Renovated Ground-Floor Retail
For Sale
Contact for pricing
1921 West Cary Street, Richmond, VA 23220
Turnkey renovated storefront with large display windows in Richmond’s Fan District for retail, service, or office use.
Property Size983 SF
Price / SF$386.47
Days on Market62
Property Features for 1921 West Cary Street
General Information
Standard status
Active
Size
983 SF
Class
B
Property subtype
Retail
Zoning
UB
Building Details
Year Built
2006
Listing Agency:
One South Commercial
(434) 981-3146
Listed By:
Ann Schweitzer · License #VA 0225211714
Source:
Crexi
Added: Jun 12
Changed: Aug 8
Last Checked: Aug 11 at 7:29PM
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.
1921 W Cary Street is a renovated, ground-floor retail storefront totaling 983 SF. The space features a clean, modern interior suited for multiple downtown-style concepts, supported by an efficient floor plan and large display windows that bring natural light and strong street presence.
Located in Richmond’s Fan District, the property sits on a highly active neighborhood commercial corridor. The area is surrounded by established locally owned businesses, including Shyndigz, Shyndigz Market, Nate’s Bagels, and Fancy Biscuit, and it is a little over a block from the Visual Arts Center, supporting steady pedestrian activity from neighborhood residents, VCU students, and visitors.
As a for-sale opportunity, this property fits well for an owner-user seeking an immediately functional storefront or an investor looking to acquire retail real estate within a walkable, mixed-use urban district. The flexible layout and prominent window frontage make it practical for retail, personal service, office, or boutique commercial uses, with the turnkey condition designed to reduce near-term buildout decisions.
Located in Richmond’s Fan District, the property sits on a highly active neighborhood commercial corridor. The area is surrounded by established locally owned businesses, including Shyndigz, Shyndigz Market, Nate’s Bagels, and Fancy Biscuit, and it is a little over a block from the Visual Arts Center, supporting steady pedestrian activity from neighborhood residents, VCU students, and visitors.
As a for-sale opportunity, this property fits well for an owner-user seeking an immediately functional storefront or an investor looking to acquire retail real estate within a walkable, mixed-use urban district. The flexible layout and prominent window frontage make it practical for retail, personal service, office, or boutique commercial uses, with the turnkey condition designed to reduce near-term buildout decisions.
Key Highlights
- 983 SF retail property built in 2006 on W Cary Street in Richmond’s Fan District
- Ground‑floor storefront has been renovated and designed for retail, personal service, office, or boutique commercial uses
- Large display windows for natural light and strong street‑facing presence
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
$10,729
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
2.82%
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%
$214,580
$214.6K
Cap Rate 7%
$153,271
$153.3K
Cap Rate 9%
$119,211
$119.2K
Market Conditions
NOI Build-Up for 983 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
$16.8K $17.04/SF
− Vacancy
−$1.4K −$1.45/SF
EGI
$15.3K $15.59/SF
− OpEx
−$4.6K −$4.68/SF
NOI
$10.7K $10.91/SF
Area
Richmond, VA
Vacancy
8.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
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%
$214,580
Cap Rate 7%
$153,271
Cap Rate 9%
$119,211
Alternative Uses
Best Use
Retail
$153.3K
$134.1K – $178.8K
NOI $10,729 @ 7.0% cap · market cap 2.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$227.1K
$198.7K – $265.0K
NOI $15,897 @ 7.0% cap · market cap 4.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,656
Businesses Nearby
Under-served
Demand for This Use
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 Retail in Richmond, VA
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Frequently Asked Questions
What type of property is this?
Storefront property - Turnkey renovated storefront with large display windows in Richmond’s Fan District for retail, service, or office use.
Where is this storefront property located?
The property is located at 1921 West Cary Street Richmond, VA.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: 983 SF retail property built in 2006 on W Cary Street in Richmond’s Fan District; Ground‑floor storefront has been renovated and designed for retail, personal service, office, or boutique commercial uses; Large display windows for natural light and strong street‑facing presence
