Absolute NNN Retail
For Sale
Contact for pricing
2665 Hull St, Richmond, VA 23224
Absolute NNN retail storefront leased to Family Dollar at 2665 Hull St in Richmond, VA.
Property Size8,320 SF
Price / SF$218.15
Days on Market83
Property Features for 2665 Hull St
General Information
Standard status
Active
Size
8,320 SF
Property subtype
Retail
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$126,863
Additional Details
Cap Rate
7.2%
Building Details
Year Built
2017
Tenancy
Single
Listing Agency:
Marcus & Millichap - San Francisco
Listed By:
Bill Schofield · License #CA 01239109
(415) 625-2136
Source:
Crexi
Added: Jun 15
Changed: Sep 4
Last Checked: Aug 20 at 4:10AM
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 Marcus & Millichap - San Francisco
Investment Insights
Based on property information with market context.
This absolute NNN retail storefront is leased to Family Dollar and offered for sale on a for-sale basis. The property is identified as a specialty/retail space within the provided asset information.
The building is located at 2665 Hull St in Richmond, VA 23224. The public remarks also cite a 7.20% return, and the list price and property size are provided in the listing data.
Additional details such as specific building improvements, unit configuration, and parking or access features were not included in the provided information, so they are not described here.
The building is located at 2665 Hull St in Richmond, VA 23224. The public remarks also cite a 7.20% return, and the list price and property size are provided in the listing data.
Additional details such as specific building improvements, unit configuration, and parking or access features were not included in the provided information, so they are not described here.
Key Highlights
- Absolute NNN retail storefront leased to Family Dollar
- Located at 2665 Hull St in Richmond, VA
- Stated 7.20% (absolute NNN)
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
$90,805
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
5.00%
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%
$1,816,100
$1.8M
Cap Rate 7%
$1,297,214
$1.3M
Cap Rate 9%
$1,008,944
$1.0M
Market Conditions
NOI Build-Up for 8,320 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
$141.8K $17.04/SF
− Vacancy
−$12.1K −$1.45/SF
EGI
$129.7K $15.59/SF
− OpEx
−$38.9K −$4.68/SF
NOI
$90.8K $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%
$1,816,100
Cap Rate 7%
$1,297,214
Cap Rate 9%
$1,008,944
Alternative Uses
Best Use
Retail
$1.30M
$1.14M – $1.51M
NOI $90,805 @ 7.0% cap · market cap 5.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,554 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
767
Businesses Nearby
Explore this area
Business Placement
Demographics for 23224, VA
39,468
Population
18,201
Households
2.2
Avg Household Size
33
Median Age
19%
College-Educated
80%
High-School Grad
11.6 sq mi
ZIP Area
3,402
Density / Sq Mi
$49,263
Median Household Income
$36,275
Median Earnings
$1,268
Median Rent
$189,200
Median Home Value
Market
Vacancy Rate% for Retail in Richmond, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Absolute NNN retail storefront leased to Family Dollar at 2665 Hull St in Richmond, VA.
Where is this nnn property located?
The property is located at 2665 Hull St Richmond, VA.
What is the asking price?
The asking price for this property is $1,815,000.
What are key features of this property?
This property features: Absolute NNN retail storefront leased to Family Dollar; Located at 2665 Hull St in Richmond, VA; Stated 7.20% (absolute NNN)
