The Jewelry Building 119-123 E Broad St 8 Unit Apartment Building $2,750,000 ($343,750/Unit) Richmond, VA 23220

LANDMARK MIXED-USE INVESTMENT IN RICHMOND'S BROAD STREET ARTS DISTRICT!
One South Commercial is pleased to present The Jewelry Building, a distinctive mixed-use investment opportunity located at 119–123 E Broad Street in the heart of Downtown Richmond’s Broad Street Arts District.
Originally constructed in 1910, the historic property was comprehensively renovated in 2007 and transformed into the mixed-use asset it is today. The building has remained under the ownership of the same developer since its renovation, providing a rare opportunity to acquire a well-established property that combines residential income, long-term commercial tenancy, historic character, and dedicated off-street parking.
The 22,406-square-foot building features eight spacious apartments above a 6,941-square-foot commercial space. The residential mix includes two oversized 1BD with den residences of approximately 824 square feet each and six expansive 2BD/2BA apartments of approximately 1,108 square feet each. Each residence offers the scale and functionality that distinguish the property from many downtown apartment offerings, along with modern finishes, central air conditioning, and in-unit washers and dryers.
The first floor and basement are occupied by Jefferson Loan Office, a FirstCash company and the world’s largest operator of pawn stores, providing a substantial commercial income component. FirstCash stands out as one of the most financially sound, recession-resistant companies in the mid-cap specialty finance sector. The commercial premises encompass approximately 6,941 rentable square feet, with the current lease extending through 2031 and providing the tenant with two additional five-year renewal options. The lease also provides for reimbursement of the tenant’s proportionate share of real estate taxes and qualifying building operating costs.
The offering also includes the adjacent 3,365-square-foot parcel at 216 N 2nd Street, positioned directly behind the main building and improved with eight off-street parking spaces. In an urban location where dedicated parking is limited, this additional parcel provides an important amenity for residents and enhances the overall functionality and long-term value of the investment.
The Jewelry Building offers investors a compelling combination of historic architecture, diversified income, long-term commercial tenancy, large residential floor plans, dedicated parking, and a highly walkable downtown location.
MAIN BUILDING & PARKING LOT
• HISTORIC MIXED-USE ASSET Originally constructed in 1910 and comprehensively renovated in 2007.
• 22,406 SF BUILDING Established residential and commercial income streams within a single investment.
• TWO-PARCEL OFFERING Includes the main property at 119-123 E Broad Street and the separately parceled parking lot at 216 N 2nd Street.
• EIGHT DEDICATED PARKING SPACES Located directly behind the main building, providing a valuable amenity in an urban downtown setting.
• LONG-TERM OWNERSHIP Renovated and held by the same developer since 2007.
• BROAD STREET ARTS DISTRICT LOCATION Prominent position along one of Downtown Richmond’s most recognizable cultural and mixed-use corridors.
COMMERCIAL SPACE
• 6,941 SF COMMERCIAL SPACE Occupying the first floor and basement of the building.
• ESTABLISHED COMMERCIAL TENANT Leased to Jefferson Loan Office, a FirstCash company and the world’s largest operator of pawn stores.
• LONG-TERM LEASE Current lease extends through 2031 with two additional five-year renewal options, creating the potential for tenancy through 2041.
• CONTRACTUAL RENT GROWTH Base rent increases to $15.85/SF during months 61–120, $17.44/SF during the first renewal term and $19.19/SF during the second renewal term. • EXPENSE REIMBURSEMENTS Tenant is responsible for its proportionate share of real estate taxes and qualifying building operating costs.
• SIGNIFICANT INCOME CONTRIBUTION The seller’s July 2026 pro forma projects approximately $110,015 in annual commercial base rent.
APARTMENTS
• EIGHT SPACIOUS APARTMENTS A mix of two large 1BD with den residences and six 2BD/2BA residences.
• OVERSIZED FLOOR PLANS 1BD units average approximately 824 SF, while the 2BD/2BA apartments are approximately 1,108 SF each.
• MODERN AMENITIES Apartments feature central air conditioning, in-unit washers and dryers, & modern finishes.
• STRONG RESIDENTIAL INCOME The seller’s pro forma reflects approximately $151,968 in annual apartment rent across the eight residences.
• ATTRACTIVE DOWNTOWN HOUSING PRODUCT Generous unit sizes and two-bedroom/two-bath layouts differentiate the property from many smaller downtown apartment offerings.
• DIVERSIFIED UNIT MIX Combination of 1 and 2BD residences provides exposure to multiple renter profiles.