Downtown Richmond Mixed-Use
For Sale
Contact for pricing
505 E Main St, Richmond, VA 23219
Mixed-use property in downtown Richmond with office and apartment spaces.
Property Size3,954 SF
Price / SF$183.36
Days on Market882
Property Features for 505 E Main St
General Information
Standard status
Active
Size
3,954 SF
Class
B
Total Parking Spaces
2
Property subtype
Multifamily, Office
Building Details
Stories
2
Listing Agency:
Taylor Long Properties
(804) 864-9788
Listed By:
Robert Marshall · License #VA 0225192463
Source:
Crexi
Added: Mar 12, 2024
Changed: Aug 9
Last Checked: May 13 at 8:13PM
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 Taylor Long Properties
Investment Insights
Based on property information with market context.
This mixed-use property, located in downtown Richmond, features a total area of 3,954 square feet. It includes a 1,318 square foot apartment unit that generates $1,500 in monthly rental income. Additionally, the property offers 2,634 square feet of office space.
Key Highlights
- Downtown Richmond location
- 3,954 sq ft total property size
- Includes 2,634 sq ft of office space
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
$53,161
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
7.33%
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%
$1,063,220
$1.1M
Cap Rate 7%
$759,443
$759.4K
Cap Rate 9%
$590,678
$590.7K
Market Conditions
NOI Build-Up for 3,954 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
$84.0K $21.24/SF
− Vacancy
−$13.1K −$3.31/SF
EGI
$70.9K $17.93/SF
− OpEx
−$17.7K −$4.48/SF
NOI
$53.2K $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%
$1,063,220
Cap Rate 7%
$759,443
Cap Rate 9%
$590,678
Alternative Uses
Best Use
Office B
$759.4K
$664.5K – $886.0K
NOI $53,161 @ 7.0% cap · market cap 7.33%
Second Best
Mixed Use
$705.4K
$617.2K – $822.9K
NOI $49,376 @ 7.0% cap · market cap 6.81%
Theoretical Best
Office A
$913.5K
$799.3K – $1.07M
NOI $63,945 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,974
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property in downtown Richmond with office and apartment spaces.
Where is this mixed-use property located?
The property is located at 505 E Main St Richmond, VA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Downtown Richmond location; 3,954 sq ft total property size; Includes 2,634 sq ft of office space
