For Sale
$1,840,000
2712 E Leigh St, Richmond, VA 23223
Mixed-use properties
Property Size4,835 SF
Price / SF$380.56
Days on Market103
Property Features for 2712 E Leigh St
General Information
Standard status
Active
Size
4,835 SF
Building Details
Year Built
1971
Listing Agency:
Virginia Capital Realty
Listed By:
Susanne Gibson · License #0225192688
(804) 300-7383
Source:
Onedreamrealty
Added: May 31
Changed: Sep 8
Last Checked: Sep 9 at 8:57PM
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 Virginia Capital Realty
Investment Insights
Based on property information with market context.
Key Highlights
- Fully occupied, income‑generating 8‑unit mixed‑use building with 7 apartments and 1 retail space.
- Recently totally rehabbed in 2019.
- Located in the desirable Church Hill district known for historic charm, walkability, dining, and nightlife.
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
$60,377
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
3.28%
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%
$1,207,540
$1.2M
Cap Rate 7%
$862,529
$862.5K
Cap Rate 9%
$670,856
$670.9K
Market Conditions
NOI Build-Up for 4,835 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
$107.3K $22.20/SF
− Vacancy
−$10.7K −$2.22/SF
EGI
$96.6K $19.98/SF
− OpEx
−$36.2K −$7.49/SF
NOI
$60.4K $12.49/SF
Area
Richmond, VA
Vacancy
10.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
37.50%
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%
$1,207,540
Cap Rate 7%
$862,529
Cap Rate 9%
$670,856
Alternative Uses
Best Use
Mixed Use
$862.5K
$754.7K – $1.01M
NOI $60,377 @ 7.0% cap · market cap 3.28%
Second Best
Apartment 5plus
$855.7K
$748.7K – $998.3K
NOI $59,898 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$1.12M
$977.4K – $1.30M
NOI $78,193 @ 7.0% cap · market cap 4.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,315
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
Where is this mixed-use property located?
The property is located at 2712 E Leigh St Richmond, VA.
What is the asking price?
The asking price for this property is $1,840,000.
What are key features of this property?
This property features: Fully occupied, income‑generating 8‑unit mixed‑use building with 7 apartments and 1 retail space.; Recently totally rehabbed in 2019.; Located in the desirable Church Hill district known for historic charm, walkability, dining, and nightlife.
