Property Summary
One South Commercial is please to present 20-22 E Broad St in Downtown Richmond’s popular Arts District. This listing is comprised of two buildings located in one of the most important areas in Richmond. Ground level commercial spaces currently occupy the first levels of the buildings while the upper levels contain 17 residential units.
The commercial spaces feature large storefronts facing onto one of the busiest sections of East Broad St in Downtown Richmond. Architecture firm Hickok Cole occupies one space, and houseware retailer Someday Shop is in the other. Both spaces are signed on multi-year leases.
The residential units were renovated according to strict historical preservation criteria and retain many of the original architectural and mechanical features of the original construction. Combined with modern high-grade finishes, the units offer the combination of historic charm and modern luxury that makes renovated Downtown apartments so desirable for renters.
Broad Street has been and continues to be Richmond’s most significant corridor. Historically, it has been a center for retail and commerce as well as the City’s busiest thoroughfare. In recent years, especially in the Downtown area, Broad Street has seen a revival as entertainment and creative uses have filled its street level spaces. The area now features an exciting mix of restaurants, art galleries, retail shops, and performing arts venues. Along with this commercial growth, the transformation has also brought a tremendous population increase with the area gaining almost 22% in residents since 2010. To meet the demand, many former commercial spaces on upper levels of buildings have successfully been converted to stylish multifamily residential apartments catering especially to students, young professionals, and others.
20-22 E Broad St’s prominent location at the intersection of N 1st St places it in the heart of the Downtown Arts District and between VCU’s academic and medical campuses. Its consistently strong revenue generation makes 20-22 E Broad St an extraordinary opportunity for an investor looking to purchase a mixed-use property in this high-demand market.
PROPERTY DETAILS
| Units | 19 |
|---|---|
| Parcel ID | N0000076037 |
| Road Frontage | E Broad St |
| Zoning Desc. | B-4 Central Business |
| Prop. Condition | Excellent |
| Construction Date | 1915 |
| Renovation Date | 2019 |
| Co-broker Fee | Yes |