1627 W Main St 5,500 SF 65% Leased Retail Building Richmond, VA 23220 $1,250,000 ($227.27/SF) 4.48% Cap Rate
INVESTMENT HIGHLIGHTS
- Up to 20,000 VPD traverse the Main St Corridor
- Exposed brick, high end buildout
- Multi generational restaurant space with superlative pedigree
EXECUTIVE SUMMARY
Welcome to 1627 W Main St, a historic mixed-use property nestled in the heart of Richmond's vibrant Fan District. Built in 1900, this two-story brick building offers a unique blend of commercial and residential opportunities.
Property Highlights:
Size: Approximately 1,919 square feet of built-out restaurant space. Plus one three bed/two bath apartment and one single bed/bath apartment.
Zoning: Designated as B-1/UB.
Location: Situated on a 0.06-acre lot with 35 feet of frontage on W Main St, providing excellent visibility and accessibility.
Interior Features:
Commercial Space: The ground floor has housed one of Richmond’s premier restaurant destinations for the past 12 years. This lease would be re-negotiated as part of a sale.
Residential Units: Large windows and plenty of light along with the convenience and charm of Fan living ensure that these units are rented quickly. Both units are currently occupied.
Neighborhood Amenities:
Proximity to VCU: Just minutes away from Virginia Commonwealth University, making it attractive to students and faculty.
Cultural Attractions: Close to the Museum District, offering easy access to Richmond's rich cultural scene.
Dining and Entertainment: Surrounded by a diverse array of restaurants, cafes, and shops, providing a lively urban experience.
Investment Potential:
Fan real estate continues to be in high demand with very few properties trading annually. Owning a piece of Richmond’s history in the Fan District is a rare opportunity indeed.
Additional Information:
Year Built: 1900
Building Class: C
Tenancy: Multiple
Building FAR: 0.80
Property Highlights:
Size: Approximately 1,919 square feet of built-out restaurant space. Plus one three bed/two bath apartment and one single bed/bath apartment.
Zoning: Designated as B-1/UB.
Location: Situated on a 0.06-acre lot with 35 feet of frontage on W Main St, providing excellent visibility and accessibility.
Interior Features:
Commercial Space: The ground floor has housed one of Richmond’s premier restaurant destinations for the past 12 years. This lease would be re-negotiated as part of a sale.
Residential Units: Large windows and plenty of light along with the convenience and charm of Fan living ensure that these units are rented quickly. Both units are currently occupied.
Neighborhood Amenities:
Proximity to VCU: Just minutes away from Virginia Commonwealth University, making it attractive to students and faculty.
Cultural Attractions: Close to the Museum District, offering easy access to Richmond's rich cultural scene.
Dining and Entertainment: Surrounded by a diverse array of restaurants, cafes, and shops, providing a lively urban experience.
Investment Potential:
Fan real estate continues to be in high demand with very few properties trading annually. Owning a piece of Richmond’s history in the Fan District is a rare opportunity indeed.
Additional Information:
Year Built: 1900
Building Class: C
Tenancy: Multiple
Building FAR: 0.80
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$84,915
|
$15.44
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$84,915
|
$15.44
|
| Taxes |
$9,528
|
$1.73
|
| Operating Expenses |
$3,381
|
$0.61
|
| Total Expenses |
$12,909
|
$2.35
|
| Net Operating Income |
$72,006
|
$13.09
|
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
5,500 SF
Building Class
C
Year Built
1900
Price
$1,250,000
Price Per SF
$227.27
Cap Rate
4.48%
NOI
$56,000
Percent Leased
65%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.80
Lot Size
0.07 AC
Zoning
B-1
Frontage
35’ on W Main St
Walk Score®
Walker's Paradise (94)
Bike Score®
Very Bikeable (85)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | W000-0658-001 | Total Assessment | $1,106,000 (2025) |
| Land Assessment | $297,000 (2025) | Annual Taxes | $9,528 ($1.73/SF) |
| Improvements Assessment | $809,000 (2025) | Tax Year | 2023 |
