Haxall View
Haxall View | Mixed-Use Investment Opportunity with Value-Add Upside | Richmond, VA
Marketing description
CBRE is pleased to present Haxall View, a premier mixed-use investment opportunity located in Richmond's dynamic Shockoe Bottom submarket. The asset offers a compelling blend of stable, in-place income and multiple avenues for value creation, featuring 31 fully occupied multifamily units alongside 21,622 square feet of well-leased commercial space.
The property is anchored by Glavé & Holmes Architecture, a long-term tenant occupying 14,590 square feet since 2009, with structured annual rent escalations that provide durable, institutional-quality cash flow and immediate downside protection. This stable commercial component allows investors to focus on enhancing the residential operations, where oversized units averaging 1,000 square feet—well above market norms—create a differentiated product with clear upside through operational efficiencies and rental growth.
Haxall View's investment profile is further strengthened by its diversified income streams and strategic flexibility, offering optionality to hold as a stabilized mixed-use asset or selectively monetize individual components to maximize returns. Additionally, the offering includes an adjacent 0.5-acre land assemblage with 68 parking spaces (only 50 of which are currently being used), delivering immediate supplemental income while providing long-term redevelopment potential in a supply-constrained urban core.
Located in close proximity to Richmond's economic drivers, including VCU Medical Center and CoStar's expanding campus, the property is well-positioned to benefit from sustained population growth, a strong employment base, and continued demand for high-quality urban housing. Haxall View presents a rare opportunity to acquire a high-performing asset with both near-term cash flow stability and long-term appreciation potential.
Investment highlights
- Immediate NOI Drivers
- Implement RUBS ($28,000) through charging water back to the tenants
- Day 1 Parking Income ($21,600) through leasing the 18 unrented additional parking spots in adjacent lot
- Long Term Legacy Office Tenant – Glave and Holmes
- Long term tenant in space since 2009 | highly respected architecture firm
- Rent: $23.34/sq ft
- Annual escalations of 3%
- Multiple renewal options
- Oversized Units
- Avg. Unit size 96 sq. ft. per unit larger than comp set
- Tall ceiling height
- Amenity rich building
- Onsite gym, rooftop terrace, and ground floor courtyard
- On site Parking
- 20 in parking garage
- 63 marked spots in adjacent lot + additional 5 unmarked
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