Two-Story Storefront
For Sale
Contact for pricing
2614 W Cary St, Richmond, VA 23220
Flexible commercial layouts feature expansive storefront glazing and exterior loading access.
Property Size7,808 SF
Price / SF$230.53
Days on Market11
Property Features for 2614 W Cary St
General Information
Standard status
Active
Size
7,808 SF
Property subtype
RETAIL
Amenities
Large storefront windows providing natural light
Loading capabilities with exterior access
Building Details
Stories
2
Listing Agency:
Sperity Real Estate Ventures
(804) 349-1000
Listed By:
Nathan Hughes · License #0225084857
(804) 349-1000
Source:
Moodyscre
Added: Aug 20
Changed: Aug 30
Last Checked: Aug 30 at 8:23AM
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 Sperity Real Estate Ventures
Investment Insights
Based on property information with market context.
This two-story storefront property contains 7,808 square feet and offers flexible commercial layouts across both levels. Large windows line the street-facing facade, bringing natural light into the interior while supporting visibility from the surrounding commercial corridor. Exterior access provides loading capability for receiving and operations.
The property is located at 2614 W Cary St in Richmond, Virginia, within a high-traffic commercial corridor. Its combination of two-story configuration, storefront presentation, and loading access supports a range of retail-oriented commercial uses.
The property is located at 2614 W Cary St in Richmond, Virginia, within a high-traffic commercial corridor. Its combination of two-story configuration, storefront presentation, and loading access supports a range of retail-oriented commercial uses.
Key Highlights
- 7,808‑square‑foot two‑story storefront property
- Flexible commercial layouts across two levels
- Large storefront windows provide natural light
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
$85,217
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
4.73%
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%
$1,704,340
$1.7M
Cap Rate 7%
$1,217,386
$1.2M
Cap Rate 9%
$946,856
$946.9K
Market Conditions
NOI Build-Up for 7,808 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
$133.0K $17.04/SF
− Vacancy
−$11.3K −$1.45/SF
EGI
$121.7K $15.59/SF
− OpEx
−$36.5K −$4.68/SF
NOI
$85.2K $10.91/SF
Area
Richmond, VA
Vacancy
8.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
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%
$1,704,340
Cap Rate 7%
$1,217,386
Cap Rate 9%
$946,856
Alternative Uses
Best Use
Retail
$1.22M
$1.07M – $1.42M
NOI $85,217 @ 7.0% cap · market cap 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.58M – $2.10M
NOI $126,274 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,740
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Retail in Richmond, VA
Questions? Ask Rey
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Similar Off Market Nearby
- Vogue Flowers II — Richmond, VA 23220
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Frequently Asked Questions
What type of property is this?
Storefront property - Flexible commercial layouts feature expansive storefront glazing and exterior loading access.
Where is this storefront property located?
The property is located at 2614 W Cary St Richmond, VA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 7,808‑square‑foot two‑story storefront property; Flexible commercial layouts across two levels; Large storefront windows provide natural light
