Mixed-Use Corner
221 East Clay Street Richmond, VA 23219
221 East Clay Street, Richmond, VA, 23219
Contact for pricing
For Sale
Contact for pricing
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 Market48
Property Features for 221 East Clay Street
General Information
- Standard status
- Active
- Size
- 4,090 SF
- Property subtype
- Multifamily, Office, Retail
Building Details
- Year Built
- 1900
Listing agency
One South Commercial
(434) 981-3146
Listed by
Chris Corrada · License #0225066800
Source
Crexi
Added: Jun 5 Updated: Jul 21 at 12:54PM Checked: Jul 21 at 12:54PM
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.
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
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $82.5k | $20.16 |
| − Vacancy | −$5.4k | −$1.31 |
| EGI | $77.1k | $18.85 |
| − OpEx | −$23.1k | −$5.65 |
| NOI | $54.0k | $13.19 |
4,090 SF · lease $20.16/SF/yr · vacancy 6.50% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
The Queen's Library Tea ...
Restaurant
The Teacup Museum
Resort
J&D Photo Booth ...
Photography Service
Similar For Sale Nearby
FAQs
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 East Clay Street 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
