Renovated Freestanding Retail
For Sale
$249,000
3004 Hull St, Richmond, VA 23224
B-1/B-2 zoning supports retail, office, and professional service uses with street access and rear parking.
Property Size1,300 SF
Price / SF$191.54
Days on Market8
Property Features for 3004 Hull St
General Information
Standard status
Active
Size
1,300 SF
Zoning
B-1/B-2
Building Details
Year Built
1974
Year Renovated
2020
Buildings
1
Construction
block
Listing Agency:
Hardesty Homes
(804) 651-2157
Listed By:
Amanda Hardesty · License #0225203718
Source:
Riverfoxrealty
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 29 at 12:03PM
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 Hardesty Homes
Investment Insights
Based on property information with market context.
This freestanding 1,300-square-foot block building provides a compact commercial layout with a private 8-by-8-foot office and two 8-by-8-foot restrooms. Improvements completed in 2020 include updated electrical service and wiring, plumbing upgrades, a tankless water heater, and luxury floating laminate flooring. The property is currently used as an event center and will convey in as-is condition.
B-1/B-2 General Business zoning supports retail, office, and professional service applications. Parking is available along the Hull Street frontage, with an additional private gravel area behind the building. The configuration offers a straightforward option for an owner-user or investor seeking a small commercial property with recent building-system improvements.
B-1/B-2 General Business zoning supports retail, office, and professional service applications. Parking is available along the Hull Street frontage, with an additional private gravel area behind the building. The configuration offers a straightforward option for an owner-user or investor seeking a small commercial property with recent building-system improvements.
Key Highlights
- 1,300‑square‑foot freestanding block retail building
- 2020 improvements include electrical, plumbing, flooring, and tankless water heater upgrades
- Private 8‑by‑8‑foot office and two 8‑by‑8‑foot restrooms
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
$14,188
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
5.70%
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%
$283,760
$283.8K
Cap Rate 7%
$202,686
$202.7K
Cap Rate 9%
$157,644
$157.6K
Market Conditions
NOI Build-Up for 1,300 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
$22.2K $17.04/SF
− Vacancy
−$1.9K −$1.45/SF
EGI
$20.3K $15.59/SF
− OpEx
−$6.1K −$4.68/SF
NOI
$14.2K $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%
$283,760
Cap Rate 7%
$202,686
Cap Rate 9%
$157,644
Alternative Uses
Best Use
Retail
$202.7K
$177.4K – $236.5K
NOI $14,188 @ 7.0% cap · market cap 5.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$300.3K
$262.8K – $350.4K
NOI $21,024 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
572
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 Retail in Richmond, VA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - B-1/B-2 zoning supports retail, office, and professional service uses with street access and rear parking.
Where is this storefront property located?
The property is located at 3004 Hull St Richmond, VA.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: 1,300‑square‑foot freestanding block retail building; 2020 improvements include electrical, plumbing, flooring, and tankless water heater upgrades; Private 8‑by‑8‑foot office and two 8‑by‑8‑foot restrooms
