424 Grace StRichmond, VA 23219

Property Details for 424 Grace St

Year built

1928

Construction

TYPE NOT SPECIFIED

Lot size

0.08 AC

Property size (Sq ft)

7,320 SF

Zone code

B-4 CENTRAL BUSINESS

Property type

Retail properties

Property subtype

Banks

APN

W-000-0025-015

APU

W0000025015

Description

This exceptional 3,660 square foot, move-in ready office space is located on the second floor of a historic, two-story building in Richmond's vibrant Arts District/Monroe Ward. The building, situated at the corner of East Grace and 5th Streets, boasts prominent architectural details and an abundance of natural light thanks to its impressive glass line. Recently renovated, this former SunTrust banking location offers a flexible, dynamic floor plan ideal for a variety of uses, from architectural firms to art galleries or non-profits. The space includes 8-9 large private offices surrounding a spacious open collaborative area. Its prime location provides easy access to popular destinations such as The National, Dominion Energy Center, and the Convention Center, as well as numerous acclaimed restaurants. The property features convenient proximity to interstates, parking garages, and public transportation. The building sits on a 0.08-acre lot and was constructed in 1928. The entire building encompasses 10,980 square feet, with a single suite currently available. The zoning is B-4. The property's APN is W0000025015. This is a unique opportunity to secure a highly visible and functional office space in the heart of Richmond's thriving downtown area. The minimum divisible space is 3,660 square feet, and the maximum contiguous space available is also 3,660 square feet.

• CAP approach

  CAP return

  Valuation

  6%

  $2,374,962

  6.5%

  $2,192,273

  7%

  $2,035,682

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,080,733

  Geo Method

  $3,080,733

• Alternative Use

  Use

  Valuation

  Residential

  $1,849,264

  Hospitality

  $1,693,916

  Educational

  $1,409,318

  Medical

  $1,457,787

  Retail

  $2,192,273

Location Insight

City

Richmond

County

Richmond City

State

Virginia

Latitude

37.5424

Longitude

-77.4382

CBSA code

40060

CBSA name

RICHMOND, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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