Mixed-Use Corner
For Sale
$1,050,000
221 E Clay St, Richmond, VA 23219
Renovated 4,090 SF mixed-use building with a corner storefront and residential income space across two floors.
Property Size4,090 SF
Price / SF$256.72
Days on Market123
Property Features for 221 E Clay St
General Information
Standard status
Active
Size
4,090 SF
Building Details
Year Built
1900
Listing Agency:
One South Commercial LLC
Listed By:
Ann Schweitzer · License #0225211714
(434) 981-3146
Source:
Buynsellrva
Added: Jun 16
Changed: Oct 15
Last Checked: Oct 7 at 4:33PM
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
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Investment Insights
Based on property information with market context.
Renovated mixed-use property offering 4,090 SF of flexible interior space with a currently operating duplex configuration. The building includes a standout corner storefront on the ground floor and residential space on the second floor, and it could potentially be reconfigured as a triplex or quadplex. The second-floor unit is currently operated as a short-term rental, and all personal property in that unit is conveyed with the sale.
The property is located directly across from the Convention Center and features extensive street frontage along both E. Clay Street and N. 3rd Street, supporting strong visibility and easy access.
For buyers seeking a versatile asset, the ground floor commercial component and the residential unit configuration offer multiple layout options, including the potential for two commercial suites on the ground level and two residential units on the second floor.
The property is located directly across from the Convention Center and features extensive street frontage along both E. Clay Street and N. 3rd Street, supporting strong visibility and easy access.
For buyers seeking a versatile asset, the ground floor commercial component and the residential unit configuration offer multiple layout options, including the potential for two commercial suites on the ground level and two residential units on the second floor.
Key Highlights
- Renovated 4,090 SF mixed‑use building (built 1900) with a corner storefront across two floors
- Currently operated as a duplex; could be reconfigured as a triplex or quadplex, including ground‑floor commercial suites and second‑floor residential units
- Second‑floor residential unit operates as a high‑performing Airbnb; all personal property in that unit conveys with the sale
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,966
Cap Rate
5.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,079,320
$1.1M
Cap Rate 7%
$770,943
$770.9K
Cap Rate 9%
$599,622
$599.6K
Market Conditions
NOI Build-Up for 4,090 SF
Gross rent
$82.5K $20.16/SF
− Vacancy
−$5.4K −$1.31/SF
EGI
$77.1K $18.85/SF
− OpEx
−$23.1K −$5.65/SF
NOI
$54.0K $13.19/SF
Area
Richmond, VA
Vacancy
6.50%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,079,320
Cap Rate 7%
$770,943
Cap Rate 9%
$599,622
Alternative Uses
Best Use
Multifamily LT 5
$770.9K
$674.6K – $899.4K
NOI $53,966 @ 7.0% cap · market cap 5.14%
Second Best
Apartment 5plus
$723.8K
$633.4K – $844.5K
NOI $50,669 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$944.9K
$826.8K – $1.10M
NOI $66,145 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
6,885
Businesses Nearby
Explore this area
Business Placement
Demographics for 23219, VA
5,307
Population
3,488
Households
1.5
Avg Household Size
29
Median Age
62%
College-Educated
91%
High-School Grad
1.3 sq mi
ZIP Area
4,082
Density / Sq Mi
$62,533
Median Household Income
$46,509
Median Earnings
$1,439
Median Rent
$287,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Renovated 4,090 SF mixed-use building with a corner storefront and residential income space across two floors.
Where is this duplex located?
The property is located at 221 E Clay St Richmond, VA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Renovated 4,090 SF mixed‑use building (built 1900) with a corner storefront across two floors; Currently operated as a duplex; could be reconfigured as a triplex or quadplex, including ground‑floor commercial suites and second‑floor residential units; Second‑floor residential unit operates as a high‑performing Airbnb; all personal property in that unit conveys with the sale
