2337-2343 W Broad St & 2340 W Grace st
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2337-2343 W Broad St & 2340 W Grace st
2 Retail Properties Offered at $2,750,000 in Richmond, VA
Investment Highlights
- 5.2 years of WALT with annual escalations and firm term through April 2027.
- Over 8,400 apartment units and additional 1,500 under construction within a onemile radius of the property
- Excellent walkability and proximity to Richmond’s most popular residential neighborhoods including the Fan, Scott’s Addition, and the Museum District
Executive Summary
Cushman & Wakefield | Thalhimer is pleased to present for sale a multi-tenant retail opportunity with future development potential in the heart of downtown Richmond. The 8,110 SF asset is comprised of two single tenant, net leased buildings situated on ±0.4 acres with a 24-space, rare off-street parking lot at the corner of West Broad Street and North Davis Avenue. An additional ±0.3 acre parking lot behind the buildings provides for another 32 spaces. Richmond staple Sally Bell’s Kitchen and Hustler Hollywood are subject to NNN leases with annual escalations with a combined WALT of 5.2 years.
The Properties are advantageously positioned between two of the cities most popular neighborhoods – Scott’s Addition and the Fan District, surrounded by over 8,400 apartment units and centrally positioned in the path of the city’s commercial growth. R-48 and B-5 Zoning allow for a multitude of future development opportunities while in-place rents provide stable and increasing cash flow in the near term. Excellent demographics, a rapidly growing immediate trade area and rare undeveloped lots make for a uniquely rare opportunity in one of the most highly sought after Richmond submarkets.
The Properties are advantageously positioned between two of the cities most popular neighborhoods – Scott’s Addition and the Fan District, surrounded by over 8,400 apartment units and centrally positioned in the path of the city’s commercial growth. R-48 and B-5 Zoning allow for a multitude of future development opportunities while in-place rents provide stable and increasing cash flow in the near term. Excellent demographics, a rapidly growing immediate trade area and rare undeveloped lots make for a uniquely rare opportunity in one of the most highly sought after Richmond submarkets.
Property Facts
| Price | $2,750,000 | Number of Properties | 2 |
| Price / SF | $339.09 / SF | Individually For Sale | 0 |
| Cap Rate | 5.84% | Total Building Size | 8,110 SF |
| Sale Type | Investment | Total Land Area | 4.21 AC |
| Status | Active |
| Price | $2,750,000 |
| Price / SF | $339.09 / SF |
| Cap Rate | 5.84% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 8,110 SF |
| Total Land Area | 4.21 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 2337 W Broad St, Richmond, VA 23220 | Retail | 4,420 SF | 1970 | - |
| 2343 W Broad St, Richmond, VA 23220 | Retail | 3,690 SF | 1970 | - |
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2337-2343 W Broad St & 2340 W Grace st
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