Freestanding Renovated Storefront
For Sale
$249,000
3004 Hull Street, Richmond, VA 23224
Flexible B-1/B-2 zoning supports retail, office, and professional service uses in a freestanding commercial building.
Property Size1,300 SF
Price / SF$191.54
Days on Market8
Property Features for 3004 Hull Street
General Information
Standard status
Active
Size
1,300 SF
Property subtype
General Commercial
Zoning
B-1/B-2
Amenities
3
Building Details
Year Built
1974
Year Renovated
2020
Buildings
1
Construction
block
Listing Agency:
(804) 651-2157
Listed By:
Hardesty Homes
(804) 651-2157
Source:
Xome
Added: Aug 15
Changed: Aug 21
Last Checked: Aug 22 at 4:22AM
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 block storefront property contains 1,300 square feet and was substantially renovated in 2020. Improvements include updated electrical service and wiring, refreshed plumbing, a tankless water heater, and luxury floating laminate flooring. The interior includes an 8-by-8-foot private office and two 8-by-8-foot restrooms. The building 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 provided through street frontage along Hull Street and a private gravel area behind the building. Constructed in 1974, the property offers a compact freestanding format with updated building systems and a flexible interior arrangement.
B-1/B-2 General Business zoning supports retail, office, and professional service applications. Parking is provided through street frontage along Hull Street and a private gravel area behind the building. Constructed in 1974, the property offers a compact freestanding format with updated building systems and a flexible interior arrangement.
Key Highlights
- 1,300‑square‑foot freestanding block retail building
- Renovated in 2020 with new electrical service, wiring, plumbing, tankless water heater, and laminate flooring
- 8'x8' private office and two 8'x8' 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
$17,478
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
7.02%
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%
$349,560
$349.6K
Cap Rate 7%
$249,686
$249.7K
Cap Rate 9%
$194,200
$194.2K
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
$27.6K $21.24/SF
− Vacancy
−$4.3K −$3.31/SF
EGI
$23.3K $17.93/SF
− OpEx
−$5.8K −$4.48/SF
NOI
$17.5K $13.44/SF
Area
Richmond, VA
Vacancy
15.60%
Lease Rate
$21.24 /SF/Yr
Expense Ratio
25.00%
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%
$349,560
Cap Rate 7%
$249,686
Cap Rate 9%
$194,200
Alternative Uses
Best Use
Office B
$249.7K
$218.5K – $291.3K
NOI $17,478 @ 7.0% cap · market cap 7.02%
Second Best
Retail
$202.7K
$177.4K – $236.5K
NOI $14,188 @ 7.0% cap · market cap 5.70%
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
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 Office in Richmond, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Flexible B-1/B-2 zoning supports retail, office, and professional service uses in a freestanding commercial building.
Where is this storefront property located?
The property is located at 3004 Hull Street 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; Renovated in 2020 with new electrical service, wiring, plumbing, tankless water heater, and laminate flooring; 8'x8' private office and two 8'x8' restrooms
