Renovated Mixed-Use
For Sale
Contact for pricing
309 E Broad St, Richmond, VA 23219
The property is 100% occupied between Virginia Commonwealth University and the Medical College of Virginia.
Property Size47,461 SF
Price / SF$166.45
Days on Market10
Property Features for 309 E Broad St
General Information
Standard status
Active
Size
47,461 SF
Property subtype
RETAIL
Occupancy
100%
Building Details
Year Renovated
2019
Listing Agency:
S.L. Nusbaum Realty Co - Corporate
(804) 944-9258
Listed By:
Nathan Shor · License #0225205935
(804) 539-7404
Source:
Moodyscre
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 30 at 1:37PM
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 - Corporate
Investment Insights
Based on property information with market context.
This 47,461-square-foot mixed-use property is fully occupied and underwent a substantial renovation in 2019. The existing improvements provide an established commercial setting for continued operation or future repositioning.
The property is located at 309 E Broad St in Richmond, between Virginia Commonwealth University and the Medical College of Virginia. The Virginia State Capitol is within walking distance, placing the asset near major institutional and civic destinations.
The property is located at 309 E Broad St in Richmond, between Virginia Commonwealth University and the Medical College of Virginia. The Virginia State Capitol is within walking distance, placing the asset near major institutional and civic destinations.
Key Highlights
- 47,461‑square‑foot mixed‑use property
- 100% occupied
- Renovated in 2019
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
$592,669
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
7.50%
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%
$11,853,380
$11.9M
Cap Rate 7%
$8,466,700
$8.5M
Cap Rate 9%
$6,585,211
$6.6M
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
$1.05M $22.20/SF
− Vacancy
−$105.4K −$2.22/SF
EGI
$948.3K $19.98/SF
− OpEx
−$355.6K −$7.49/SF
NOI
$592.7K $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%
$11,853,380
Cap Rate 7%
$8,466,700
Cap Rate 9%
$6,585,211
Alternative Uses
Best Use
Mixed Use
$8.47M
$7.41M – $9.88M
NOI $592,669 @ 7.0% cap · market cap 7.50%
Second Best
Retail
$7.40M
$6.47M – $8.63M
NOI $517,995 @ 7.0% cap · market cap 6.56%
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
Lease Details
100%
Occupancy
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 Retail in Richmond, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property is 100% occupied between Virginia Commonwealth University and the Medical College of Virginia.
Where is this mixed-use property located?
The property is located at 309 E Broad St 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: 47,461‑square‑foot mixed‑use property; 100% occupied; Renovated in 2019
