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Clay Suites 3117 W Clay St 14,039 SF 100% Leased Office Building Richmond, VA 23230 $5,200,000 ($370.40/SF) 7.21% Cap Rate
Investment Highlights
- 7.2 cap rate on in-place NOI
- Excellent tenant mix
- 30 parking spaces
- Beautiful renovation
Executive Summary
One South Commercial is pleased to present for sale the office building located at 3117 West Clay Street. Take advantage of this incredible opportunity to buy a cash flowing asset at an attractive cap rate in the heart of Scotts Addition. Current ownership renovated the property in 2020 and has been fully occupied with a stable tenant base ever since.
All leases are NNN protecting the new owner from increased cost or tax assessments. Rents are arguably below market for this location with excellent parking. Opportunities like this don’t come around often.
All leases are NNN protecting the new owner from increased cost or tax assessments. Rents are arguably below market for this location with excellent parking. Opportunities like this don’t come around often.
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Property Facts
Sale Type
Investment NNN
Property Type
Office
Property Subtype
Loft/Creative Space
Building Size
14,039 SF
Building Class
A
Year Built/Renovated
1969/2020
Price
$5,200,000
Price Per SF
$370.40
Cap Rate
7.21%
NOI
$374,983
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
7,020 SF
Building FAR
8.06
Lot Size
0.04 AC
Opportunity Zone
Yes
Zoning
M-1
Parking
30 Spaces (2.14 Spaces per 1,000 SF Leased)
Amenities
- High Ceilings
- Natural Light
- Open-Plan
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Moderately walkable
70/100
Very drivable
80/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | N000-1712-003 | Improvements Assessment | $1,953,000 |
| Land Assessment | $1,517,000 | Total Assessment | $3,470,000 |
Property Taxes
Parcel Number
N000-1712-003
Land Assessment
$1,517,000
Improvements Assessment
$1,953,000
Total Assessment
$3,470,000
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Clay Suites | 3117 W Clay St
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