Property Summary
One South Commercial is pleased to present for sale this triple net lease commercial building in the most prominent section of Richmond’s popular Carytown. Directly across the street from the historic landmark Byrd Theatre, this two-story commercial building was constructed in 1950. It’s now home to the Citizen Burger Bar. This popular restaurant has been opened since Spring 2016 under a multi-year net lease for the entire building. This listing is also a great 1031 exchange opportunity.
The lease includes the restaurant on the first level with a large outdoor dining area adjacent to the sidewalk along W Cary Street. Two 2bed/1bath apartments are located on the second level and are also leased by the restaurant and utilized as storage space. This lease resulted in a NOI of $102,000 in 2019.
Parking is limited in Carytown, and the viability of many businesses depend on the uncertainty of available on-street parking. This property is unique in offering an off-street parking area with approximately 15 spaces. The parking area is easily accessible directly off W Cary Street or from the alley running from Parkwood Avenue to the south.
Carytown is an urban retail district that is home to many local Richmond merchants, shops, and restaurants. This area spans nine blocks of West Cary St from Thompson Street to Arthur Ashe Blvd. Carytown’s proximity to some of Richmond’s premier residential neighborhoods and its accessibility from the Downtown Expressway have helped create a successful business district that is able to support a variety of businesses, many locally owned and operated, including restaurants, retail, offices, beauty salons, grocery stores, and many others. Over 230 shops, restaurants, and attractions are located in Carytown, including the historic Byrd Theatre which first opened in 1928.
Each year, thousands of locals and visitors flock to Carytown for the unique shopping and entertainment experiences that it provides. If you have walked through Carytown, then you know this listing as one of the most recognizable properties in the area. With its prime location across from the Byrd Theatre, 2905-07 W Cary Street is one of the most distinctive commercial buildings in Richmond’s most dynamic business district.
PROPERTY DETAILS
| Leasable Area | 4742 sq. ft. |
|---|---|
| Units | 3 |
| Parcel ID | W0001281012 |
| Const. Materials | Brick |
| Road Frontage | W Cary St |
| Zoning Desc. | UB-PO2 Urban Business |
| Construction Date | 1950 |
| Co-broker Fee | Yes |