Fan Row Houses Development
For Sale
Contact for pricing
1109 & 1111 W Franklin St, Richmond, VA 23220
Development opportunity featuring two Fan row houses in Richmond, Virginia.
Property Size8,008 SF
Price / SF$161.71
Days on Market1044
Property Features for 1109 & 1111 W Franklin St
General Information
Standard status
Active
Size
8,008 SF
Class
B
Property subtype
Mixed Use, Multifamily, Office
Zoning
R-6
Building Details
Buildings
2
Stories
3
Listing Agency:
@S.L. Nusbaum Realty Co Richmond
(804) 320-7600
Listed By:
Nathan Shor · License #VA 0225205935
Source:
Crexi
Added: Oct 2, 2023
Changed: Aug 8
Last Checked: Aug 8 at 4:06AM
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 @S.L. Nusbaum Realty Co Richmond
Investment Insights
Based on property information with market context.
This property presents a development opportunity featuring two Fan row houses. The property, situated in Richmond, Virginia, encompasses a total size of 8008 square feet. It is suitable for mixed-use, multifamily, residential income, and office purposes.
Key Highlights
- Development Opportunity
- Two Row Houses
- Location in the Fan District
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
$107,667
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
8.31%
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%
$2,153,340
$2.2M
Cap Rate 7%
$1,538,100
$1.5M
Cap Rate 9%
$1,196,300
$1.2M
Market Conditions
NOI Build-Up for 8,008 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
$170.1K $21.24/SF
− Vacancy
−$26.5K −$3.31/SF
EGI
$143.6K $17.93/SF
− OpEx
−$35.9K −$4.48/SF
NOI
$107.7K $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%
$2,153,340
Cap Rate 7%
$1,538,100
Cap Rate 9%
$1,196,300
Alternative Uses
Best Use
Office B
$1.54M
$1.35M – $1.79M
NOI $107,667 @ 7.0% cap · market cap 8.31%
Second Best
Mixed Use
$1.43M
$1.25M – $1.67M
NOI $100,000 @ 7.0% cap · market cap 7.72%
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,508 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,504
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 Office in Richmond, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Development opportunity featuring two Fan row houses in Richmond, Virginia.
Where is this mixed-use property located?
The property is located at 1109 & 1111 W Franklin St Richmond, VA.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Development Opportunity; Two Row Houses; Location in the Fan District
