7 Franklin St Richmond, VA 23219-2105

This exceptional property at 7 E. Franklin St, Richmond, VA 23219, offers a unique investment opportunity. The three-story, 6,098 square foot building boasts 10,515 square feet of net rentable space, divided into nine units. Built in 1890 and extensively renovated in 2024, this property includes two buildings, a partially finished basement suitable for additional office space, and a separate 1,600 square foot carriage house with two apartments. Located in the vibrant Monroe Ward, it's minutes from VCU's campuses and surrounded by thriving redevelopment projects. The property enjoys unbeatable walkability to shops, restaurants, and public transit (two blocks from the GRTC Pulse Line). Approved plans exist for conversion into nine residential units (seven one-bedroom, two two-bedroom, and one ground-floor commercial unit), including in-unit laundry in six units and a common laundry room. The property is eligible for the Richmond Real Estate Rehabilitation & Renovation Program tax abatements and the Department of Historic Resources State and Federal Historic Rehabilitation Tax Credits (HRTCs), offering significant financial incentives. This prime location, combined with its versatile use and substantial tax credit opportunities, presents a compelling investment prospect. The property's permitted zoning is RO-3, and its APN is W000-0082-004.