Building Details

Tenancy Multi

Listing Agency: One South Commercial LLC c***@onesouthcommercial.com Show Phone

Listed By: Justin Sledd · License #0225191850 Show Phone

Source: Exprealty

Added: Jul 21 Changed: Oct 6 Last Checked: Oct 13 at 1:48AM

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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 One South Commercial LLC

Investment Insights

Based on property information with market context.

Located at 304 E Grace St in Richmond, this 9,412-square-foot mixed-use property combines five renovated apartments on the upper floors with commercial space at street level. Apartment features include hardwood flooring, abundant natural light, and access to a small roof deck. The first-floor space has also been renovated and is positioned for an end user or owner occupant.

The property is within a block of Rappahannock, Perly’s, and Juleps. Art galleries, the Dominion Arts Center, the Downtown Hilton, and the Jefferson Hotel are all described as walkable from the site.

Key Highlights

• 9,412‑square‑foot mixed‑use property at 304 E Grace St
• Five renovated apartments on the upper floors
• First‑floor commercial space recently renovated

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$117,532

Cap Rate

8.40%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,350,640 $2.4M

Cap Rate 7%

$1,679,029 $1.7M

Cap Rate 9%

$1,305,911 $1.3M

Market Conditions

NOI Build-Up for 9,412 SF

Gross rent

$208.9K $22.20/SF

− Vacancy

−$20.9K −$2.22/SF

EGI

$188.1K $19.98/SF

− OpEx

−$70.5K −$7.49/SF

NOI

$117.5K $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 Rate 5%

$2,350,640

Cap Rate 7%

$1,679,029

Cap Rate 9%

$1,305,911

Alternative Uses

Best Use

Mixed Use

$1.68M

$1.47M – $1.96M (±1% cap)

NOI $117,532 @ 7.0% cap · market cap 8.40%

Second Best

Apartment 5plus

$1.67M

$1.46M – $1.94M (±1% cap)

NOI $116,600 @ 7.0% cap · market cap 8.33%

Theoretical Best

Office A

$2.17M

$1.90M – $2.54M (±1% cap)

NOI $152,214 @ 7.0% cap · market cap 10.88%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Smooth Cleaners Hardware & Home Improvement MovieLoft Film Production

Suggested Use

Top Pick Plumbing Service Locksmith (Bike/Boat/Book/etc) Store Auto Parts Store Carpet & Flooring Store Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

6,984

Businesses Nearby

Explore this area Business Placement

Demographics for 23219, VA

5,307

Population

3,488

Households

1.5

Avg Household Size

29

Median Age

62%

College-Educated

91%

High-School Grad

1.3 sq mi

ZIP Area

4,082

Density / Sq Mi

$62,533

Median Household Income

$46,509

Median Earnings

$1,439

Median Rent

$287,500

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Renovated apartments accompany first-floor commercial space and a small roof deck.

Where is this mixed-use property located?

The property is located at 304 E Grace St Richmond, VA.

What is the asking price?

The asking price for this property is $1,399,000.

What are key features of this property?

This property features: 9,412‑square‑foot mixed‑use property at 304 E Grace St; Five renovated apartments on the upper floors; First‑floor commercial space recently renovated