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 Market55
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
(757) 627-8611
Listed By:
Carter Wells · License #0225251866
(804) 944-9258
Source:
Moodyscre
Added: Aug 21
Changed: Oct 13
Last Checked: Oct 12 at 9:01PM
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 / Yr
$592,669
Cap Rate
7.50%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Richmond, VA
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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
