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2300 N. Lombardy Street 2300 N Lombardy St

8,200 SF Retail Building Richmond, VA 23220 £1,058,049 (£129/SF) 5.90% Net Initial Yield

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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

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Professional Flyer_111824

Financial Summary (Actual - 2024)	Annual	Annual Per SF
Gross Rental Income	£49,846	£6.08
Other Income	-	-
Vacancy Loss	£2,665	£0.32
Effective Gross Income	£47,181	£5.75
Taxes	£6,903	£0.84
Operating Expenses	£14,342	£1.75
Total Expenses	£21,246	£2.59
Net Operating Income	£25,936	£3.16

Financial Summary (Actual - 2024)

Gross Rental Income
Annual	£49,846
Annual Per SF	£6.08

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	£2,665
Annual Per SF	£0.32

Effective Gross Income
Annual	£47,181
Annual Per SF	£5.75

Taxes
Annual	£6,903
Annual Per SF	£0.84

Operating Expenses
Annual	£14,342
Annual Per SF	£1.75

Total Expenses
Annual	£21,246
Annual Per SF	£2.59

Net Operating Income
Annual	£25,936
Annual Per SF	£3.16

Property Facts

Sale Type

Investment or Owner User

Property Type

Retail

Property Subtype

Freestanding

Building Size

8,200 SF

Building Class

Year Built

1937

Price

£1,058,049

Price Per SF

£129

Net Initial Yield

5.90%

NOI

£62,425

Tenancy

Multiple

Number of Floors

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

1 of 1

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PROPERTY TAXES

Parcel Number	N000-0684-019	Total Assessment	£575,265
Land Assessment	£132,452	Annual Taxes	£6,903 (£0.84/sf)
Improvements Assessment	£442,813	Tax Year	2024