Urban Storefront with Open
For Sale
$330,000
1925 Cary Street, Richmond, VA 23220
UP-PO3 zoning supports a range of commercial uses in Richmond’s Fan/Carytown corridor.
Property Size945 SF
Price / SF$349.21
Days on Market115
Property Features for 1925 Cary Street
General Information
Standard status
Active
Size
945 SF
Property subtype
General Commercial
Zoning
UP-PO3
Amenities
3
Building Details
Year Built
2006
Buildings
1
Listing Agency:
New Market Realty
(804) 873-5666
Listed By:
Daniel Nieding
(804) 873-5666
Source:
Xome
Added: May 10
Changed: Aug 31
Last Checked: Aug 31 at 3:53PM
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 New Market Realty
Investment Insights
Based on property information with market context.
Built in 2006, this urban storefront property at 1925 Cary Street features an open-concept interior and abundant natural light. The building is located within Lofts at Cary Place and carries UP-PO3 zoning, supporting a range of potential uses.
The property sits in Richmond’s Fan/Carytown corridor, with walkable access to dining, shopping, nightlife, and VCU amenities. Its central urban setting and adaptable layout provide a practical base for a variety of commercial applications.
The property sits in Richmond’s Fan/Carytown corridor, with walkable access to dining, shopping, nightlife, and VCU amenities. Its central urban setting and adaptable layout provide a practical base for a variety of commercial applications.
Key Highlights
- 945 property size
- Open‑concept interior with abundant natural light
- UP‑PO3 zoning allows many potential uses
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
$10,314
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
3.13%
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%
$206,280
$206.3K
Cap Rate 7%
$147,343
$147.3K
Cap Rate 9%
$114,600
$114.6K
Market Conditions
NOI Build-Up for 945 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
$16.1K $17.04/SF
− Vacancy
−$1.4K −$1.45/SF
EGI
$14.7K $15.59/SF
− OpEx
−$4.4K −$4.68/SF
NOI
$10.3K $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%
$206,280
Cap Rate 7%
$147,343
Cap Rate 9%
$114,600
Alternative Uses
Best Use
Retail
$147.3K
$128.9K – $171.9K
NOI $10,314 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$218.3K
$191.0K – $254.7K
NOI $15,283 @ 7.0% cap · market cap 4.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,087
Businesses Nearby
Balanced
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - UP-PO3 zoning supports a range of commercial uses in Richmond’s Fan/Carytown corridor.
Where is this storefront property located?
The property is located at 1925 Cary Street Richmond, VA.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: 945 property size; Open‑concept interior with abundant natural light; UP‑PO3 zoning allows many potential uses
