Richmond, VA
Commercial Real Estate Market Trends & Data

$277 Avg asking sale price
$314 Avg asking lease rate
21,661 SF Avg unit lease size
25,455 SF Avg building size for sale
6.83% Average cap rate

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 Metric Value
Population 229,548
# Households 104,651
Median age 36
Median household income $53,556
Avg household size 2.0
Renter-occupied housing units 67,038
5-year population change +3%

{{marketTabHeadings[activeMarketTab]}} Market Metrics Near Richmond, VA

↻ Updated Monthly

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Nearby Office Markets Avg Cost/SF Typical Size Cap Max
Richmond $214 23,506 SF 10.29%
North Chesterfield $200 24,972 SF 10.29%
Bon Air $160 35,938 SF 5.94%
Nearby Industrial Markets Avg Cost/SF Typical Size Cap Max
Richmond $168 31,822 SF 6.60%
North Chesterfield $156 37,581 SF 6.60%
Nearby Retail Markets Avg Cost/SF Typical Size
Richmond $282 12,841 SF
Henrico $278 11,409 SF
North Chesterfield $214 15,908 SF
Bon Air $349 7,452 SF
Lakeside $491 2,839 SF
Nearby Multifamily Markets Avg Cost/SF Typical Size Cap Max
Richmond $256 57,890 SF 10.00%
Chester $256 2,500 SF 5.61%

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

1421 Bainbridge St

Richmond, VA 23224

  • 14,782 SF Multifamily
  • Price Upon Request
For Sale

Napa Portfolio

  • Retail Building
  • 6.93% Cap Rate
  • $15,789,854
For Sale

Gas Station | Car Lot

Richmond, VA 23224

  • 1,475 SF Retail Building
  • $899,950
For Sale

Mixed Use Arts District Gem

Richmond, VA 23219

  • 9,412 SF Retail Building
  • $1,500,000
For Sale

Former Jiffy Lube

Richmond, VA 23223

  • 1,792 SF Retail Building
  • $975,000
For Sale

Mixed Use Duplex in the Arts District

Richmond, VA 23219

  • 6,760 SF Retail Building
  • $950,000

Average Price For Sale

↻ Updated Monthly

Average Price For Lease

↻ Updated Monthly

Number of Listings

↻ Updated Monthly

Cap Rate

↻ Updated Monthly

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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 $277 25,455 SF
Henrico $78 89,632 SF
North Chesterfield $342 36,019 SF
Bon Air $306 52,216 SF
Lakeside $437 13,696 SF

Multifamily Properties For Sale in Richmond

For Sale

Shockoe Collection

Richmond, VA

  • Price Upon Request
For Sale

Haxall View

Richmond, VA

  • Price Upon Request
For Sale

Marshall Street Condominiums

Richmond, VA 23220

  • 20,000 SF Multifamily
  • $575,000
For Sale

201 W Commerce Rd

Richmond, VA 23224

  • 600,000 SF Multifamily
  • 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 Median Household Income Avg Household Size Renter Occupied Housing Units Five Yr Pop Growth %
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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