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Turn Key Restaurant Owner/Occupant! 618 N 1st St 2,667 SF 100% Leased Retail Building Richmond, VA 23219 $695,000 ($260.59/SF)
Investment Highlights
- Move-in ready ground floor restaurant with rear patio/courtyard
- 3 off street parking spaces
- Ideal for owner occupant
- Fully renovated in 2016
- Potential to expand building footprint
Executive Summary
Positioned in the heart of Jackson Ward–one of Richmond’s most historic and culturally vibrant neighborhoods–618 N 1st St is a fully renovated two-story mixed-use duplex which offers a rare opportunity to own a proven, turn-key hospitality asset. The ground floor features an approximately 1,200 SF restaurant space outfitted with a full commercial kitchen, including hood system, walk-in refrigeration, bar, and existing equipment, allowing for a seamless transition for a new operator. Complementing the interior is a lovely 450 SF outdoor patio, with the flexibility to be enclosed for year-round use as well as 3 off street parking spaces. The property boasts a strong operational pedigree, having previously housed two highly regarded, upscale dining concepts, underscoring its viability as a premier restaurant location.
The second floor consists of a well-appointed 1,200 SF two-bedroom, one-bath apartment, offering versatile utility as an owner’s residence, executive office, or employee housing—an increasingly valuable amenity for restaurant operators. Both levels underwent comprehensive renovation approximately 10 years ago, blending historic character with modern functionality. Historically leased to a single tenant for operational efficiency, the property works well either as a single tenant or multi-tenant investment. This is a compelling opportunity for an owner-operator or investor seeking a distinctive, income-producing asset in one of Richmond’s most dynamic urban districts.
The second floor consists of a well-appointed 1,200 SF two-bedroom, one-bath apartment, offering versatile utility as an owner’s residence, executive office, or employee housing—an increasingly valuable amenity for restaurant operators. Both levels underwent comprehensive renovation approximately 10 years ago, blending historic character with modern functionality. Historically leased to a single tenant for operational efficiency, the property works well either as a single tenant or multi-tenant investment. This is a compelling opportunity for an owner-operator or investor seeking a distinctive, income-producing asset in one of Richmond’s most dynamic urban districts.
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Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Building Size
2,667 SF
Building Class
C
Year Built/Renovated
1910/2016
Price
$695,000
Price Per SF
$260.59
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Slab To Slab
10’
Building FAR
0.71
Lot Size
0.09 AC
Opportunity Zone
Yes
Zoning
R-63
Parking
3 Spaces (1.12 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
Very walkable
80/100
Moderately drivable
70/100
Good public transit
60/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | N000-0080-004 | Improvements Assessment | $339,000 |
| Land Assessment | $189,000 | Total Assessment | $528,000 |
Property Taxes
Parcel Number
N000-0080-004
Land Assessment
$189,000
Improvements Assessment
$339,000
Total Assessment
$528,000
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Turn Key Restaurant Owner/Occupant! | 618 N 1st St
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