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 Market137
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
Listed By:
Matt Hamilton
(804) 401-4005
Source:
Cbre
Added: Jun 2
Changed: Oct 9
Last Checked: Oct 16 at 6:14AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$45,928
Cap Rate
5.20%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
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
