Versatile Industrial Building in
1606 Magnolia St Richmond, VA 23222
1606 Magnolia St, Richmond, VA, 23222
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For Sale
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20,363 SF industrial building in Richmond's dynamic Northside district.
Property Size20,363 SF
Price / SF$104.36
Days on Market836
Property Features for 1606 Magnolia St
General Information
- Standard status
- Active
- Size
- 20,363 SF
- Property subtype
- Industrial
Building Details
- Year Built
- 1953
Listing Agency
NAI Dominion
Listed by
Dennis Shubert · License #VA 0225228576
Source
Crexi
Added: Apr 4, 2024 Checked: Jul 17 at 5:54 am
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 NAI Dominion
Investment Insights
Based on property information with market context.
This 20,363 SF building presents a prime opportunity for industrial and manufacturing investors. Constructed in 1953 and renovated in 1990, the property offers a solid foundation for expansion or redevelopment. Zoned M-1 LIGHT, it provides flexibility for industrial pursuits and is strategically situated within the dynamic Richmond area. The property is well-positioned to meet the needs of industrial investors seeking a versatile and adaptable space for optimizing manufacturing operations or adapting to new industrial ventures. Located in Richmond's historic Northside district, the property offers a vibrant blend of attractions for potential office investors. Nearby highlights include Lewis Ginter Botanical Garden and Chimborazo Park. Local eateries such as The Mill on MacArthur and The Luncheonette provide convenient options for business lunches. The location's proximity to major roadways and the downtown area enhances its appeal for office investors seeking convenience alongside local charm.
Key Highlights
- Spacious 20,363 SF building suitable for industrial and manufacturing uses.
- Zoned M‑1 LIGHT, offering flexibility for various industrial pursuits.
- Strategic location in the dynamic Richmond area.
Local Financial Insights For Industrial
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 | $202.8k | $9.96 |
| − Vacancy | −$18.4k | −$0.90 |
| EGI | $184.4k | $9.06 |
| − OpEx | −$55.3k | −$2.72 |
| NOI | $129.1k | $6.34 |
20,363 SF · lease $9.96/SF/yr · vacancy 9.06% · expense 30.00%
Alternative Uses
Best Use
Office B
$3.91M
$3.42M – $4.56M
NOI $273,779 @ 7.0% cap · market cap 12.88%
Second Best
Industrial
$1.84M
$1.61M – $2.15M
NOI $129,108 @ 7.0% cap · market cap 6.08%
Theoretical Best
Office A
$4.70M
$4.12M – $5.49M
NOI $329,318 @ 7.0% cap · market cap 15.50%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Spectra Gutter Supply
Big Box & Wholesale Store
Similar For Sale Nearby
FAQs
What type of property is this?
Industrial property - 20,363 SF industrial building in Richmond's dynamic Northside district.
Where is this industrial property located?
The property is located at 1606 Magnolia St Richmond, VA.
What is the asking price?
The asking price for this property is $2,125,000.
What are key features of this property?
This property features: Spacious 20,363 SF building suitable for industrial and manufacturing uses.; Zoned M‑1 LIGHT, offering flexibility for various industrial pursuits.; Strategic location in the dynamic Richmond area.
