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Carytown is located northeast of Downtown
Richmond. Highway 161 effectively marks its
eastern boundary, while Interstate 195
serves as both its southern and western
borders. Carytown and its immediately
adjacent neighbors (the Museum District
and the Fan District) are historic
neighborhoods — most of the commercial
buildings here were built in the 1930s while
many of the residential structures go back
even further. The dividing line between
Carytown and the Museum District consists
primarily of Ellwood Avenue. Meanwhile, the
Fan District (home of Virginia
Commonwealth University) lies to the east
of Carytown across Highway 161. Due in
large part to the allure of historic
architecture and central locations, all three
of these districts have seen a steady influx
of new urban dwellers (primarily millennials)
over the past few years. Each has also
benefited from the relative strengths of
their neighbors. While the Museum District
remains primarily a residential
neighborhood, the Fan District has seen an
explosion of nightlife and dining activity.
Carytown has seen the greatest balance and
mix between retail and restaurant activity
over the past few years.
This is one of the smaller trade areas
featured in our report; West Cary Street is
the primary retail corridor and its most
active segment is only about a mile in
length. Still, that one mile is home to about
950,000 sf of retail inventory and more
than 300 boutiques, shops, restaurants
and bars. Local retail consists of a mix of
independents and upscale boutiques as
well as some main street shopping. The
Byrd Theatre, a restored cinema that has
operated continuously since 1928, is
located in Carytown, providing insight into
the makeup of the neighborhood. The
average age of retail inventory in the area
is roughly 80 years old. Despite this,
Carytown has little in the way of existing
vacancy; we estimate it at approximately
4%. Asking rents range from $12 to $40
per sf, with modern or refurbished
properties at the top of that scale. With no
new major redevelopment projects
currently under way, we expect those rates
to rise — particularly for refinished or
repurposed quality retail space.
43.1%
Millennial Population
$81,444
Average
Household Income
Carytown:
The Mile of Style