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Renovated Historic Mixed Use 221 E Clay St 4,090 SF 100% Leased Retail Building Richmond, VA 23219 $1,050,000 ($256.72/SF)
Investment Highlights
- Potential for up to 4 units
- Right across from Richmond Convention Center
- Dual ground floor storefront/concept potential
- Fully renovated corner mixed-use
- Potential for short term rental
Executive Summary
This renovated 4,090 SF mixed-use property offers a compelling blend of historic character, flexibility, and investment potential.—directly across from the Convention Center.
Currently operated as a duplex, the building could be reconfigured to function as a triplex or quadplex, including the potential for two separate commercial suites on the ground floor and two residential units on the second floor. Benefiting from extensive street frontage along both E. Clay Street and N. 3rd Street, the property enjoys exceptional visibility and accessibility. A standout corner storefront anchors the building and presents an outstanding opportunity for retail, restaurant, office, gallery, or other creative commercial uses in one of Richmond’s most active and rapidly evolving urban districts.
The property’s second-floor residential unit currently operates as a high-performing Airbnb, with all personal property in that unit conveying with the sale, providing immediate income potential for a new owner. Ideal for an owner-user seeking rental income to offset occupancy costs or an investor looking to maximize returns through a more optimized unit mix, the property offers multiple avenues for value creation. Additional upside exists through the potential development of a small courtyard, creating a unique destination atmosphere or creative enclave that complements the building’s historic charm and prominent location. Further enhancing the investment appeal, the property is situated within an Enterprise Zone, CARE District, and Opportunity Zone, providing access to a variety of potential economic development incentives and tax advantages. Well maintained and thoughtfully renovated, 221 E Clay Street represents a rare opportunity to acquire a flexible mixed-use asset in one of Richmond’s most sought-after neighborhoods.
Currently operated as a duplex, the building could be reconfigured to function as a triplex or quadplex, including the potential for two separate commercial suites on the ground floor and two residential units on the second floor. Benefiting from extensive street frontage along both E. Clay Street and N. 3rd Street, the property enjoys exceptional visibility and accessibility. A standout corner storefront anchors the building and presents an outstanding opportunity for retail, restaurant, office, gallery, or other creative commercial uses in one of Richmond’s most active and rapidly evolving urban districts.
The property’s second-floor residential unit currently operates as a high-performing Airbnb, with all personal property in that unit conveying with the sale, providing immediate income potential for a new owner. Ideal for an owner-user seeking rental income to offset occupancy costs or an investor looking to maximize returns through a more optimized unit mix, the property offers multiple avenues for value creation. Additional upside exists through the potential development of a small courtyard, creating a unique destination atmosphere or creative enclave that complements the building’s historic charm and prominent location. Further enhancing the investment appeal, the property is situated within an Enterprise Zone, CARE District, and Opportunity Zone, providing access to a variety of potential economic development incentives and tax advantages. Well maintained and thoughtfully renovated, 221 E Clay Street represents a rare opportunity to acquire a flexible mixed-use asset in one of Richmond’s most sought-after neighborhoods.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
4,090 SF
Building Class
C
Year Built
1900
Price
$1,050,000
Price Per SF
$256.72
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.88
Lot Size
0.05 AC
Opportunity Zone
Yes
Zoning
B-2
Frontage
23’ on E Clay St
Amenities
- Bus Line
Very walkable
80/100
Moderately drivable
70/100
Good public transit
70/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Number | N000-0038-011 | Improvements Assessment | $648,000 |
| Land Assessment | $127,000 | Total Assessment | $775,000 |
Property Taxes
Parcel Number
N000-0038-011
Land Assessment
$127,000
Improvements Assessment
$648,000
Total Assessment
$775,000
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Renovated Historic Mixed Use | 221 E Clay St
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