2403 Richmond Hwy Richmond, VA 23234

This 19,251 square foot shopping center in Richmond, VA, presents a compelling investment opportunity. Boasting a 7.5% cap rate and 95% occupancy, the property features seven tenants across nine units, averaging 2,400 square feet each. A complete renovation in 2023 included a new roof, plumbing, windows, doors, and HVAC systems, resulting in low maintenance costs. All utilities are individually metered and billed to tenants, minimizing expenses. Three short-term leases provide value-add potential, with planned rent increases for two tenants in 2024 and 2025. The B-3 zoning allows for diverse retail and office uses. Situated on Richmond Highway (Route 1), the center benefits from a dense daytime population (64,000 within 3 miles) and proximity to the James River Villas, a newly improved multi-family development, and a new townhome development adding 264 units. Its location offers easy access to downtown Richmond, VCU, and I-95. The property sits on 1.29 acres and was built in 1949. The thriving Manchester neighborhood, with significant recent residential growth, further enhances the investment potential. The average household income within 3 miles is $56,431. This is a single-story building with a gross lease structure.