2403 Richmond Hwy Richmond, VA 23234
- Lifestyle centers
- 19,251 SF
- 1.29 lot acres
Current Use by Public Records
- Lifestyle centers
Property Details for 2403 Richmond Hwy
- Year built
- 1949
- Lot size
- 1.29 lot acres
- Property size
- 19,251 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Richmond
- County
- Henrico
- State
- Virginia
- Longitude
- -77.4449
- Latitude
- 37.4888
