Renovated Mixed-Use Arts District
309-317 E Broad Street Richmond VA 23219 Richmond, VA 23219
309-317 E Broad Street Richmond VA 23219, Richmond, VA, 23219
$7,900,000
For Sale
$7,900,000
Income-producing mixed-use property in Richmond's Arts District.
Property Size47,461 SF
Price / SF$166.45
Days on Market132
Property Features for 309-317 E Broad Street Richmond VA 23219
General Information
- Standard status
- Active
- Size
- 47,461 SF
- Property subtype
- Mixed-Use
Listing Agency
@S.L. Nusbaum Realty Co Richmond
(757) 287-1490
Listed by
Doug Aronson · License #0225205935
(757) 287-1490
Source
Slnusbaum
Added: Mar 6 Checked: Apr 10 at 1:08 am
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 @S.L. Nusbaum Realty Co Richmond
Investment Insights
Based on property information with market context.
The Gather Arts District Building, a 47,461 square foot mixed-use property, is located at 309-317 E. Broad St. in Downtown Richmond, VA. The building was largely renovated in 2019 for Gather, a provider of flexible co-working office space with premium amenities. Gather occupies approximately two-thirds of the property. Metro by T-Mobile, Ember Music Hall and SinnerG Tattoo occupy the ground floor retail spaces. The property is 100% occupied and presents an opportunity to own and maintain an income-producing asset or reposition for a future redevelopment opportunity. The building is located between Virginia Commonwealth University and the Medical College of Virginia, and is within walking distance of the Virginia State Capitol. Richmond, the capital city of the Commonwealth of Virginia, has a population of approximately 234,000, making it the fourth largest city in the state. The Richmond metropolitan population exceeds 1.3 million, making it the third most populous metro area in Virginia. The Greater Richmond area serves as the headquarters for eight Fortune 500 companies and continues to experience year-over-year job growth.
Key Highlights
- 100% occupied mixed‑use property provides immediate income.
- Magnificently renovated in 2019 offering modern amenities.
- Located in the Arts District of Downtown Richmond, VA.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.01M | $21.24 |
| − Vacancy | −$157.3k | −$3.31 |
| EGI | $850.8k | $17.93 |
| − OpEx | −$212.7k | −$4.48 |
| NOI | $638.1k | $13.44 |
47,461 SF · lease $21.24/SF/yr · vacancy 15.60% · expense 25.00%
Alternative Uses
Best Use
Office B
$9.12M
$7.98M – $10.64M
NOI $638,109 @ 7.0% cap · market cap 8.08%
Second Best
Mixed Use
$8.47M
$7.41M – $9.88M
NOI $592,669 @ 7.0% cap · market cap 7.50%
Theoretical Best
Office A
$10.97M
$9.59M – $12.79M
NOI $767,556 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Coworking space
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Income-producing mixed-use property in Richmond's Arts District.
Where is this mixed-use property located?
The property is located at 309-317 E Broad Street Richmond VA 23219 Richmond, VA.
What is the asking price?
The asking price for this property is $7,900,000.
What are key features of this property?
This property features: 100% occupied mixed‑use property provides immediate income.; Magnificently renovated in 2019 offering modern amenities.; Located in the Arts District of Downtown Richmond, VA.
