100-102 N Lombardy St
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100-102 N Lombardy St
4,687 SF 100% Leased Retail Building Richmond, VA 23220 $1,499,000 ($320/SF) 6.72% Cap Rate
Investment Highlights
- High Demand Location in The Fan District
- Minimal effort and maintenance with strong income from laundromat business
- Nearby Virginia Commonwealth University with Student rental needs
Executive Summary
Net Annual Income $100,665. Remarkable, mixed-use property in the heart of the Fan District located at the corner of Lombardy Street and Floyd Avenue. Owner will consider owner financing the laundromat business, valued at $300,000. Property consisting of cash-flowing laundromat (commercial unit) and 3 residential apartments. Laundromat business and assets can be purchase separately, or with the sale of the real property. Machines are new & utilize the Laundry Boss platform. Purchaser will have the option to continue the business or redevelop. Well maintained and renovated apartment units: Luxurious, 1st level owner's suite (APT 3) consists of hardwood floors, granite kitchen counter tops, and in-unit laundry. 1 Bath,1-BDRM/Studio unit (APT 1) with LVP flooring and walk-in closet off en suite. Large, second-level 3 BDRM 2 full bath unit with newly renovated kitchen, LVP floors and rooftop deck. All utilities for the laundromat are separately metered, residential units share metering for water only and are paid by the landlord. Additionally, a 1,200 sq ft storage room is located at the rear of the first level (not included in any unit's sq ft measurement) & accessible only by the landlord. Unique opportunity combines option to continue a low-involvement business and passive real estate investment. Laundromat business valued at $300,000. Real Property valued at $1,299,000.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$55,500
|
$11.84
|
| Other Income |
$87,780
|
$18.73
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$143,280
|
$30.57
|
| Taxes |
$9,216
|
$1.97
|
| Operating Expenses |
$33,399
|
$7.13
|
| Total Expenses |
$42,615
|
$9.09
|
| Net Operating Income |
$100,665
|
$21.48
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $55,500 |
| Annual Per SF | $11.84 |
| Other Income | |
|---|---|
| Annual | $87,780 |
| Annual Per SF | $18.73 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $143,280 |
| Annual Per SF | $30.57 |
| Taxes | |
|---|---|
| Annual | $9,216 |
| Annual Per SF | $1.97 |
| Operating Expenses | |
|---|---|
| Annual | $33,399 |
| Annual Per SF | $7.13 |
| Total Expenses | |
|---|---|
| Annual | $42,615 |
| Annual Per SF | $9.09 |
| Net Operating Income | |
|---|---|
| Annual | $100,665 |
| Annual Per SF | $21.48 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
4,687 SF
Building Class
C
Year Built/Renovated
1893/2021
Price
$1,499,000
Price Per SF
$320
Cap Rate
6.72%
NOI
$100,665
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.34
Lot Size
0.08 AC
Zoning
R-6 - Mixed Use property. Fully leased. Three apartments gross $4,675 month. Owner operates the laundromat facility w/ a monthly income averages $7,315.
Frontage
Amenities
- Bus Line
- Storage Space
- Air Conditioning
- Balcony
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease End
- Individual
- -
- -
- -
- -
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease End | ||
| Individual | - | - | - | - |
Walk Score®
Walker's Paradise (94)
Bike Score®
Very Bikeable (85)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | W000-0662-025 | Total Assessment | $933,000 |
| Land Assessment | $351,000 | Annual Taxes | $9,216 ($1.97/SF) |
| Improvements Assessment | $582,000 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
W000-0662-025
Land Assessment
$351,000
Improvements Assessment
$582,000
Total Assessment
$933,000
Annual Taxes
$9,216 ($1.97/SF)
Tax Year
2024
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100-102 N Lombardy St
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