Mixed-Use Property with Buildable
2021 North Avenue, Richmond, VA 23222
For Sale
Contact for pricing
A ground-floor laundromat and two upper-level apartments share the existing building, with a separate lot available for development.
Property Size3,968 SF
Price / SF$233.11
Days on Market46
Property Features for 2021 North Avenue
General Information
Standard status
Size
Class
Property subtype
Site & Location
Neighborhood
Highway Access
Mixed-Use Components
Units
Unit Mix
Multifamily Units
Additional Details
Currently Operating
Building Details
Buildings
Tenancy
Listing Agency:
One South Commercial
Listed By:
Chris Corrada · License VA #0225066800
(804) 833-7909
Source:
Crexi
Added: Sep 30
Changed: Nov 8
Last Checked: Nov 12 at 5:05AM
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
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Investment Insights
Based on property information with market context.
The 3,968-square-foot property combines a laundromat at street level with two apartments above. The residential units include a two-bedroom, two-bath layout and a one-bedroom, one-bath layout. A separate buildable lot is also part of the offering.
The property is in Richmond’s Northside, near downtown Richmond and Virginia Union University, with access to I-64 and I-95. It is designated within a Virginia Enterprise Zone, HUBZone and Richmond CARE Zone.
The property is in Richmond’s Northside, near downtown Richmond and Virginia Union University, with access to I-64 and I-95. It is designated within a Virginia Enterprise Zone, HUBZone and Richmond CARE Zone.
Key Highlights
- 3,968‑square‑foot mixed‑use property
- Ground‑floor laundromat with two apartments above
- Apartment mix: one 2‑bedroom, 2‑bath unit and one 1‑bedroom, 1‑bath unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,550
Cap Rate
5.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$991,000
$991.0K
Cap Rate 7%
$707,857
$707.9K
Cap Rate 9%
$550,556
$550.6K
Market Conditions
NOI Build-Up for 3,968 SF
Gross rent
$88.1K $22.20/SF
− Vacancy
−$8.8K −$2.22/SF
EGI
$79.3K $19.98/SF
− OpEx
−$29.7K −$7.49/SF
NOI
$49.6K $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 Rate 5%
$991,000
Cap Rate 7%
$707,857
Cap Rate 9%
$550,556
Alternative Uses
Best Use
Mixed Use
$707.9K
$619.4K – $825.8K
NOI $49,550 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$702.2K
$614.5K – $819.3K
NOI $49,157 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$916.7K
$802.2K – $1.07M
NOI $64,172 @ 7.0% cap · market cap 6.94%
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
556
Businesses Nearby
Explore this area
Business Placement
Demographics for 23222, VA
24,337
Population
11,762
Households
2.1
Avg Household Size
37
Median Age
32%
College-Educated
90%
High-School Grad
8.2 sq mi
ZIP Area
2,968
Density / Sq Mi
$58,105
Median Household Income
$37,137
Median Earnings
$1,181
Median Rent
$252,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/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 - A ground-floor laundromat and two upper-level apartments share the existing building, with a separate lot available for development.
Where is this mixed-use property located?
The property is located at 2021 North Avenue Richmond, VA.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 3,968‑square‑foot mixed‑use property; Ground‑floor laundromat with two apartments above; Apartment mix: one 2‑bedroom, 2‑bath unit and one 1‑bedroom, 1‑bath unit
