Corner Lot Warehouse with
For Sale
$325,000
2801 Hull Street, Richmond, VA 23224
Warehouse property with approximately 2,591 SF and about 100 feet of frontage on both sides for convenient access.
Property Size2,591 SF
Price / SF$125.43
Days on Market406
Property Features for 2801 Hull Street
General Information
Standard status
Active
Size
2,591 SF
Property subtype
General Commercial
Amenities
Central Air
3
Level
Community Maintenance, Level.
Building Details
Year Built
1964
Listing Agency:
RE/MAX Commonwealth
(804) 794-2150
Listed By:
Ryan Sanford · License #0225072249
(804) 521-5007
Source:
Xome
Added: Jul 30, 2025
Changed: Sep 1
Last Checked: Sep 8 at 4:37AM
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 RE/MAX Commonwealth
Investment Insights
Based on property information with market context.
This commercial warehouse property offers approximately 2,591 SF and is situated on a corner lot configuration. The site provides approximately 100 feet of frontage on both sides, which supports straightforward site access and circulation.
The property is described as having easy access from Hull Street and E 28th Street, offering practical approach routes for loading and customer/visitor travel.
With its corner-lot frontage and warehouse building size, the site is well-suited for users seeking a compact industrial facility with meaningful roadway exposure on two sides.
The property is described as having easy access from Hull Street and E 28th Street, offering practical approach routes for loading and customer/visitor travel.
With its corner-lot frontage and warehouse building size, the site is well-suited for users seeking a compact industrial facility with meaningful roadway exposure on two sides.
Key Highlights
- Commercial warehouse property with approximately 2,591 SF
- Corner lot with about 100 feet of frontage on both sides
- Easy access from Hull Street and E 28th Street
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
$24,605
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
7.57%
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%
$492,100
$492.1K
Cap Rate 7%
$351,500
$351.5K
Cap Rate 9%
$273,389
$273.4K
Market Conditions
NOI Build-Up for 2,591 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
$30.5K $11.76/SF
− Vacancy
−$1.5K −$0.59/SF
EGI
$28.9K $11.17/SF
− OpEx
−$4.3K −$1.68/SF
NOI
$24.6K $9.50/SF
Area
Richmond, VA
Vacancy
5.00%
Lease Rate
$11.76 /SF/Yr
Expense Ratio
15.00%
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%
$492,100
Cap Rate 7%
$351,500
Cap Rate 9%
$273,389
Alternative Uses
Best Use
Warehouse
$351.5K
$307.6K – $410.1K
NOI $24,605 @ 7.0% cap · market cap 7.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$598.6K
$523.8K – $698.4K
NOI $41,903 @ 7.0% cap · market cap 12.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
905
Businesses Nearby
Under-served
Demand for This Use
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 Industrial in Richmond, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse property with approximately 2,591 SF and about 100 feet of frontage on both sides for convenient access.
Where is this warehouse located?
The property is located at 2801 Hull Street Richmond, VA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Commercial warehouse property with approximately 2,591 SF; Corner lot with about 100 feet of frontage on both sides; Easy access from Hull Street and E 28th Street
