Historic Building in Monroe
508 E Cary Street, Richmond, VA 23219
Unique historic building suitable for office or residential use.
Type:Commercial/Industrial
Property size:
7,998 SFPrice / SF:
$175/SF- Added:
- Mar 12, 2026
- Days on Market:
- 76
- Last Refresh:
- Apr 5 at 11:40 pm
Property Features for 508 E Cary Street
General Information
- Standard status
- Active
- Size
- 7,998 SF
- Property subtype
- Commercial/Industrial
Building Details
- Year Built
- 1844
Listing agent Thomas Rosman License #0225268571
Listing office One South Commercial LLC (804) 266-8831
Listing date Mar 12, 2026
Source Exitrealty
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 LLC
HighLights
- Prime location on the corner of 5th and E Cary Street in Richmond's Monroe Ward, adjacent to the Central Business District.
- Unique historical building constructed in 1844, featuring original architectural details.
- Main building offers 6,348 square feet of space suitable for various professional offices or creative uses.
- Two‑story carriage house provides an additional 1,650 square feet, ideal for a separate business or Airbnb rental income.
- Features high ceilings, beautiful winding staircases, large rooms, and huge windows.
- Stucco over brick construction.
Overview
Located on the corner of 5th and E Cary Street in Richmond’s Monroe Ward, adjacent to the Central Business District, this property features a historic building constructed in 1844. The building, one of the oldest structures in Richmond, is constructed of brick with a stucco overlay. The main building offers 6,348 square feet across three floors, characterized by high ceilings, winding staircases, large rooms, and expansive windows, retaining many original architectural features. The space is suitable for offices for attorneys, financial planners, family offices, or architectural firms. Additionally, a two-story carriage house provides an additional 1,650 square feet, suitable for a separate business or Airbnb to generate rental income.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$1.19M
NOI $107,532 @ 9.00% cap · cautious / downside scenario
Moderate
$1.54M
NOI $107,532 @ 7.00% cap · market / base-case scenario
Aggressive
$2.15M
NOI $107,532 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $169.9k | $21.24 |
| − Vacancy | −$26.5k | −$3.31 |
| EGI | $143.4k | $17.93 |
| − OpEx | −$35.8k | −$4.48 |
| NOI | $107.5k | $13.44 |
7,998 SF · lease $21.24/SF/yr · vacancy 15.60% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$1.54M
$1.34M – $1.79M
NOI $107,532 @ 7.0% cap · market cap 7.68%
Second Best
Apartment 5plus
$1.42M
$1.24M – $1.65M
NOI $99,083 @ 7.0% cap · market cap 7.08%
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,346 @ 7.0% cap · market cap 9.24%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
SR22 Insurance
Insurance Agency
Location Insight
- Map
- Local Demand
- City
- Richmond
- County
- Richmond City
- State
- Virginia
- Longitude
- -77.4402
- Latitude
- 37.5394
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FAQs
What type of property is this?
Office building - Unique historic building suitable for office or residential use.
Where is this office building located?
The property is located at 508 E Cary Street Richmond, VA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Prime location on the corner of 5th and E Cary Street in Richmond's Monroe Ward, adjacent to the Central Business District.; Unique historical building constructed in 1844, featuring original architectural details.; Main building offers 6,348 square feet of space suitable for various professional offices or creative uses.
