Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Luxury Mixed-Use Asset in Richmond Title is generated by Realmo AI

    2028 W Cary St, Richmond, VA 23220

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Rare, renovated mixed-use property in the Fan District.

    Type:Mixed Use, Multifamily, Retail
    Property size:
    8,700 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $316/SF
    Added:
    Feb 4, 2026
    Days on Market:
    97
    Last Refresh:
    Mar 17 at 1:15 pm

    Property Features for 2028 W Cary St

    General Information

    Standard status
    Active
    Size
    8,700 SF
    Lot size
    0.16 Acres
    Property subtype
    Mixed Use, Multifamily, Retail

    We can help!

    Listing Contact
    Tom Rosman
    Tom Rosman

    Listing agent Tom Rosman License #VA 0225030879

    Listing office One South Commercial

    Listing date Feb 4, 2026

    Source Crexi

    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

    HighLights

    • Rare, luxury renovated/new construction mixed‑use property in the Fan District.
    • Two structures: renovated historic retail building with apartment and a modern 5‑unit apartment building.
    • High‑end condo‑grade finishes, multi‑level layouts, and private balconies/patios.
    • Excellent location walkable to Carytown and Cary Street Station.
    • Diversified revenue stream with a restaurant tenant and multiple apartments.
    • Potential for future condo conversion.

    Overview

    Located in Richmond's Fan District, 2028 W Cary St presents a mixed-use property featuring a blend of historic and modern design. The property consists of two structures: a renovated 3,100 SF two-story historic building and a 5,600 SF three-story modern addition completed in 2016. The historic building includes a ground-floor retail space currently occupied by a local restaurant, with one apartment on the floor above. The modern addition houses five apartments. The apartments feature a range of one- to three-bedroom floor plans, high-end condo-grade finishes, multi-level layouts, preserved historic elements, commercial-grade windows and doors, and private balcony or patio space. Situated on a 0.162-acre site, the property is near Carytown and the Cary Street Station mixed-use community. This property offers a diversified revenue stream and potential for rent and value appreciation.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Lucky Whale Restaurant

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4675365
    Latitude
    37.5486243

    Nearby Similar for Sale

    • $650,000

      Richmond Industrial Cold-Storage Facility

      6,410 SF warehouse ideal for cold storage or distribution.
      1505 Brook Rd, Richmond, VA 23220
      View Details
    • $1,100,000

      Richmond Automotive Service Property

      Commercial property ideal for automotive, contractor, or light industrial use.
      6509 Dickens Pl, Richmond, VA 23230
      View Details
    • $699,000
      2,669 SF

      New Construction Multifamily in Richmond

      New construction duplex in historic Manchester, near downtown Richmond.
      115 W 10th Street, Richmond, VA 23224
      View Details
    • $599,950
      3,148 SF

      Richmond Duplex Near McGuire Center

      Well-maintained duplex on a spacious lot near McGuire VA.
      1400 Broad Rock Boulevard, Richmond, VA 23224
      View Details
    • $725,000
      2,620 SF

      Richmond Colonial Duplex Investment Property

      Classic brick duplex in Malvern Gardens, fully leased and updated.
      4412 Cutshaw Avenue, Richmond, VA 23230
      View Details
    • $895,000
      3,156 SF

      Victorian Multifamily Property in Richmond

      Victorian multifamily property with renovation potential in Richmond, Virginia.
      1815 Grove Avenue, Richmond, VA 23220
      View Details
    • $595,000
      3,319 SF

      Corner Commercial Building in Richmond

      Single-story, open brick building zoned B2 for retail or office.
      1201 N 25th St, Richmond, VA 23223
      View Details
    • $485,000
      2,010 SF

      Modern Duplex in Richmond, VA

      New construction duplex: ideal investment or owner-occupant opportunity.
      1703 Maury Street, Richmond, VA 23224
      View Details
    • $499,900
      2,214 SF

      Colonial Duplex in Historic Richmond

      Charming, renovated duplex in the heart of Jackson Ward.
      613 Price Street, Richmond, VA 23220
      View Details
    • $575,000
      2,494 SF

      Historic Victorian Duplex Near VCU

      Charming Victorian duplex in Richmond, ideal for owner-occupants or investors.
      218 W Main Street, Richmond, VA 23220
      View Details
    • $325,000
      1,320 SF

      Richmond Duplex: Turnkey Investment

      Barton Heights duplex with two units, a cashflowing opportunity.
      1601 - 1603 Monteiro Avenue, Richmond, VA 23222
      View Details
    • $545,000

      Fan Storefront with Apartment Above

      Mixed-use property in Richmond's Fan District with income potential.
      2227 Park Ave, Richmond, VA 23220
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Rare, renovated mixed-use property in the Fan District.
    Where is this mixed-use property located?
    The property is located at 2028 W Cary St Richmond, VA.
    What is the asking price?
    The asking price for this property is $2,750,000.
    What are key features of this property?
    This property features: Rare, luxury renovated/new construction mixed‑use property in the Fan District.; Two structures: renovated historic retail building with apartment and a modern 5‑unit apartment building.; **High‑end condo‑grade finishes, multi‑level layouts, and private balconies/patios.**
    (804) 266-8831 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Tom Rosman
    Tom Rosman
    Real Estate License ID: VA 0225030879
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2028 W Cary St, Richmond, VA 23220
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!