Office Building with
For Sale
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3117 W Clay St, Richmond, VA 23230
Office building with a 7.2 cap rate on in-place NOI and 30 parking spaces, renovated for modern tenant use.
Property Size14,039 SF
Price / SF$370.40
Days on Market65
Property Features for 3117 W Clay St
General Information
Standard status
Active
Size
14,039 SF
Total Parking Spaces
30
Property subtype
OFFICE
Additional Details
Cap Rate
7.2%
Listing Agency:
One South Commercial
(804) 539-3017
Listed By:
Tom Rosman · License #0225030879
Source:
Moodyscre
Added: Jun 2
Changed: Jul 31
Last Checked: Jul 31 at 12:16AM
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
Investment Insights
Based on property information with market context.
Office buildings at 3117 W Clay St, Richmond, VA 23230 offering renovated space totaling 14,039 SF. The property is presented with a 7.2 cap rate based on in-place NOI.
The building includes 30 parking spaces and is described as having an excellent tenant mix. This combination of on-site parking and tenant mix may be helpful for companies evaluating a managed office environment.
The renovation and dedicated parking support day-to-day tenant operations, while the provided cap rate framework is intended to support investment underwriting for prospective buyers.
The building includes 30 parking spaces and is described as having an excellent tenant mix. This combination of on-site parking and tenant mix may be helpful for companies evaluating a managed office environment.
The renovation and dedicated parking support day-to-day tenant operations, while the provided cap rate framework is intended to support investment underwriting for prospective buyers.
Key Highlights
- 7.2 cap rate on in‑place NOI
- 14,039 SF office building
- 30 parking spaces
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 | $298.2k | $21.24 |
| − Vacancy | −$46.5k | −$3.31 |
| EGI | $251.7k | $17.93 |
| − OpEx | −$62.9k | −$4.48 |
| NOI | $188.8k | $13.44 |
14,039 SF · lease $21.24/SF/yr · vacancy 15.60% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.70M
$2.36M – $3.15M
NOI $188,753 @ 7.0% cap · market cap 3.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.24M
$2.84M – $3.78M
NOI $227,044 @ 7.0% cap · market cap 4.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,021
Businesses Nearby
Explore this area
Business Placement
Demographics for 23230, VA
8,263
Population
5,066
Households
1.6
Avg Household Size
35
Median Age
52%
College-Educated
89%
High-School Grad
4.3 sq mi
ZIP Area
1,922
Density / Sq Mi
$71,189
Median Household Income
$55,121
Median Earnings
$1,608
Median Rent
$343,500
Median Home Value
Market
Vacancy Rate% for Office in Richmond, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building with a 7.2 cap rate on in-place NOI and 30 parking spaces, renovated for modern tenant use.
Where is this office building located?
The property is located at 3117 W Clay St Richmond, VA.
What is the asking price?
The asking price for this property is $5,200,000.
What are key features of this property?
This property features: 7.2 cap rate on in‑place NOI; 14,039 SF office building; 30 parking spaces
