Luxury Mixed-Use Asset in
For Sale
$2,599,000
2028 W Cary St, Richmond, VA 23220
Rare, renovated mixed-use property in Richmond's sought-after Fan District.
Property Size9,100 SF
Price / SF$285.60
Days on Market140
Property Features for 2028 W Cary St
General Information
Standard status
Active
Size
9,100 SF
Building Details
Year Built
2015
Listing Agency:
One South Commercial LLC
Listed By:
Thomas Rosman · License #0225268571
(804) 539-3017
Source:
Ruckartre
Added: Apr 24
Changed: Sep 8
Last Checked: Sep 9 at 8:52PM
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.
Located in Richmond's Fan District, 2028 W Cary Street presents a rare opportunity to own a renovated mixed-use asset. This award-winning project, designed by David Johannas of Johannas Design Group, blends historic and modern design. The property is situated in a central location with access to amenities, walkable to Carytown and the Cary Street Station mixed-use community. It offers a luxury investment with potential for rent and value appreciation. The apartments feature one- to three-bedroom floor plans with condo-grade finishes, multi-level layouts, preserved historic elements, commercial-grade windows and doors, and private balcony or patio space. The property may be suitable for condo conversion in the future. This low-maintenance asset is suitable for an owner-occupant or multifamily investor, offering a turn-key investment with a diversified revenue stream. The location has a bike score of 65, making it bikeable, a walk score of 71, indicating it is very walkable, and a transit score of 40, suggesting some transit options are available.
Key Highlights
- Luxury renovated/new construction mixed‑use asset in the Fan District.
- Award‑winning "historic meets modern" design by David Johannas.
- Excellent central location walkable to Carytown and Cary Street Station.
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
$113,636
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
4.37%
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%
$2,272,720
$2.3M
Cap Rate 7%
$1,623,371
$1.6M
Cap Rate 9%
$1,262,622
$1.3M
Market Conditions
NOI Build-Up for 9,100 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
$202.0K $22.20/SF
− Vacancy
−$20.2K −$2.22/SF
EGI
$181.8K $19.98/SF
− OpEx
−$68.2K −$7.49/SF
NOI
$113.6K $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 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%
$2,272,720
Cap Rate 7%
$1,623,371
Cap Rate 9%
$1,262,622
Alternative Uses
Best Use
Mixed Use
$1.62M
$1.42M – $1.89M
NOI $113,636 @ 7.0% cap · market cap 4.37%
Second Best
Apartment 5plus
$1.61M
$1.41M – $1.88M
NOI $112,735 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $147,168 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,656
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Rare, renovated mixed-use property in Richmond's sought-after 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 $2,599,000.
What are key features of this property?
This property features: Luxury renovated/new construction mixed‑use asset in the Fan District.; Award‑winning "historic meets modern" design by David Johannas.; Excellent central location walkable to Carytown and Cary Street Station.
