Versatile Industrial Building in
For Sale
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1606 Magnolia St, Richmond, VA 23222
20,363 SF industrial building in Richmond's dynamic Northside district.
Property Size20,363 SF
Price / SF$104.36
Days on Market926
Property Features for 1606 Magnolia St
General Information
Standard status
Active
Size
20,363 SF
Property subtype
Industrial
Zoning
M-1 Light Industrial
Investment Type
Owner/User
Building Details
Year Built
1953
Year Renovated
1990
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
NAI Dominion
Listed By:
Christopher Rice · License #VA
(804) 513-6162
Source:
Crexi
Added: Apr 4, 2024
Changed: Oct 10
Last Checked: Oct 14 at 10:07PM
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
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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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$129,108
Cap Rate
6.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,582,160
$2.6M
Cap Rate 7%
$1,844,400
$1.8M
Cap Rate 9%
$1,434,533
$1.4M
Market Conditions
NOI Build-Up for 20,363 SF
Gross rent
$202.8K $9.96/SF
− Vacancy
−$18.4K −$0.90/SF
EGI
$184.4K $9.06/SF
− OpEx
−$55.3K −$2.72/SF
NOI
$129.1K $6.34/SF
Area
Richmond, VA
Vacancy
9.06%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,582,160
Cap Rate 7%
$1,844,400
Cap Rate 9%
$1,434,533
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 authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
248
Businesses Nearby
Explore this area
Business Placement
Demographics for 23222, VA
24,337
Population
11,762
Households
2.1
Avg Household Size
37
Median Age
32%
College-Educated
90%
High-School Grad
8.2 sq mi
ZIP Area
2,968
Density / Sq Mi
$58,105
Median Household Income
$37,137
Median Earnings
$1,181
Median Rent
$252,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Richmond, VA
Frequently Asked Questions
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.
