7 E. Franklin Street

• PRIME LOCATION
• Located in Monroe Ward, the assets are minutes from VCU’s Monroe
• Park Campus & MCV Campus and sit among several adaptive
• reuse and ground-up redevelopment projects. Included among the development activity is the Downtown YMCA that is being redeveloped into 224 apartment units, and the Foushee Mews, a 21-townhome development that completed its first phase in 2023.
• UNBEATABLE WALKABILITY
• Located directly in the heart of Monroe Ward, the properties are within walking distance to all lifestyle amenities suitable for young professionals and families, including shops and restaurants in the Lower Fan and Downtown Arts District.
• CONVENIENT ACCESS TO PUBLIC TRANSIT
• The Property is just two blocks aways from the GRTC Pulse Line, running between Willow Lawn and Rockets Landing, providing tenants access to all of Richmond’s vibrant neighborhoods such as Scott’s Addition and The Museum District.
• APPROVED FOR MULTIFAMILY CONVERSION
• The Property has approved plans for a conversion into nine residential units, consisting of seven one-bedroom units and two two-bedroom units, and one ground floor commercial unit. The current plans include washer and dryers in six of the units and a common laundry room on the second floor for the remaining three units. All residential units will have a dishwasher and microwave included in the kitchens.
• RICHMOND REAL ESTATE REHABILITATION & RENOVATION PROGRAM
• This program grants real estate tax abatements for eligible and qualified properties under rehabilitation/renovation. The tax exemption is equal to the difference between the increase in assessed value resulting from the substantial rehabilitation/renovation of a structure and the beginning assessed value as determined by the City Assessor. The properties’ location within an enterprise zone qualifies the property for an additional Three years of tax abatements.
• DEPARTMENT OF HISTORIC RESOURCES TAX CREDIT ELIGIBLE The Property’s location in the East Franklin Street Historic District qualifies it for the Department of Historic Resources’ State and Federal Historic Rehabilitation Tax Credits (HRTCs). HRTCs are dollar-for-dollar reductions in income tax liability for taxpayers who rehabilitate historic buildings according to the Secretary of the Interior’s Standards for Rehabilitation. The amount of the credit is based on a project’s eligible rehabilitation expenses, and credits are available from both the Federal government and the State of Virginia. The Federal credit is 20% of the eligible rehabilitation expenses, and the State credit is 25% of the eligible rehabilitation expenses.

Property Description

THE OFFERING A three-story office building consisting of 8,915 square feet and 19 private offices. The Property includes a partially finished basement—suitable for additional office space, and a unique “carriage house” consisting of 1,600 square feet and two apartments. The Property is located in the heart of Monroe Ward, one of Richmond’s most vibrant neighborhoods.