For Sale

For Sale · IRREPLACEABLE LOCATION IN HISTORIC SHOCKOE SLIP

30 Apartments + 5 Commercial Suites

104 Shockoe Slip Richmond Virginia 23219

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30 Apartments + 5 Commercial Suites

Investment Highlights

104 Shockoe Slip & 1206 Shockoe Lane | Richmond, VA

  • Durable Downside Protection on Basis: This is an irreplaceable Shockoe Slip address anchored by institutional-grade demand drivers and insulated from new supply by steep replacement costs.
  • Embedded Residential Mark-to-Market: In place apartment rents sit meaningfully below market across the rent roll, with the largest loss concentrated in specific floorplans. Accelerate loss-to-lease burn off through targeted renovations (see page 10) and compound with long-term incremental growth.
  • Commercial Re-tenanting: The commercial component is leased well below prevailing rates. Rolling these leases to market at renewals and turnover can generate a meaningful 40% step-change in NOI from a very manageable tenant base.
  • Operational Normalization: Operating expenses currently consume 60% of effective gross income, well above peer assets. Bringing expenses in line with market through professional management and scale offers a clear, controllable path to margin expansion independent of revenue growth.
  • Near-term Stabilization: Recapture up to $70,000 in annual economic loss through proactive management and leasing.

Year Built: 1880 (104 Shockoe Slip) & 2001 (1206 Shockoe Lane)
Renovation Date: 1977 (104 Shockoe Slip)
Parcel ID: E0000065008
Square Ft: 23,858 SF (104 Shockoe Slip) & 17,258 SF (1206 Shockoe Lane)
Acreage: 0.26
Zoning: B-5
Occupancy: 97%
Unit Count: 35

The Shockoe Collection represents a rare opportunity to acquire a two-building, mixed-use portfolio located in the heart of Shockoe Slip—one of Richmond’s most historically significant and supply-constrained submarkets. Originally constructed in the late 19th century and thoughtfully repositioned over time, the assets feature classic architectural elements including exposed brick, heavy timber beams, and high ceilings—attributes that continue to command strong renter demand. Positioned within immediate proximity to Richmond’s central business district, the James River waterfront, and a dense concentration of restaurants, entertainment, and employment centers, The Shockoe Collection benefits from a highly walkable, live-work-play environment that continues to attract a favorable renter demographic. Current ownership has maintained stable operations, providing investors an opportunity to reposition the asset upmarket and optimize revenue through targeted interior upgrades and a mark-to-market leasing strategy. The combination of iconic historic character, high-barrier infill location, and multiple avenues for value creation positions The Shockoe Collection as a compelling investment opportunity for investors looking for a long-term trophy asset.

ABOUT SHOCKOE SLIP – RICHMOND’S HISTORIC CORE

Shockoe Slip is one of Richmond’s most vibrant and historically significant neighborhoods, offering a walkable urban environment with direct access to the central business district and waterfront amenities.

Key Drivers:

  • Immediate proximity to Central Business District
  • Walkable to restaurants, retail, and nightlight
  • Access to Canal Walk and Capital Trail
  • Strong connectivity to I-95 & I-64

 

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Location

104 Shockoe Slip, Richmond, VA, USA

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Listing Agent(s)

Ryan Rilee

Associate Broker

Ryan’s practice at One South Commercial focuses on investment and development site sales throughout Virginia.  He brings a detailed, solutions-oriented approach to each transaction and has successfully represented a wide array of buyers and sellers on deals ranging from $1 million to $35 million. A Richmond native with a background in institutional real estate management, Ryan leverages a wide network of industry contacts and his experience “under the hood” to advise One South Commercial’s clients on everything from local sub-markets to national capital markets, and is ready and able to tackle anything in between.

  • Richmond Association of Realtors
  • Greater Richmond Association for Commercial Real Estate
  • Urban Land Institute
  • VA Department of Professional and Occupational Regulation
  • Real Estate Broker License

Justin Sledd

Vice President

Justin is a seasoned commercial real estate expert with over 15 years worth of experience. Having a widespread knowledge of the Richmond real estate market, Justin is comfortable handling many types of transactions, but his primary practice areas are multifamily and investment sales. Justin possesses a commanding knowledge of Richmond’s rental market, providing his clients with in-depth analysis of the competitive landscape and value-added solutions. Justin is a Richmond native and a graduate of Virginia Commonwealth University.

  • President (2020), Richmond Property Owners Association
  • Richmond Association of Realtors
  • Greater Richmond Association for Commercial Real Estate (GRACRE)
  • VA Department of Professional and Occupational Regulation
  • Real Estate Sales License
  • Goochland Education Foundation Board Member
Communication
One South Commercial is the exclusive representative of Seller in its disposition of 104 Shockoe Slip & 1206 Shockoe Lane | Richmond, VA, 104, Shockoe Slip, Richmond, Virginia, 23219. All communications regarding the property should be directed to the One South Commercial listing team.
Property tours
One South Commercial is the exclusive representative of Seller in its disposition of 104 Shockoe Slip & 1206 Shockoe Lane | Richmond, VA, 104, Shockoe Slip, Richmond, Virginia, 23219. All communications regarding the property should be directed to the One South Commercial listing team.
Offers
One South Commercial is the exclusive representative of Seller in its disposition of 104 Shockoe Slip & 1206 Shockoe Lane | Richmond, VA, 104, Shockoe Slip, Richmond, Virginia, 23219. All communications regarding the property should be directed to the One South Commercial listing team.

DISCLAIMER: This offering memorandum is intended as a reference for prospective purchasers in the evaluation of the property and its suitability for investment. Neither One South Commercial nor Seller make any representations or warranties with respect to the accuracy or completeness of the materials contained in the offering memorandum. Prospective purchasers should evaluate the property independently and rely solely on such independent evaluation in determining whether to purchase the property. The offering memorandum, pricing, and terms therein are subject to change or withdrawal at the discretion of Seller and One South Commercial, as Seller’s exclusive representative. *Information provided deemed reliable but not guaranteed

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