Four-Unit Quadplex With
New
For Sale
$1,300,000
1422 Bainbridge Street, Richmond, VA 23224
MULTI_FAMILY - Other - Richmond, VA
Property Size5,262 SF
Lot Size0.11 Acres
Price / SF$247.05
Days on Market1
Property Features for 1422 Bainbridge Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-63
Elementary school
Blackwell
Middle school
Dogwood
High school
Armstrong
Subdivision
60 - Richmond
Standard status
Active
APN
S000-0153-004
Size
5,262 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
0030.00X0155.00 0000.000
Tax Annual Amount
11520
Legal Description
0030.00X0155.00 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
walk out balconies
Building Details
Year built
2024
Floors in Building
3
Number of units
4
Building materials
HardiplankType, WoodSiding
Architectural style
Other
Listing Agency:
Providence Hill Real Estate
(804) 512-4999
Listed By:
Caleb Boyer · License #0225225333
(804) 955-8668
Added: Aug 14
Last Checked: Aug 14 at 7:06PM
MLS# 2622047
Copyright © 2026 Central Virginia Regional Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Completed in 2024, 1422 Bainbridge Street is a four-unit residential income property with 5,262 square feet across a 0.1067-acre site. Each residence offers two bedrooms and two bathrooms, with natural wood flooring, nine-foot ceilings, and substantial natural light. Three of the four units include walk-out balconies, and off-street parking is provided.
The property has Hardiplank and wood siding, along with public water and public sewer service. Its Manchester setting places the building across from Le Petit Morceau bakery and within a 12-minute bike ride of downtown Richmond’s CoStar headquarters. The address is 1422 Bainbridge Street, Richmond, VA 23224.
The property has Hardiplank and wood siding, along with public water and public sewer service. Its Manchester setting places the building across from Le Petit Morceau bakery and within a 12-minute bike ride of downtown Richmond’s CoStar headquarters. The address is 1422 Bainbridge Street, Richmond, VA 23224.
Key Highlights
- Built in 2024 with 5,262 square feet on a 0.1067‑acre site
- Four units, each with 2 bedrooms and 2 bathrooms
- Three of the four units include walk‑out balconies
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$69,431
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.34%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,388,620
$1.4M
Cap Rate 7%
$991,871
$991.9K
Cap Rate 9%
$771,456
$771.5K
Market Conditions
NOI Build-Up for 5,262 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$106.1K $20.16/SF
− Vacancy
−$6.9K −$1.31/SF
EGI
$99.2K $18.85/SF
− OpEx
−$29.8K −$5.65/SF
NOI
$69.4K $13.19/SF
Area
Richmond, VA
Vacancy
6.50%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,388,620
Cap Rate 7%
$991,871
Cap Rate 9%
$771,456
Alternative Uses
Best Use
Multifamily LT 5
$991.9K
$867.9K – $1.16M
NOI $69,431 @ 7.0% cap · market cap 5.34%
Second Best
Apartment 5plus
$931.3K
$814.9K – $1.09M
NOI $65,188 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,099 @ 7.0% cap · market cap 6.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
484
Businesses Nearby
Explore this area
Business Placement
Demographics for 23224, VA
39,468
Population
18,201
Households
2.2
Avg Household Size
33
Median Age
19%
College-Educated
80%
High-School Grad
11.6 sq mi
ZIP Area
3,402
Density / Sq Mi
$49,263
Median Household Income
$36,275
Median Earnings
$1,268
Median Rent
$189,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four two-bedroom, two-bath residences feature wood flooring, abundant natural light, and off-street parking.
Where is this quadplex located?
The property is located at 1422 Bainbridge Street Richmond, VA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Built in 2024 with 5,262 square feet on a 0.1067‑acre site; Four units, each with 2 bedrooms and 2 bathrooms; Three of the four units include walk‑out balconies
