Renovated Mixed-Use Arts District
For Sale
$7,900,000
309-317 E Broad Street, Richmond, VA 23219
Income-producing mixed-use property in Richmond's Arts District.
Property Size47,461 SF
Price / SF$166.45
Days on Market177
Property Features for 309-317 E Broad Street
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
Changed: Jul 10
Last Checked: Apr 10 at 1:08AM
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.
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
$638,109
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
8.08%
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%
$12,762,180
$12.8M
Cap Rate 7%
$9,115,843
$9.1M
Cap Rate 9%
$7,090,100
$7.1M
Market Conditions
NOI Build-Up for 47,461 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
$1.01M $21.24/SF
− Vacancy
−$157.3K −$3.31/SF
EGI
$850.8K $17.93/SF
− OpEx
−$212.7K −$4.48/SF
NOI
$638.1K $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%
$12,762,180
Cap Rate 7%
$9,115,843
Cap Rate 9%
$7,090,100
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,028
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 Office 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?
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.
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.
