For Sale
The Jewelry Building
123 East Broad Street Richmond Virginia 23219
Asking$2,750,000.00
For Sale
123 East Broad Street Richmond Virginia 23219
MAIN BUIDLING & PARKING LOT
COMMERCIAL SPACE
APARTMENTS
One South Commercial is pleased to present The Jewelry Building, a distinctive mixed-use investment opportunity located at 119–123 E Broad Street in the heart of Downtown Richmond’s Broad Street Arts District.
Originally constructed in 1910, the historic property was comprehensively renovated in 2007 and transformed into the mixed-use asset it is today. The building has remained under the ownership of the same developer since its renovation, providing a rare opportunity to acquire a well-established property that combines residential income, long-term commercial tenancy, historic character, and dedicated off-street parking.
The 22,406-square-foot building features eight spacious apartments above a 6,941-square-foot commercial space. The residential mix includes two oversized 1BD with den residences of approximately 824 square feet each and six expansive 2BD/2BA apartments of approximately 1,108 square feet each. Each residence offers the scale and functionality that distinguish the property from many downtown apartment offerings, along with modern finishes, central air conditioning, and in-unit washers and dryers.
The first floor and basement are occupied by Jefferson Loan Office, a FirstCash company and the world’s largest operator of pawn stores, providing a substantial commercial income component. FirstCash stands out as one of the most financially sound, recession-resistant companies in the mid-cap specialty finance sector. The commercial premises encompass approximately 6,941 rentable square feet, with the current lease extending through 2031 and providing the tenant with two additional five-year renewal options. The lease also provides for reimbursement of the tenant’s proportionate share of real estate taxes and qualifying building operating costs.
The offering also includes the adjacent 3,365-square-foot parcel at 216 N 2nd Street, positioned directly behind the main building and improved with eight off-street parking spaces. In an urban location where dedicated parking is limited, this additional parcel provides an important amenity for residents and enhances the overall functionality and long-term value of the investment.
The Jewelry Building offers investors a compelling combination of historic architecture, diversified income, long-term commercial tenancy, large residential floor plans, dedicated parking, and a highly walkable downtown location.
A RICHMOND RETAIL LANDMARK – THE HISTORY BEHIND THE JEWELRY BUILDING
Long before its transformation into a mixed-use property, 119-123 E Broad Street was home to Schwarzschild Brothers Jewelers, one of Richmond’s longstanding retail names. The historic building at Broad and 2nd Streets became closely associated with Schwarzschild and its jewelry business, giving the property the identity it retains today: The Jewelry Building.
Schwarzschild’s roots in Richmond date to the turn of the 20th century, and the company would go on to serve generations of Richmond families. Virginia historic preservation records specifically identify 119-123 E Broad Street as the Schwarzschild Brothers Jewelers property.
More than a century after its original construction in 1910, the building continues its commercial legacy while having been thoughtfully adapted for modern use. A substantial historic rehabilitation in the mid-2000s transformed the property into its current combination of street-level commercial space and eight residential apartments, preserving an important piece of Broad Street’s architectural and retail history.
Tom Rosman has been brokering investment real estate since the early 1990’s in the Richmond, VA, metro area. He has brought hundreds of transactions to a successful conclusion, including large apartment complexes, apartment buildings in historic neighborhoods, office buildings, retail properties, mixed use buildings, and numerous historic adaptive reuse properties.
Tom was one of the first brokers to recognize the transformative changes occurring in many of Richmond’s most architecturally significant but ignored neighborhoods. Having helped place many of the warehouses and other commercial structures in the hands of Richmond’s development community, Tom’s belief in what a property should be was never compromised by the condition it was in.
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.
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
