Population
226,610
Growth (5Y)
+6.8%
Median Income
$55,000
Metro GDP
$91B
Market Overview
Richmond is one of the mid-Atlantic's most consistent NNN markets — offering cap rates of 5.25–6.75% with an employment base that spans government, financial services, and healthcare. Virginia's state capital designation provides a uniquely stable consumer foundation: government employment tends to be recession-resistant, supporting retail spending even during economic downturns. The market's size — just over 1.3M in the metro — makes it large enough to attract all major national NNN tenants while remaining below the radar of peak institutional competition.
Key Highlights
Virginia's state capital — government employment provides economic stability across all market cycles
Capital One and Carmax headquarters create a strong financial services and corporate employment base
Proximity to Washington DC (2 hours) attracts federal contractors and government-adjacent employers
No locality tax on business inventory; Virginia's overall business climate supports retail investment
How the Market Has Evolved (2020–2025)
Richmond's NNN market from 2020 to 2025 benefited from Virginia's strong economic management and proximity to Northern Virginia's booming tech economy. Remote workers priced out of Northern Virginia/DC increasingly relocated to Richmond, raising household incomes and supporting premium retail. Capital One's continued expansion in the metro added thousands of financial services jobs. The Richmond suburbs — particularly Chesterfield County and Henrico — saw significant QSR drive-thru development from 2021–2024 as Chick-fil-A, Starbucks, and Dutch Bros opened their first suburban Richmond locations. Cap rates compressed modestly from 5.75–7.25% in 2020 to 5.25–6.75% by 2025.
Why Invest in Richmond
- 1Government employment base provides recession-resistant consumer spending floor
- 2Capital One and financial services sector drives above-average household incomes
- 3Below-the-radar Secondary market status — strong fundamentals without peak institutional competition
- 4DC spillover migration continuing to raise household incomes and retail spending across the metro
Recent NNN Activity
"2025 NNN activity is concentrated in the Chesterfield and Henrico County corridors. Chick-fil-A and Starbucks assets in Midlothian are trading at 5.25–5.75% cap rates. Dollar General continues its Richmond MSA expansion with 15-year absolute NNN leases in the suburban and semi-rural submarkets."
NNN Snapshot
Cap Rate Range
5.25% - 6.75%
Price Range
$1.5M - $4.0M
Avg Lease Term
13 Years
Unemployment Rate
3.2%
Active NNN Tenants
McDonald'sDollar GeneralStarbucksChick-fil-ACVS PharmacyAutoZoneWalgreens
Major Employers
Dominion EnergyCarmaxAltria GroupCapital OneVCU HealthBon Secours Richmond
Find NNN Properties in Richmond
Our advisors have exclusive, off-market NNN inventory in the Richmond market right now. Contact us to see what's available before it hits the public market.