richmond’s oldest and most historic neighborhoods, which the remarks describe as having undergone revitalization and serving as a business and entertainment district. The property is also described as being within walking distance of Main Street Station and the 17th St Farmer’s Market.
For owners or investors looking for a building that combines street-facing retail frontage with a renovated residential unit above, this configuration offers a straightforward live-and-lease or income-oriented setup based on the on-site mix described in the listing.
1814 E Franklin Street is positioned in Shockoe Bottom, one of Richmond’s oldest and most historic neighborhoods, which the remarks describe as having undergone revitalization and serving as a business and entertainment district. The property is also described as being within walking distance of Main Street Station and the 17th St Farmer’s Market.
For owners or investors looking for a building that combines street-facing retail frontage with a renovated residential unit above, this configuration offers a straightforward live-and-lease or income-oriented setup based on the on-site mix described in the listing.
Key Highlights
- Ground‑level commercial space with large storefront windows facing East Franklin Street
- Fully renovated second‑floor apartment with 2 bedrooms and 2 bathrooms
- Second‑floor unit features an open floor plan, exposed brick walls, and hardwood flooring
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
$47,253
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
5.94%
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%
$945,060
$945.1K
Cap Rate 7%
$675,043
$675.0K
Cap Rate 9%
$525,033
$525.0K
Market Conditions
NOI Build-Up for 3,784 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
$84.0K $22.20/SF
− Vacancy
−$8.4K −$2.22/SF
EGI
$75.6K $19.98/SF
− OpEx
−$28.4K −$7.49/SF
NOI
$47.3K $12.49/SF
Area
Richmond, VA
Vacancy
10.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
37.50%
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%
$945,060
Cap Rate 7%
$675,043
Cap Rate 9%
$525,033
Alternative Uses
Best Use
Mixed Use
$675.0K
$590.7K – $787.6K
NOI $47,253 @ 7.0% cap · market cap 5.94%
Second Best
Apartment 5plus
$669.7K
$586.0K – $781.3K
NOI $46,878 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$874.2K
$765.0K – $1.02M
NOI $61,196 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
5,427
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
Market
Vacancy Rate% for Retail in Richmond, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor retail with large storefront windows plus a fully renovated two-bedroom, two-bath apartment upstairs.
Where is this mixed-use property located?
The property is located at 1814 Franklin Street Richmond, VA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Ground‑level commercial space with large storefront windows facing East Franklin Street; Fully renovated second‑floor apartment with 2 bedrooms and 2 bathrooms; Second‑floor unit features an open floor plan, exposed brick walls, and hardwood flooring
