Richmond, VA Commercial Real Estate Market Trends & Data

What Are Current Commercial Real Estate Benchmarks in Richmond?

Richmond commercial properties are averaging $260 per square foot to buy and $300 per square foot to lease, with cap rates near 6.89% across asset types. The data below covers sale prices, lease rates, cap rates, and building sizes by property type to support early-stage market evaluation.

Explore Commercial Properties in Richmond

Browse properties currently for sale or lease to see how local market pricing and building sizes translate into real opportunities.

Commercial Property For Sale in Richmond

Commercial Property For Rent in Richmond

Richmond's Demographic Profile

Richmond has 104,651 households and a median income of $53,556, providing context for rent absorption and tenant demand across retail and multifamily assets. A 3% five-year population trend is a key signal for evaluating long-term demand in this market.

Key Demographic Metrics	Value
Population	229,548
# Households	104,651
Median age	36
Median household income	$53,556
Avg household size	2
Renter-occupied housing units	67,038
5-year population change	3%

Commercial Real Estate Market Snapshot in Richmond

Use the benchmarks below to set initial underwriting baselines for Richmond, typical deal size, entry costs, and cap rate ranges by asset type before evaluating individual listings.

Key Market Metrics	Value
Avg asking sale price	$260 per SF
Avg asking lease rate	$300 per SF
Avg unit size for lease	21,958 SF
Avg building size for sale	20,685 SF
Average cap rate	6.89%

The 6.89% average cap rate reflects current return expectations relative to Richmond pricing and deal scale. Use this alongside asking prices and lease rates to establish initial underwriting assumptions.

Commercial Properties For Sale In Richmond

The listings below reflect how current market pricing and building scale translate into active opportunities available today.

For Sale

Carytown Quad Investment Opportunity

Richmond, VA 23221

2,384 SF Multifamily
$935,000

For Sale

Meadowbrook Plaza

Richmond, VA 23234

162,671 SF Retail Building
6.98% Cap Rate
$23,000,000

For Sale

Panera Bread

Richmond, VA 23237

3,200 SF Retail Building
5.00% Cap Rate
$3,476,040

For Sale

2850 Hull St

Richmond, VA 23224

4,200 SF Retail Building
8.00% Cap Rate
$760,000

For Sale

The Lofts at Cary Place

Richmond, VA 23220

13,712 SF Retail Building
$379,900

For Sale

Richmond City-Creative Office/Retail

Richmond, VA 23223

2,340 SF Office Building
$499,000

For Sale

Hull Street Marketplace

Richmond, VA 23224

44,440 SF Retail Building
7.50% Cap Rate
$4,005,000

For Sale

Fox & Hound

Richmond, VA 23235

9,396 SF Retail Building
5.65% Cap Rate
$3,500,000

Commercial Market Metrics by Property Type

Office Building Market Metrics Near Richmond

Office market metrics highlight how pricing, typical deal size, and return expectations vary across submarkets, helping investors compare entry costs and yield potential efficiently.

Nearby Office Markets	Avg Cost/SF	Typical Size	Cap Max
Richmond	$216	22,096 SF	10.29%
North Chesterfield	$202	24,193 SF	10.29%
Bon Air	$160	35,938 SF	5.94%

Industrial Property Market Metrics Near Richmond

Industrial market data shows how cost per square foot and typical building size differ by submarket, supporting comparisons around deal scale and pricing alignment.

Nearby Industrial Markets	Avg Cost/SF	Typical Size	Cap Max
Richmond	$184	28,794 SF	6.60%
North Chesterfield	$156	32,707 SF	6.60%

Retail Property Market Metrics Near Richmond

Retail pricing varies widely across nearby markets, making this comparison useful for identifying where cost per square foot and deal size diverge most.

Nearby Retail Markets	Avg Cost/SF	Typical Size
Richmond	$264	12,021 SF
Henrico	$278	11,409 SF
North Chesterfield	$195	17,600 SF
Bon Air	$350	7,452 SF
Highland Springs	$271	37,022 SF

Multifamily Property Market Metrics Near Richmond

Multifamily metrics show how pricing and building size relate to observed cap rate ranges, helping investors evaluate income potential relative to entry cost.

Nearby Multifamily Markets	Avg Cost/SF	Typical Size	Cap Max
Richmond	$246	18,461 SF	13.17%
North Chesterfield	$369	32,776 SF	8.09%
Chester	$256	2,500 SF	5.61%
Ettrick	$194	26,681 SF	8.00%

How Investors Evaluate Commercial Real Estate Markets in Richmond

Use these tools to move from market-level signals to deal-level math. Each calculator helps translate Richmond pricing, rents, and building size into concrete metrics like value, income, and space requirements, so you can validate assumptions before spending time on individual listings.

Commercial Property Valuation

Understand Core Valuation Methods, Prevent Mistakes, and Use Our Instant Value Estimator

What Is a Cap Rate?

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Net Operating Income (NOI) Calculator

Calculating NOI and Understanding the Significance of This Metric in Commercial Real Estate Investment

Internal Rate of Return (IRR) Calculator

Use this calculator to measure annualized returns, compare investment scenarios, and evaluate risk across commercial real estate deals.

Cash on Cash Return

Learn How Cash on Cash Return Can Optimize Your Real Estate Investments

Debt Service Coverage Ratio (DSCR) Calculator

Assess Your Investment's Health in Seconds

Gross Rent Multiplier (GRM) Calculator & Investment Guide

Simplifying Your Investment Analysis

Land Loan Calculator

Use this calculator to estimate monthly payments, interest, and total financing costs for raw, unimproved, or improved land purchases.

Balloon Payment Calculator

Use this calculator to estimate monthly payments, total interest, and the final lump-sum balloon payment for commercial real estate loans.

Office Space Calculator

Estimate How Much Space Your Team Really Needs

Nearby Commercial Markets

Comparing nearby markets helps investors see whether Richmond pricing and building scale sit above, below, or in line with surrounding areas.

Commercial Markets	Avg Cost/SF	Average Size
Richmond	$260	20,685 SF
Henrico	$78	89,632 SF
North Chesterfield	$218	29,152 SF
Bon Air	$218	26,294 SF
Lakeside	$441	13,696 SF

Multifamily For Sale In Richmond

Multifamily listings shown here connect market pricing and cap rate patterns with income-producing opportunities currently available.

For Sale

Marshall Street Condominiums

Richmond, VA 23220

20,000 SF Multifamily
$575,000

For Sale

Haxall View

Richmond, VA

Price Upon Request

Regional Demographic Comparison

This comparison places Richmond alongside nearby cities to show how population size, household counts, and income levels differ across the region. Viewing these markets side by side helps investors understand whether local demand and income characteristics are concentrated in Richmond or distributed across surrounding areas.

City	Population	# Households	Age	MedianHouseholdIncome	AvgHouseholdSize	RenterOccupiedHousingUnits	FiveYrPopGrowthPct
Richmond	229,548	104,651	36	$53,556	2	67,038	3%
Henrico	16,389	7,293	36	$73,181	2	4,880	-1%
North Chesterfield	220,173	88,416	39	$60,743	2	40,577	6%
Bon Air	18,274	7,216	41	$88,063	2	2,157	8%

FAQs About Commercial Investing in Richmond

View All Commercial Real Estate For Sale in Richmond

Is Richmond a good market for a first-time commercial real estate investor?

Richmond offers commercial properties across a wide range of sizes and price points. By reviewing the market data and benchmarks on this page, first-time investors can better understand what a typical commercial property looks like before committing capital and narrowing in on specific listings.

How can this market data help me decide whether to buy commercial property for my business in Richmond?

The pricing and size metrics on this page help business owners compare the cost of ownership against leasing in Richmond. Typical building sizes and asking prices provide a starting point for evaluating space needs, budget fit, and long term occupancy costs before engaging lenders or brokers.

What should conservative investors focus on when evaluating commercial properties in Richmond?

Conservative investors often prioritize manageable deal sizes, stable pricing ranges, and cap rate benchmarks shown for Richmond. These metrics help assess whether current market conditions support steady income potential without relying on aggressive assumptions.

How does Richmond compare to nearby commercial real estate markets?

Nearby market comparisons highlight differences in pricing, building scale, and cap rate ranges relative to Richmond. Reviewing these side by side helps experienced investors identify relative value, pricing premiums, or alternative markets that may better align with return targets.

How can this page support early-stage deal screening for Richmond acquisitions?

This page provides high-level benchmarks for pricing, deal size, and observed cap rates in Richmond, which are useful for initial market filtering. Institutional and data-driven investors often use these signals to prioritize listings that meet size, pricing, and return thresholds before deeper underwriting.

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