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The Gather Arts District Building 309-315 E Broad St 32,178 SF 100% Leased Office Building Richmond, VA 23219 $7,900,000 ($245.51/SF) 10.29% Cap Rate
Investment Highlights
- 100% occupied mixed-use property
- Located between Virginia Commonwealth Univ (VCU) and Medical College of Virginia (MCV)
- Beautifully renovated in 2019
- Keep as income-producing or reposition
Executive Summary
The Gather Arts District Building is a 47,461SF mixed-use building located at 309-317 E. Broad St. in Downtown Richmond, VA. The majority of the building was magnificently renovated in 2019 for Gather, a provider of flexible co-working creative office space with premium amenities. Gather occupies roughly two-thirds of the property while Metro by T-Mobile, Ember Music Hall and SinnerG Tattoo occupy the ground floor retail. The offering presents an opportunity to own and maintain an income-producing asset or eposition for a future redevelopment opportunity.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Building Size
32,178 SF
Building Class
B
Year Built/Renovated
1900/2019
Price
$7,900,000
Price Per SF
$245.51
Cap Rate
10.29%
NOI
$813,071
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
10,726 SF
Building FAR
2.74
Lot Size
0.27 AC
Zoning
B-4 CENTRA
Parking
2 Spaces (0.06 Spaces per 1,000 SF Leased)
Amenities
- 24 Hour Access
- Atrium
- Controlled Access
- Concierge
- Conferencing Facility
- Property Manager on Site
- Security System
- Skylights
- Wheelchair Accessible
- Reception
- Roof Terrace
- Storage Space
- Outdoor Seating
- Air Conditioning
- Balcony
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Information
-
99,999 SF
- -
- -
Metro by T-Mobile began as General Wireless in 1994 before launching services in 2002. The company merged with T-Mobile US in 2013 and became a prepaid subsidiary under the T-Mobile network. Metro by T-Mobile targets budget-conscious consumers with affordable plans that include unlimited talk, text, and data. The company operates through physical stores only and offers value-added services like Amazon Prime subscriptions. Metro by T-Mobile uses T-Mobile's nationwide 5G infrastructure to provide wireless coverage.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Information | 99,999 SF | - | - |
Moderately walkable
70/100
Exceptionally drivable
90/100
Strong public transit
80/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $4,286,000 | |
| Land Assessment | $1,467,000 | Total Assessment | $5,753,000 |
Property Taxes
Parcel Numbers
Land Assessment
$1,467,000
Improvements Assessment
$4,286,000
Total Assessment
$5,753,000
Contacts
-
Doug Aronson -
Carter Wells -
Nathan Shor -
Andrew Pegalis -
S.L. Nusbaum Realty Co.
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The Gather Arts District Building | 309-315 E Broad St
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