Building Details

Year Built 1920

Units 4

Tenancy Multi

Listing Agency: One South Commercial

Listed By: Chris Corrada · License #0225066800 Show Phone

Source: Crexi

Added: May 1 Changed: Oct 15 Last Checked: Oct 23 at 4:51AM

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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

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Investment Insights

Based on property information with market context.

311 N 2nd St is a renovated mixed-use property with three residential units and a bright, open first-floor commercial office studio. The ground-level space includes a kitchen and bathroom, while the upper units feature skylights and access to a roof deck.

Public remarks indicate the building was previously occupied by architect Two Street Studio for 10 years. Two of the residential units are currently unoccupied, and one unit is operating as a short-term rental.

The property is presented for sale as an owner-occupant or investment opportunity, with the first-floor studio described as move-in ready and suitable for creative office or retail use.

Key Highlights

• Renovated mixed‑use building at 311 North 2nd Street in Jackson Ward
• Includes a first‑floor commercial office studio with kitchen and bathroom
• 3 residential units total; 2 are unoccupied and 1 is currently used as an Airbnb

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$36,812

Cap Rate

4.11%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$736,240 $736.2K

Cap Rate 7%

$525,886 $525.9K

Cap Rate 9%

$409,022 $409.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,738 SF

Gross rent

$58.2K $21.24/SF

− Vacancy

−$9.1K −$3.31/SF

EGI

$49.1K $17.93/SF

− OpEx

−$12.3K −$4.48/SF

NOI

$36.8K $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 Rate 5%

$736,240

Cap Rate 7%

$525,886

Cap Rate 9%

$409,022

Alternative Uses

Best Use

Office B

$525.9K

$460.2K – $613.5K (±1% cap)

NOI $36,812 @ 7.0% cap · market cap 4.11%

Second Best

Mixed Use

$488.4K

$427.4K – $569.9K (±1% cap)

NOI $34,191 @ 7.0% cap · market cap 3.82%

Theoretical Best

Office A

$632.6K

$553.5K – $738.0K (±1% cap)

NOI $44,280 @ 7.0% cap · market cap 4.94%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Two Street Studio Architect

Suggested Use

Top Pick Plumbing Service (Bike/Boat/Book/etc) Store Locksmith Veterinary Clinic Carpet & Flooring Store Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Office units

3

Residential units

Location Intelligence

Trade Area within ½ mile

5,879

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

5.7% 2019

7.2% 2020

7% 2021

8.2% 2022

8.4% 2023

12.1% 2024

11.8% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Renovated mixed-use building with a first-floor commercial office studio and three residential units, including skylights and a roof deck.

Where is this mixed-use property located?

The property is located at 311 North 2nd Street Richmond, VA.

What is the asking price?

The asking price for this property is $895,950.

What are key features of this property?

This property features: Renovated mixed‑use building at 311 North 2nd Street in Jackson Ward; Includes a first‑floor commercial office studio with kitchen and bathroom; 3 residential units total; 2 are unoccupied and 1 is currently used as an Airbnb