421 Franklin St Richmond, VA 23219-2205
Property profile & analytics
421 Franklin St, Richmond, VA 23219-2205
- Retail residential properties
- 13,622 SF
- 0.11 lot acres
Property ID
US87-0284087
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.
Location Intelligence
Current Use by Public Records
- Penny Lane Pub / Restaurant
- driveRVA Courier Co. / Courier Service / Postal Service
- French Quarter / Apartment Building
- Recurve Services / Marketing & Advertising
Property Details for 421 Franklin St
- Year built
- 1927
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 0.11 lot acres
- Zone code
- B-4 CENTRAL BUSINESS
- Property type
- Retail residential properties
- APN
- W-000-0023-009
- APU
- W0000023009
Description
This exceptional Class A mixed-use property, "The French Quarter Building," is a prime investment opportunity in the heart of Richmond, VA. The 14,174 square foot building, constructed in 1927 and beautifully renovated in 2016 using historic tax credits, boasts 11 units: 10 residential apartments (on the second and third floors) and 6,764 square feet of ground-floor retail space. Currently 100% occupied, the building features a long-term (20+ year) ground-floor tenant, Penny Lane Pub, with a lease extending through 2028, providing immediate and substantial cash flow. The building's iconic wrought iron and stucco exterior is a landmark in the city. The property presents a strong value-add opportunity through the implementation of a RUBS program and potential light interior unit updates. Its central downtown location offers residents easy access to a vibrant "live, work, play" lifestyle, with numerous restaurants, entertainment venues, and the soon-to-be-completed riverfront amphitheater all within walking distance. Recent capital expenditures include an $84,000 roof replacement. The property's proximity to Costar's future $460 million HQ2, anticipated to bring 2,000 jobs, further enhances its long-term investment potential. This is a rare chance to acquire a meticulously maintained, high-performing asset in a rapidly growing market. The 0.11-acre lot houses a three-story building. This Core+ investment offers proven cash flows and significant upside potential.
Value Estimations
based on Realmo’s proprietary methodology
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,835,000
- 6.5%
- $2,615,000
- 7%
- $2,430,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $2,184,000
Market price range: $870k - $2.18M -
Alternative Use
- Use
- Estimation
- RESTAURANT
- $3,835,000
- AUTO REPAIR, GARAGE
- $2,480,000
- MEDICAL BUILDING
- $2,270,000
- NEIGHBORHOOD: SHOPPING CENTER
- $2,240,000
- APARTMENT HOUSE (5+ UNITS)
- $2,190,000
- OFFICE BUILDING
- $2,015,000
- RETAIL STORES
- $1,965,000
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Richmond
- County
- Richmond City
- State
- Virginia
- Longitude
- -77.4394
- Latitude
- 37.5411
- 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
$500,000
$2,085,000
$2,585,000
-
$500,000
$2,085,000
$2,585,000
