Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1005 Main St Richmond, VA 23219

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Iconic Downtown Building, 12,000 SF

    Property size:
    12,000 SF

    Property Features for 1005 Main St

    General Information

    Property type
    Office Units
    Square Feet
    12,000 SF

    Building Details

    Stories
    3

    We can help!

    Listing Contact
    Reilly Marchant
    Reilly Marchant

    Listing Agency: Cushman & Wakefield Thalhimer Glen Allen Listing Agent: Reilly Marchant

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 12,000 square foot commercial property, located at 1005 E. Main Street in Richmond, Virginia, presents a unique investment opportunity. The three-story building, including a mezzanine, boasts classic early 20th-century architecture and is situated in the heart of downtown, surrounded by offices, apartments, hotels, and prominent Richmond landmarks. Its versatile design allows for a multitude of uses, making it ideal for a variety of businesses. Currently zoned for retail, office, hospitality, and special purpose uses, the property is particularly well-suited for restaurants, creative office spaces, or entertainment venues. The building's substantial size and prime location offer significant potential for expansion, with the possibility of adding a rooftop patio or additional stories. The asking price for this iconic property is $1,400,000. This presents a rare chance to acquire a landmark building in a thriving urban core, offering both immediate income potential and long-term appreciation. The property's adaptable layout and central location make it an attractive investment for discerning buyers seeking a high-impact commercial space in a vibrant and growing city. The zip code is 23219.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Big Box & Wholesale Store Dental Office Auto Repair Shop Hair Salon Auto Parts Store Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond city
    State
    Virginia
    Longitude
    -77.435372
    Latitude
    37.537281

    Nearby Similar for Sale

    • $635,000
      Pending

      Richmond Triplex Investment Opportunity

      Triplex in The Fan with strong occupancy history.
      309 N Shields Ave, Richmond, VA 23220
      View Details
    • New
      $829,950
      Pending

      Richmond Triplex Investment Opportunity

      Fully occupied triplex near VCU with development potential.
      1701 W Leigh St, Richmond, VA 23220
      View Details
    • $2,800,000
      Pending

      Downtown Richmond Redevelopment Opportunity

      Historic 23,187 SF building suitable for residential or mixed-use redevelopment.
      422 E Franklin St, Richmond, VA 23219
      View Details
    • New
      $400,000
      Pending

      Richmond Duplex Near VCU Campus

      Duplex near VCU campus with flexible rental options.
      615 Idlewood Ave, Richmond, VA 23220
      View Details
    • New
      $675,000
      1,980 SF

      Richmond Duplex Near Carytown

      Well-appointed duplex in desirable Richmond location near VMFA and Carytown.
      3106 Hanover Ave, Richmond, VA 23221
      View Details
    • $665,000
      Pending

      Richmond Quadplex in Fan District

      Four units in Richmond's Fan District, generating $4,465 monthly.
      311 N Shields Ave, Richmond, VA 23220
      View Details
    • New
      $700,000
      2,640 SF

      Richmond Multifamily Investment Opportunity

      Two ranch-style duplexes totaling four units in Richmond, Virginia.
      1601-1607 Monteiro Ave, Richmond, VA 23222
      View Details
    • $650,000
      0.31 Acres

      Richmond Industrial Cold-Storage Facility For Sale

      6,410 SF industrial/cold-storage facility in Richmond's Chamberlayne Industrial Center.
      1505 Brook Rd, Richmond, VA 23220
      View Details
    • New
      $359,900
      2,306 SF

      Richmond Brick Duplex in Ginter

      Fully occupied brick duplex in Ginter Park near VCU.
      4910 Chamberlayne Ave, Richmond, VA 23227
      View Details
    • New
      $265,000
      1,812 SF

      Richmond Duplex Ready for Renovation

      Investor special: duplex in Battery Park, ready for renovation.
      2714 Edgewood Ave, Richmond, VA 23222
      View Details
    • $525,000
      Pending

      Updated Colonial in Gated Community

      Updated 3-bed, 2-bath home in Richmond's Chatham Square.
      6161 River Rd, Richmond, VA 23226
      View Details
    • $699,000
      Pending

      New Construction Multifamily in Richmond

      New construction duplex in historic Manchester, Richmond, scheduled for completion.
      905 Bainbridge St, Richmond, VA 23224
      View Details

    FAQs

    What type of property is this?
    Office units - Iconic Downtown Building, 12,000 SF
    Where is this office units located?
    The property is located at 1005 Main St 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: 12,000 SF on three floors plus mezzanine.; Ideal for restaurant, entertainment, office, hospitality, or other creative uses.; Iconic early 20th-century architecture.
    (804) 697-3478 Call to check price and availability
    Request Owner's contact information
    1005 Main St Richmond, VA 23219
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1005 Main St
    Richmond, VA 23219
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1005 Main St Richmond, VA 23219
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Reilly Marchant
    Reilly Marchant
    Real Estate License ID: 0225213870
    (804) 697-3478 (804) 837-1118 (804) 648-5881
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!