Mixed-Use Property with Upstairs
For Sale
$850,000
804 W Broad St, Richmond, VA 23220
Street-level retail space is paired with a three-bedroom, two-bath apartment above.
Property Size2,420 SF
Price / SF$351.24
Days on Market67
Property Features for 804 W Broad St
General Information
Standard status
Active
Size
2,420 SF
Property subtype
Retail - Street Retail
Additional Details
Multifamily Units
1
Building Details
Building Size
2,420 SF
Year Built
1900
Units
2
Listing Agency:
Taylor Long Properties
(804) 864-9788
Listed By:
Robert Marshall · License #0225192463
Source:
Commercialcafe
Added: Jun 25
Changed: Aug 29
Last Checked: Aug 29 at 3:40PM
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.
Built in 1900, this mixed-use property at 804 W Broad St combines storefront retail with an upstairs residential apartment. The building totals 2,420 SF, with 1,210 SF allocated to each level. The apartment includes three bedrooms and two bathrooms, creating a distinct residential component within the property.
The asset is positioned on W Broad St in Richmond, Virginia. Its configuration brings commercial and residential space together in one building, with the retail storefront located at street level and the apartment situated above. This arrangement provides a clearly divided two-level layout for the property.
The asset is positioned on W Broad St in Richmond, Virginia. Its configuration brings commercial and residential space together in one building, with the retail storefront located at street level and the apartment situated above. This arrangement provides a clearly divided two-level layout for the property.
Key Highlights
- Mixed‑use building with storefront retail and an upstairs apartment
- 2,420 SF total, including 1,210 SF on each level
- Upstairs apartment has 3 bedrooms and 2 bathrooms
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
$30,220
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
3.56%
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%
$604,400
$604.4K
Cap Rate 7%
$431,714
$431.7K
Cap Rate 9%
$335,778
$335.8K
Market Conditions
NOI Build-Up for 2,420 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
$53.7K $22.20/SF
− Vacancy
−$5.4K −$2.22/SF
EGI
$48.4K $19.98/SF
− OpEx
−$18.1K −$7.49/SF
NOI
$30.2K $12.49/SF
Area
Richmond, VA
Vacancy
10.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
37.50%
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%
$604,400
Cap Rate 7%
$431,714
Cap Rate 9%
$335,778
Alternative Uses
Best Use
Mixed Use
$431.7K
$377.8K – $503.7K
NOI $30,220 @ 7.0% cap · market cap 3.56%
Second Best
Retail
$377.3K
$330.2K – $440.2K
NOI $26,412 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$559.1K
$489.2K – $652.3K
NOI $39,137 @ 7.0% cap · market cap 4.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,903
Businesses Nearby
Explore this area
Business Placement
Demographics for 23220, VA
36,942
Population
16,561
Households
2.2
Avg Household Size
27
Median Age
59%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
7,696
Density / Sq Mi
$56,681
Median Household Income
$33,249
Median Earnings
$1,354
Median Rent
$468,900
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?
Mixed-use property - Street-level retail space is paired with a three-bedroom, two-bath apartment above.
Where is this mixed-use property located?
The property is located at 804 W Broad St Richmond, VA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Mixed‑use building with storefront retail and an upstairs apartment; 2,420 SF total, including 1,210 SF on each level; Upstairs apartment has 3 bedrooms and 2 bathrooms
