Renovated Office
For Sale
$883,256
3123 West Broad Street, Richmond, VA 23230
Updated office and retail space in an Enterprise Zone near GRTC Pulse rapid transit.
Property Size3,416 SF
Price / SF$258.56
Days on Market90
Property Features for 3123 West Broad Street
General Information
Standard status
Active
Size
3,416 SF
Property subtype
Office
Additional Details
Public Transit
Yes
Listing Agency:
CBRE - Richmond
(804) 401-4005
Listed By:
Matt Hamilton
(804) 401-4005
Source:
Cbre
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 30 at 1:04PM
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 CBRE - Richmond
Investment Insights
Based on property information with market context.
This property provides approximately 3,416 square feet of recently renovated space configured for office or retail use. The improvements offer a contemporary setting within a building that also retains historic character.
The property is situated in Scott's Addition at 3123 West Broad Street in Richmond, Virginia. An Enterprise Zone designation may support potential tax incentives, and a GRTC Pulse rapid transit stop is nearby.
The property is situated in Scott's Addition at 3123 West Broad Street in Richmond, Virginia. An Enterprise Zone designation may support potential tax incentives, and a GRTC Pulse rapid transit stop is nearby.
Key Highlights
- Approximately 3,416 SF of newly renovated office/retail space
- Enterprise Zone designation with potential tax incentives
- Located in Scott's Addition
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
$45,928
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
5.20%
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%
$918,560
$918.6K
Cap Rate 7%
$656,114
$656.1K
Cap Rate 9%
$510,311
$510.3K
Market Conditions
NOI Build-Up for 3,416 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
$72.6K $21.24/SF
− Vacancy
−$11.3K −$3.31/SF
EGI
$61.2K $17.93/SF
− OpEx
−$15.3K −$4.48/SF
NOI
$45.9K $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%
$918,560
Cap Rate 7%
$656,114
Cap Rate 9%
$510,311
Alternative Uses
Best Use
Office B
$656.1K
$574.1K – $765.5K
NOI $45,928 @ 7.0% cap · market cap 5.20%
Second Best
Retail
$532.6K
$466.0K – $621.4K
NOI $37,283 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$789.2K
$690.6K – $920.8K
NOI $55,245 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
203
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 units - Updated office and retail space in an Enterprise Zone near GRTC Pulse rapid transit.
Where is this office units located?
The property is located at 3123 West Broad Street Richmond, VA.
What is the asking price?
The asking price for this property is $883,256.
What are key features of this property?
This property features: Approximately 3,416 SF of newly renovated office/retail space; Enterprise Zone designation with potential tax incentives; Located in Scott's Addition
