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    7 16Th St Richmond, VA 23224

    For Lease
    $10 SF/Yr ($7,315 /Mo)

    8,779 SF Retail, Land Development Potential

    Lot size:
    8,779 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional 8,779-square-foot retail property, located at 7 E 16th St in Richmond, VA, presents a unique investment opportunity. Built in 1939 and renovated in 2004, this single-story, freestanding building boasts a classic design and excellent visibility with 132 feet of frontage on E 16th St. The property sits on a 0.586-acre lot (25,506.13 sq ft), zoned B-5 - Business (Central Business), offering significant potential for land development. The building features approximately 45 parking spaces, a significant advantage in a busy commercial district. Previously occupied by a long-term tenant, this space is now available for lease, providing a turnkey opportunity for a variety of retail uses. The property's location in Richmond's vibrant commercial submarket ensures high traffic and excellent exposure. This is a rare chance to acquire a well-maintained, established retail space with substantial expansion potential. The property's history of successful tenancy demonstrates its strong market appeal. The ample parking and convenient location make this an ideal space for businesses seeking high visibility and accessibility. This property is ready for immediate occupancy.

    Property Features for 7 16Th St

    General Information

    Property type
    Specialty properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    8,779 SF
    Class
    B
    Total Rate
    7315.83

    Building Details

    Year Built/Renovated
    1939/2004
    Buildings
    1
    Stories
    1

    Unit(s) available at that property

    Space
    Size
    8,779 SF
    Rate per SF
    $12

    HighLights

    • 8,779 SF retail building at 7 E 16th St, Richmond, VA.
    • 1939 construction, renovated in 2004, single‑story freestanding building.
    • 0.586‑acre lot (25,506 sq ft), B‑5 zoning.
    • 132' of frontage on E 16th St, offering excellent visibility.
    • 45 parking spaces.
    • Available for lease; ideal for various retail uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Family Dollar Dollar Store

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.447162676565
    Latitude
    37.518317858673

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    FAQs

    What type of property is this?
    Specialty property - 8,779 SF Retail, Land Development Potential
    Where is this specialty property located?
    The property is located at 7 16Th St Richmond, VA.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: 8,779 SF retail building at 7 E 16th St, Richmond, VA.; 1939 construction, renovated in 2004, single-story freestanding building.; 0.586-acre lot (25,506 sq ft), B-5 zoning.
    Request Owner's contact information
    7 16Th St Richmond, VA 23224
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    Richmond, VA 23224
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    Realmo Value Estimation

    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.

    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.

    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
    7 16Th St Richmond, VA 23224
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