7 16Th StRichmond, VA 23224

Property Details for 7 16Th St

Year built

1900

Construction

TYPE NOT SPECIFIED

Lot size

0.59 AC

Property size (Sq ft)

8,395 SF

Zone code

MULTIPLE ZONING

Property type

Retail properties

Property subtype

Retail space

APN

S-000-0196-011

APU

S0000196011

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,289,609

  6.5%

  $2,113,485

  7%

  $1,962,522

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,374,290

  Geo Method

  $3,533,163

• Alternative Use

  Use

  Valuation

  Residential

  $1,782,804

  Hospitality

  $1,633,039

  Educational

  $1,358,669

  Medical

  $1,405,396

  Retail

  $2,113,485

Location Insight

City

Richmond

County

Richmond City

State

Virginia

Latitude

37.5181

Longitude

-77.4475

CBSA code

40060

CBSA name

RICHMOND, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at support@realmo.com and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at support@realmo.com.