Broad Street Retail
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8711 West Broad Street, Richmond, VA 23294
Retail property with prominent signage and exposure along West Broad Street.
Property Size18,732 SF
Price / SF$240.23
Days on Market6
Property Features for 8711 West Broad Street
General Information
Standard status
Active
Size
18,732 SF
Property subtype
Retail
Zoning
B-3, B-2
Lease Type
NNN
Investment Type
Sale/Leaseback
Net Operating Income
$420,000
Building Details
Year Built
1973
Tenancy
Single
Listing Agency:
Porter Realty Company, Inc.
Listed By:
Clifford B. Porter · License #VA 0225003009
Source:
Crexi
Added: Aug 28
Changed: Sep 1
Last Checked: Sep 1 at 9:33PM
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 Porter Realty Company, Inc.
Investment Insights
Based on property information with market context.
This retail property contains 18,732 square feet and was built in 1973. The asset is identified as investment property and includes signage supporting its presence along West Broad Street.
The property is located at 8711 West Broad Street in Richmond, Virginia, within Henrico County. Zoning is listed as B-3 and B-2, providing the applicable commercial land-use designations for the site.
The property is located at 8711 West Broad Street in Richmond, Virginia, within Henrico County. Zoning is listed as B-3 and B-2, providing the applicable commercial land-use designations for the site.
Key Highlights
- 18,732‑square‑foot retail property
- Built in 1973
- Located at 8711 West Broad Street, Richmond, VA 23294
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
$204,443
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
4.54%
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%
$4,088,860
$4.1M
Cap Rate 7%
$2,920,614
$2.9M
Cap Rate 9%
$2,271,589
$2.3M
Market Conditions
NOI Build-Up for 18,732 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
$319.2K $17.04/SF
− Vacancy
−$27.1K −$1.45/SF
EGI
$292.1K $15.59/SF
− OpEx
−$87.6K −$4.68/SF
NOI
$204.4K $10.91/SF
Area
Richmond, VA
Vacancy
8.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
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%
$4,088,860
Cap Rate 7%
$2,920,614
Cap Rate 9%
$2,271,589
Alternative Uses
Best Use
Retail
$2.92M
$2.56M – $3.41M
NOI $204,443 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.33M
$3.79M – $5.05M
NOI $302,940 @ 7.0% cap · market cap 6.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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 23294, VA
18,538
Population
8,745
Households
2.1
Avg Household Size
34
Median Age
39%
College-Educated
91%
High-School Grad
4.2 sq mi
ZIP Area
4,414
Density / Sq Mi
$66,587
Median Household Income
$46,387
Median Earnings
$1,553
Median Rent
$279,600
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?
Retail space - Retail property with prominent signage and exposure along West Broad Street.
Where is this retail space located?
The property is located at 8711 West Broad Street Richmond, VA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 18,732‑square‑foot retail property; Built in 1973; Located at 8711 West Broad Street, Richmond, VA 23294
