Mixed-Use Income
2603 W Grace Street Richmond, VA 23220
For Sale
$599,950
MULTI_FAMILY - Richmond, VA
Property Size1,518 SF
Lot Size0.11 Acres
Price / SF$395.22
Days on Market191
Property Features for 2603 W Grace Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Parking features
Alley, Off Street
Patio and Porch features
Porch
Interior features
BedroomOnMainLevel
Exterior features
Awnings, Lighting, Storage, Shed
Appliances
GasWaterHeater
Standard status
Active
APN
W000-1169-012
Size
1,518 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
0033.83X0145.00 0000.000
Tax Annual Amount
6168
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1958
Floors in Building
1
Number of units
3
Building materials
Brick, Drywall, Frame, Plaster
Roof type
Metal, Shingle
Additional Structures
Storage
Listing Agency:
ERA Woody Hogg & Assoc
(804) 559-4644
Listed By:
Bryan Boykin · License #0225099053
(804) 467-8637
Added: Jan 19
Changed: Jul 18
Last Checked: Jul 29 at 4:06PM
MLS# 2601767
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.
This mixed-use income building combines residential and office space. The property features two efficiency apartments, with each unit described as approximately 380 square feet. In addition, it includes a business office area formerly used as a dentist office, spanning approximately 760 square feet. The office space includes six rooms and two half bathrooms and is described as having potential to support conversion into an additional apartment or another business use.
The building is located in Richmond City and is described in the Fan area near the intersection of Boulevard and Broad St. A rear parking lot accommodates up to six vehicles, providing on-site parking for tenants and office users.
For sale with a stated zoning designation of R-48, the property is presented as a live/work or combined residential and commercial setup, supported by the described unit mix and on-site parking.
The building is located in Richmond City and is described in the Fan area near the intersection of Boulevard and Broad St. A rear parking lot accommodates up to six vehicles, providing on-site parking for tenants and office users.
For sale with a stated zoning designation of R-48, the property is presented as a live/work or combined residential and commercial setup, supported by the described unit mix and on-site parking.
Key Highlights
- Mixed‑use building zoned R‑48 near the Boulevard & Broad St intersection
- Two efficiency apartments, each approximately 380 SF, with monthly rents of $1,050 and $1,100
- Business office space formerly a dentist office, approximately 760 SF, with six rooms and 2 half bathrooms
Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $39.5k | $26.04 |
| − Vacancy | −$3.2k | −$2.14 |
| EGI | $36.3k | $23.90 |
| − OpEx | −$14.5k | −$9.56 |
| NOI | $21.8k | $14.34 |
1,518 SF · lease $26.04/SF/yr · vacancy 8.20% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$311.0K
$272.2K – $362.9K
NOI $21,772 @ 7.0% cap · market cap 3.63%
Second Best
Office B
$291.6K
$255.1K – $340.2K
NOI $20,409 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$350.7K
$306.9K – $409.2K
NOI $24,550 @ 7.0% cap · market cap 4.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - Mixed-use building includes two efficiency apartments and a six-room office with rear parking for six vehicles.
Where is this triplex located?
The property is located at 2603 W Grace Street Richmond, VA.
What is the asking price?
The asking price for this property is $599,950.
What are key features of this property?
This property features: Mixed‑use building zoned R‑48 near the Boulevard & Broad St intersection; Two efficiency apartments, each approximately 380 SF, with monthly rents of $1,050 and $1,100; Business office space formerly a dentist office, approximately 760 SF, with six rooms and 2 half bathrooms
