Freestanding Building in Willow
For Sale
$2,400,000
4711 West Broad Street, Richmond, VA 23230
6,000 SF building with commercial kitchens in growing district.
Property Size6,000 SF
Price / SF$400
Days on Market151
Property Features for 4711 West Broad Street
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Retail
Listing Agency:
CBRE | Richmond
(804) 401-4005
Listed By:
Matt Hamilton
(804) 401-4005
Source:
Cbre
Added: Mar 25
Changed: Aug 19
Last Checked: Aug 21 at 1:55PM
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 6,000 SF freestanding building is located in the Willow Lawn submarket, a rapidly growing commercial district. The property features a full-service commercial cooking facility with 16 private kitchens. The building infrastructure was fully renovated in 2022. The property has TOD-1 zoning and benefits from direct access to public transportation. There are 31 parking spaces available. The property qualifies for tax incentives due to its enterprise zone designation and provides easy access to major interstates.
Key Highlights
- Full‑service commercial cooking facility with 16 private kitchens
- Highly visible, freestanding building on West Broad Street
- Building infrastructure fully renovated in 2022
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
$77,841
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
3.24%
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%
$1,556,820
$1.6M
Cap Rate 7%
$1,112,014
$1.1M
Cap Rate 9%
$864,900
$864.9K
Market Conditions
NOI Build-Up for 6,000 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
$111.6K $18.60/SF
− Vacancy
−$7.8K −$1.30/SF
EGI
$103.8K $17.30/SF
− OpEx
−$25.9K −$4.32/SF
NOI
$77.8K $12.97/SF
Area
Richmond, VA
Vacancy
7.00%
Lease Rate
$18.60 /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%
$1,556,820
Cap Rate 7%
$1,112,014
Cap Rate 9%
$864,900
Alternative Uses
Best Use
Specialty Retail
$1.11M
$973.0K – $1.30M
NOI $77,841 @ 7.0% cap · market cap 3.24%
Second Best
Industrial
$543.5K
$475.5K – $634.0K
NOI $38,042 @ 7.0% cap · market cap 1.59%
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $97,034 @ 7.0% cap · market cap 4.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
203
Businesses Nearby
47k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Chick-fil-A
Dining
47,494 visits/mo
0.0 miles
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 Retail in Richmond, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial kitchen - 6,000 SF building with commercial kitchens in growing district.
Where is this commercial kitchen located?
The property is located at 4711 West Broad Street Richmond, VA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Full‑service commercial cooking facility with **16 private kitchens**; Highly visible, freestanding building on West Broad Street; Building infrastructure fully renovated in 2022
