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    Property profile & analytics

    402-1/2 2Nd St Richmond, VA 23219

    • Retail space
    • 1,968 SF
    • 0.06 lot acres
    For Sale
    View listing
    Last Sale
    Dec 09, 2022
    Value Estimations
    Cap Rate Potential
    9.9%
    Retail space
    Location Intelligence
    Property ID
    US87-1151898
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

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

    Property Details for 402-1/2 2Nd St

    Year built
    1986
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.06 lot acres
    Property size
    1,968 SF
    Zone code
    B-4 CENTRAL BUSINESS
    Property type
    Retail space
    APN
    N-000-0061-020
    APU
    N0000061020

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $215,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $360,000
      6.5%
      $330,000
      7%
      $305,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $323,000
      Market price range: $164k - $457k
      AI Estimate
      $150,000
      Market price range: $52.1k - $184k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $285,000
      Current use
      MEDICAL BUILDING
      $330,000
      Change: +16% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $325,000
      Change: +14% Conversion: Moderate
      OFFICE BUILDING
      $290,000
      Change: +3% Conversion: Easy
      COMMERCIAL (GENERAL)
      $230,000
      Change: -18% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4394
    Latitude
    37.5457
    CBSA code
    40060
    CBSA name
    RICHMOND, VA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2020
    $20
    $114,000
    $149,000
    $263,000
    -
    $114,000
    $149,000
    $263,000

    Comparable in this City

    • Value Estimation
      $290,000
      1,855 SF

      9 1st St

      RETAIL STORES (PERSONAL SERVICES) • 1,855 SF
      9 1st St, Richmond, VA 23219-3716
      View Details
    • Value Estimation
      $505,000
      3,040 SF

      7 Cary St

      RETAIL STORES (PERSONAL SERVICES) • 3,040 SF
      7 Cary St, Richmond, VA 23219-3732
      View Details
    • Value Estimation
      $375,000
      4,512 SF

      315 1st St

      RETAIL STORES (PERSONAL SERVICES) • 4,512 SF
      315 1st St, Richmond, VA 23219-1721
      View Details
    • Value Estimation
      $210,000
      79,491 SF

      123 14th St

      RETAIL STORES (PERSONAL SERVICES) • 79,491 SF
      123 14th St, Richmond, VA 23219
      View Details
    • Value Estimation
      $325,000
      6,011 SF

      109 Grace St

      RETAIL STORES (PERSONAL SERVICES) • 6,011 SF
      109 Grace St, Richmond, VA 23219-1741
      View Details
    • Value Estimation
      $285,000
      5,880 SF

      102 Broad St

      RETAIL STORES (PERSONAL SERVICES) • 5,880 SF
      102 Broad St, Richmond, VA 23219-1734
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,700 SF

      Richmond Storefront Investment Opportunity

      High-Cap Rate Mixed-Use Property in Jackson Ward
      402-1/2 2Nd St, Richmond, VA 23219
      View Details
    • $985,000
      6,816 SF

      Mixed-Use Investment Property Near VCU

      6,816 SF mixed-use property with strong rental history near VCU.
      318 W Broad St, Richmond, VA 23219
      View Details
    • $899,950
      2,700 SF

      Bakery/Coffee Shop with Apartment

      Fully-equipped bakery/coffee shop with sidewalk seating, studio, and apartment.
      402 N 2Nd St, Richmond, VA 23219
      View Details
    • $725,000
      6,630 SF

      Retail Property in Urban Center

      Retail property for sale in a dense, transit-oriented area.
      307 E Broad St, Richmond, VA 23219
      View Details
    • Contact for pricing
      3,015 SF

      Richmond CBD Office/Retail Building

      Located in Richmond's Central Business District near government buildings.
      26 N 8Th St, Richmond, VA 23219
      View Details
    • Contact for pricing
      5,869 SF

      Two Buildings on E. Grace

      Two buildings for sale on E. Grace Street.
      304 E Grace St, Richmond, VA 23219
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,365 SF

      Retail Suites in Arts District

      Retail spaces available in revitalized mixed-use project.
      200-202 E Broad St, Richmond, VA 23219
      View Details
    • Contact for pricing
      2,045 SF

      Restaurant and Retail Space Available

      Restaurant and retail spaces available in Richmond, Virginia.
      200 S 10Th St, Richmond, VA 23219
      View Details
    • Contact for pricing
      3,537 SF

      Retail Space in Prime Location

      Retail spaces with street frontage in a vibrant downtown location.
      801 E Main St, Richmond, VA 23219
      View Details
    • Contact for pricing
      236,938 SF

      Deco At CNB: Prime Richmond Retail

      Art Deco storefront, 6,025-6,900 sq ft.
      219 Broad St, Richmond, VA 23219
      View Details
    • $16 SF/Yr
      4,708 SF

      Office/Retail Space with Garage Parking

      Office/retail space with garage parking in a vibrant location.
      112 N 8Th St, Richmond, VA 23219
      View Details
    • Contact for pricing
      2,900 SF

      Downtown Retail Space Available

      Prime retail location in Shockoe Bottom with on-site parking.
      13 S 15Th St, Richmond, VA 23219
      View Details
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    402-1/2 2Nd St
    Richmond, VA 23219
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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