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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

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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.

Gather Arts District Bldg OM

Property Facts

Sale Type

Investment

Property Type

Office

Property Subtype

Office/Residential

Building Size

32,178 SF

Building Class

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)

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

Information
99,999 SF
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Metro by T-Mobile began in 1994 as General Wireless, Inc. and launched service in 2002 before adopting the MetroPCS name and later rebranding as Metro by T-Mobile in 2018. The company focuses on prepaid mobile service with no-contract plans, unlimited talk, text, and data options, and a lineup of phones, tablets, hotspots, and other connected devices. Metro supports account management through online and app-based tools and offers home internet among its plan categories, placing the brand across several consumer wireless verticals. Metro operates as a T-Mobile brand and serves customers nationwide through its wireless distribution and digital channels.