Renovated Mixed-Use
For Sale
$1,500,000
304 E Grace St, Richmond, VA 23219
Renovated apartments accompany first-floor commercial space and a small roof deck.
Property Size9,412 SF
Price / SF$159.37
Days on Market35
Property Features for 304 E Grace St
General Information
Standard status
Active
Size
9,412 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$13,620
Amenities
roof deck
Building Details
Tenancy
Multi
Listing Agency:
One South Commercial LLC
(804) 307-4060
Listed By:
Justin Sledd · License #0225191850
(804) 307-4060
Source:
Exprealty
Added: Jul 21
Changed: Aug 21
Last Checked: Aug 23 at 6:43AM
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.
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 = 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
$117,532
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
7.84%
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%
$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
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
$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 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%
$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
NOI $117,532 @ 7.0% cap · market cap 7.84%
Second Best
Apartment 5plus
$1.67M
$1.46M – $1.94M
NOI $116,600 @ 7.0% cap · market cap 7.77%
Theoretical Best
Office A
$2.17M
$1.90M – $2.54M
NOI $152,214 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 $1,500,000.
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
