Rare Historic Redevelopment | 424 E Grace St
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Rare Historic Redevelopment 424 E Grace St
10,980 SF 67% Leased Retail Building Richmond, VA 23219 $1,300,000 ($118/SF)
Investment Highlights
- B-4 Zoning
- Elevator on Basement & First Floor
- Owner occupant can occupy 3,660 SF
- 10,980 SF
- Corner Lot
Executive Summary
Owner occupant or Investment
New 10 Year NNN lease 1st Floor & Basement - Second Floor Available
Welcome to 424 E Grace Street in Richmond, VA, a stunning historical building dating back to 1928. With the recent signing of a lucrative ten-year NNN lease covering both the first floor and basement, 424 E Grace emerges as a prime investment opportunity for both seasoned investors and prospective owner-occupants alike. Boasting a fully outfitted and easily accessible second floor, tailored to suit the needs of a new office tenant, this property stands ready to accommodate various business ventures. Its existing finishes coupled with favorable B-4 zoning present a multitude of avenues for maximizing returns, including several redevelopment possibilities. Moreover, it is primed for
immediate occupancy by an owner-user, with minimal build-out requirements. Spanning nearly 11,000 square feet and strategically situated on a corner lot, the location remains an enticing prospect for retail or office purposes.
With a range of highly reputed restaurants and cafes just steps away, the location of 424 E Grace Street is a bustling area one block south of Richmond’s iconic Broad St. Enjoy the convenience of being on the doorstep of popular establishments like Lillie Pearl, Wong Gonzales, Secret Sandwich Society, Rappahannock, and Buttermilk & Honey. The property is also walking distance to performing arts centers such as, The National and Dominion Energy Center. East Grace Street has undergone a transformation in recent years, with a wave of new development that has transformed the area into a vibrant and bustling neighborhood. The property sits prominently at the corner of N 5th St and E Grace St, making it a highly visible location with a stately architectural profile and glass line. The street is considered to be very walkable, with a range of amenities within easy reach.
Contact us to schedule a viewing and take the first step towards realizing your vision for this remarkable property.
New 10 Year NNN lease 1st Floor & Basement - Second Floor Available
Welcome to 424 E Grace Street in Richmond, VA, a stunning historical building dating back to 1928. With the recent signing of a lucrative ten-year NNN lease covering both the first floor and basement, 424 E Grace emerges as a prime investment opportunity for both seasoned investors and prospective owner-occupants alike. Boasting a fully outfitted and easily accessible second floor, tailored to suit the needs of a new office tenant, this property stands ready to accommodate various business ventures. Its existing finishes coupled with favorable B-4 zoning present a multitude of avenues for maximizing returns, including several redevelopment possibilities. Moreover, it is primed for
immediate occupancy by an owner-user, with minimal build-out requirements. Spanning nearly 11,000 square feet and strategically situated on a corner lot, the location remains an enticing prospect for retail or office purposes.
With a range of highly reputed restaurants and cafes just steps away, the location of 424 E Grace Street is a bustling area one block south of Richmond’s iconic Broad St. Enjoy the convenience of being on the doorstep of popular establishments like Lillie Pearl, Wong Gonzales, Secret Sandwich Society, Rappahannock, and Buttermilk & Honey. The property is also walking distance to performing arts centers such as, The National and Dominion Energy Center. East Grace Street has undergone a transformation in recent years, with a wave of new development that has transformed the area into a vibrant and bustling neighborhood. The property sits prominently at the corner of N 5th St and E Grace St, making it a highly visible location with a stately architectural profile and glass line. The street is considered to be very walkable, with a range of amenities within easy reach.
Contact us to schedule a viewing and take the first step towards realizing your vision for this remarkable property.
Data Room Click Here to Access
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
10,980 SF
Building Class
C
Year Built
1928
Price
$1,300,000
Price Per SF
$118
Percent Leased
67%
Tenancy
Multiple
Building Height
3 Stories
Slab To Slab
12’
Building FAR
2.80
Lot Size
0.09 AC
Zoning
B-4
Frontage
Amenities
- Bus Line
- Signage
Walk Score ®
Walker's Paradise (97)
Bike Score ®
Very Bikeable (83)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | W000-0025-015 | Improvements Assessment | $622,000 |
| Land Assessment | $229,000 | Total Assessment | $851,000 |
PROPERTY TAXES
Parcel Number
W000-0025-015
Land Assessment
$229,000
Improvements Assessment
$622,000
Total Assessment
$851,000
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Rare Historic Redevelopment | 424 E Grace St
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