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    402 2Nd St Richmond, VA 23219

    For Sale
    Contact for pricing

    High-Cap Rate Mixed-Use Property in Jackson Ward

    Property size:
    2,700 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This exceptional mixed-use property, located at 402 1/2 N 2nd St in Richmond, Virginia (zip code 23219), presents a compelling investment opportunity with a strong rental history and a desirable 7.00% cap rate. The 2,700 square foot building is zoned B-4 and sits on a 0.042-acre lot. The property features a fully equipped, second-generation bakery/coffee shop storefront complete with sidewalk seating, adding immediate income potential. Above the retail space is a studio apartment, providing additional rental income streams. The building also includes a basement, offering versatile storage or expansion possibilities. Its prime location in the vibrant Jackson Ward neighborhood places it in close proximity to the Convention Center and VCU Hospital, ensuring high foot traffic and strong tenant demand. This property is ideal for both investors seeking a stable, high-yield investment and owner-occupants looking to establish their business in a thriving urban setting. The building's existing setup as a bakery/coffee shop and apartment provides a turnkey operation, minimizing initial setup costs and maximizing immediate returns. This is a rare opportunity to acquire a well-maintained, income-producing property in a highly sought-after location.

    Property Features for 402 2Nd St

    General Information

    Property type
    Individual retail properties
    Square Feet
    2,700 SF
    Lot Size
    1,830 SF

    HighLights

    • Low 7% Cap Rate
    • Apartment above Retail Space
    • Strong Rental History
    • Excellent Jackson Ward Location near Convention Center & VCU Hospital
    • Ideal for Investors or Owner‑Occupants
    • Includes a Full Basement
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Winner Beauty Products Beauty Salon Saadia's Juicebox & Yoga ... Coffee Shop K8 Vapes Tobacco Shop Buna Kurs Ethiopian ... Cafe Johnson's Beauty Academy Beauty School

    Suggested Use

    Realty agency Restaurant Spa & Massage Hair Salon Dental Office Nail Salon Building Supply Clothing Store Gym & Fitness Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4391611
    Latitude
    37.54561068

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    FAQs

    What type of property is this?
    Individual retail property - High-Cap Rate Mixed-Use Property in Jackson Ward
    Where is this individual retail property located?
    The property is located at 402 2Nd St Richmond, VA.
    What are key features of this property?
    This property features: Low 7% Cap Rate; Apartment above Retail Space; Strong Rental History
    Request Owner's contact information
    402 2Nd St Richmond, VA 23219
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    Richmond, VA 23219
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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
    402 2Nd St Richmond, VA 23219
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