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2300 N. Lombardy Street 2300 N Lombardy St

8,200 SF Retail Building Richmond, VA 23220 £1,065,150 (£130/SF) 5.90% Net Initial Yield

Investment Highlights

  • Great location right at the corner of N Lombardy St and Brook Rd.
  • Building offers the functionality of a warehouse, showroom, retail storefront and more.

Executive Summary

Corner located building along Lombardy Street and corner of Brook Road, within an area of high development, great access and possible location for redevelopment. The parcel is zoned B-3 and is 3 minutes from I-64 and I-95, across from Virginia Union University, and 5 minutes from VCU campus.
Highlights
Directly across from Virginia Union University - 2200 students
1400t new apartments less than a half mile from facility
New zoning with increased density
A part of the City's Master Plan for more foot traffic and bike lanes
Facility is located in an Enterprise Zone, CARE Program Zone, and is one block away from an
Opportunity Zone Fund - which allows for great support and investment opportunities
The property is located in a enterprise zone and opportunity zone.
Tenant 1 - one year Gross lease - $7200 annual rental
Tenant 2 - one year Gross lease- $4800 annual rental
Tenant 3 - one year Gross lease- $12,000 annual rental
Tenant 4 - month to month Gross lease - $40,600 annual rental
Vacant unit - potential Gross lease - $43,000 annual rental

Financial Summary (Actual - 2024)

Annual Annual Per SF
Gross Rental Income £50,180 £6.12
Other Income - -
Vacancy Loss £2,683 £0.33
Effective Gross Income £47,498 £5.79
Taxes £6,950 £0.85
Operating Expenses £14,439 £1.76
Total Expenses £21,388 £2.61
Net Operating Income £26,110 £3.18

Financial Summary (Actual - 2024)

Gross Rental Income
Annual £50,180
Annual Per SF £6.12
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual £2,683
Annual Per SF £0.33
Effective Gross Income
Annual £47,498
Annual Per SF £5.79
Taxes
Annual £6,950
Annual Per SF £0.85
Operating Expenses
Annual £14,439
Annual Per SF £1.76
Total Expenses
Annual £21,388
Annual Per SF £2.61
Net Operating Income
Annual £26,110
Annual Per SF £3.18

Property Facts

Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Freestanding
Building Size
8,200 SF
Building Class
B
Year Built
1937
Price
£1,065,150
Price Per SF
£130
Net Initial Yield
5.90%
NOI
£62,844
Tenancy
Multiple
Number of Floors
1
Building FAR
0.40
Land Acres
0.47 AC
Zoning
B-3 - General Business District - surrounding Commercial properties, recent built muti family and large university
Parking
33 Spaces (4.54 Spaces per 1,000 SF Leased)
Frontage
90 ft on Lombardy Street

Amenities

  • 24 Hour Access
  • Corner Lot
  • Signage
  • Storage Space

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
N000-0684-019
Land Assessment
£133,057
Improvements Assessment
£444,836
Total Assessment
£577,893
Annual Taxes
£6,950 (£0.85/sf)
Tax Year
2024
  • Listing ID: 33826351

  • Date on Market: 11/11/2024

  • Last Updated:

  • Address: 2300 N Lombardy St, Richmond, VA 23220

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