Multi-Story Retail Office
For Sale
Contact for pricing
211 North 18th Street, Richmond, VA 23223
Historic multi-story building configured for retail and office use and offered for sale and lease.
Property Size2,340 SF
Price / SF$213.25
Days on Market90
Property Features for 211 North 18th Street
General Information
Standard status
Active
Size
2,340 SF
Property subtype
Retail, Office
Zoning
B-5
Investment Type
Owner/User
Building Details
Year Built
1850
Buildings
1
Listing Agency:
One South Commercial
Listed By:
Isaac Weintz · License #VA 0225250413
(540) 532-6435
Source:
Crexi
Added: Jun 9
Changed: Aug 31
Last Checked: Sep 4 at 8:04AM
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.
This multi-story commercial property features retail/office use in a compact, owner-occupant-ready layout. It offers flexibility for businesses seeking space that can support both customer-facing retail and office operations within the same building.
The property is located at 211 North 18th Street in Richmond, Virginia, and is presented as a for-sale and for-lease opportunity.
The offering includes a retail/office configuration and historic character, aligning with users looking for a small, multi-level space rather than a single-story footprint.
The property is located at 211 North 18th Street in Richmond, Virginia, and is presented as a for-sale and for-lease opportunity.
The offering includes a retail/office configuration and historic character, aligning with users looking for a small, multi-level space rather than a single-story footprint.
Key Highlights
- Historic multi‑story building built in 1850
- Configured for retail and office use
- Offered for sale and lease
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
$31,461
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
6.30%
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%
$629,220
$629.2K
Cap Rate 7%
$449,443
$449.4K
Cap Rate 9%
$349,567
$349.6K
Market Conditions
NOI Build-Up for 2,340 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
$49.7K $21.24/SF
− Vacancy
−$7.8K −$3.31/SF
EGI
$41.9K $17.93/SF
− OpEx
−$10.5K −$4.48/SF
NOI
$31.5K $13.44/SF
Area
Richmond, VA
Vacancy
15.60%
Lease Rate
$21.24 /SF/Yr
Expense Ratio
25.00%
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%
$629,220
Cap Rate 7%
$449,443
Cap Rate 9%
$349,567
Alternative Uses
Best Use
Office B
$449.4K
$393.3K – $524.4K
NOI $31,461 @ 7.0% cap · market cap 6.30%
Second Best
Retail
$364.8K
$319.2K – $425.7K
NOI $25,539 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$540.6K
$473.0K – $630.7K
NOI $37,843 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,058
Businesses Nearby
Explore this area
Business Placement
Demographics for 23223, VA
51,960
Population
27,141
Households
1.9
Avg Household Size
35
Median Age
32%
College-Educated
90%
High-School Grad
16.7 sq mi
ZIP Area
3,111
Density / Sq Mi
$56,518
Median Household Income
$39,828
Median Earnings
$1,224
Median Rent
$236,300
Median Home Value
Market
Vacancy Rate% for Office in Richmond, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Historic multi-story building configured for retail and office use and offered for sale and lease.
Where is this office building located?
The property is located at 211 North 18th Street Richmond, VA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Historic multi‑story building built in 1850; Configured for retail and office use; Offered for sale and lease
