Renovated Mixed-Use Duplex in
618 North 1st Street, Richmond, VA 23219
Call to check price and availability
Turn-key restaurant with residential unit in vibrant Jackson Ward.
Type:Retail, Mixed Use
Property size:
2,667 SFPrice / SF:
$260/SF- Added:
- May 12, 2026
- Days on Market:
- 22
- Last Refresh:
- May 14 at 9:36 pm
Property Features for 618 North 1st Street
General Information
- Standard status
- Active
- Size
- 2,667 SF
- Property subtype
- Retail, Mixed Use
Building Details
- Year Built
- 1910
Listing agent Ann Schweitzer License #VA 0225211714
Listing office One South Commercial (434) 981-3146
Listing date May 12, 2026
Source Crexi
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
HighLights
- Turn‑key restaurant space (approx. 1,200 SF) with full commercial kitchen, including hood system, walk‑in refrigeration, bar, and existing equipment.
- Located in the heart of Jackson Ward, a historic and culturally vibrant neighborhood.
- 1,200 SF two‑bedroom, one‑bath apartment upstairs, suitable for owner's residence, office, or employee housing.
- Proven hospitality asset with a strong operational history, previously housing two upscale dining concepts.
- 450 SF outdoor patio, with the flexibility to be enclosed for year‑round use, and 3 off‑street parking spaces.
- Fully renovated mixed‑use duplex blending historic character with modern functionality.
Overview
Located in the historic Jackson Ward neighborhood of Richmond, 618 N 1st St is a renovated two-story mixed-use duplex. The ground floor features an approximately 1,200 SF restaurant space equipped with a full commercial kitchen, including a hood system, walk-in refrigeration, and bar. Existing equipment is in place. A 450 SF outdoor patio offers the flexibility to be enclosed for year-round use. The property includes 3 off-street parking spaces. The second floor consists of a 1,200 SF two-bedroom, one-bath apartment. Both levels underwent comprehensive renovation approximately 10 years ago, blending historic character with modern functionality. The property has previously housed two upscale dining concepts. Historically leased to a single tenant for operational efficiency, the property works well either as a single tenant or multi-tenant investment. The property size is 2667 SF.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $53.8k | $20.16 |
| − Vacancy | −$3.5k | −$1.31 |
| EGI | $50.3k | $18.85 |
| − OpEx | −$15.1k | −$5.65 |
| NOI | $35.2k | $13.19 |
2,667 SF · lease $20.16/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$502.7K
$439.9K – $586.5K
NOI $35,190 @ 7.0% cap · market cap 5.06%
Second Best
Specialty Retail
$494.3K
$432.5K – $576.7K
NOI $34,600 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$616.2K
$539.2K – $718.9K
NOI $43,132 @ 7.0% cap · market cap 6.21%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Restaurant Adarra
Restaurant
Location Insight
- Map
- Local Demand
- City
- Richmond
- County
- Richmond City
- State
- Virginia
- Longitude
- -77.4377118
- Latitude
- 37.548806
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Turn-key restaurant with residential unit in vibrant Jackson Ward.
Where is this mixed-use property located?
The property is located at 618 North 1st Street Richmond, VA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Turn‑key restaurant space (approx. 1,200 SF) with **full commercial kitchen, including hood system, walk‑in refrigeration, bar, and existing equipment.**; Located in the heart of Jackson Ward, a historic and culturally vibrant neighborhood.; **1,200 SF two‑bedroom, one‑bath apartment upstairs**, suitable for owner's residence, office, or employee housing.
