FOR SALE | 421 E Franklin St Richmond, VA 23219

$3,450,000
Price

Mixed Use, Multi-Family
Property Type

11 
Units

0.11 AC
Parcel

14,624 SF
GBA

Active Listing

About This Property

One South Commercial is please to present 421 E Franklin St in Downtown Richmond. Well known to many locals and visitors as the French Quarter Building, it is one of the most recognizable properties in Downtown from its intricate wrought iron railings adorning the balconies of the upper levels. With a total leasable area 14,624 SF, the building is comprised of a commercial space at the ground level and basement, and 10 residential units on the upper levels.

The commercial tenant is Penny Lane Pub which is perhaps Richmond’s best-known and most-loved English pub. The pub is a tribute to English culture and has been delighting customers, especially Liverpool F.C. fans, since 2002 in its current Franklin St location. Penny Lane Pub is a long-term, stable tenant of the building and occupies 7,200 SF. (Note: this listing does not include the sale of the restaurant)

In addition to the commercial space, ten residential units comprise the upper levels. With a total leasable area of 7,424 SF, these units were renovated in 2019 and are configured as six one-bedroom units and four two-bedroom units. Each unit features high-grade finishes and outstanding views of the Downtown from large windows and wrought iron railed balconies. The residential units were constructed according to strict historical preservation criteria and retain many of the architectural features of the building’s 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.

In recent years, Downtown Richmond 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 30% in residents since 2010. 421 E Franklin St is perfectly positioned in the heart of the Downtown to meet this boomingr residential demand. Combined with the stable commercial tenant, the strong revenue generation from the apartments makes 421 E Franklin St an extraordinary opportunity for an investor looking to purchase a mixed-use property in this high-demand market.

Additional Information

95
Walkability

61
Transit

Units 11
Parcel ID W0000023009
Const. Materials Brick
Road Frontage E Franklin St
Zoning Desc. B-4 Central Business
Prop. Condition Excellent
Construction Date 1927
Renovation Date 2019
Co-broker Fee Yes

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