Renovated Duplex with Heat
For Sale
$349,950
2915 Hull Street, Richmond, VA 23224
MULTI_FAMILY - Other - Richmond, VA
Property Size2,181 SF
Lot Size0.16 Acres
Price / SF$160.45
Days on Market31
Property Features for 2915 Hull Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
B-3
Parking features
On Street, Off Street
Subdivision
Swansboro
Elementary school
Swansboro
Middle school
River City
High school
Richmond High School for the Arts
Standard status
Active
APN
S000-1343-016
Size
2,181 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BURFOOTS ADD L10 B2 0056.50X0120.00 0000.000
Tax Annual Amount
2748
Legal Description
BURFOOTS ADD L10 B2 0056.50X0120.00 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1929
Floors in Building
2
Number of units
2
Building materials
VinylSiding, WoodSiding
Roof type
Flat, Shingle, Metal
Architectural style
Other
Listing Agency:
EXP Realty, LLC
(804) 729-5188
Listed By:
Chrissy Wengloski · License #0225248171
(860) 208-0132
Added: Jul 23
Changed: Aug 19
Last Checked: Aug 22 at 8:06PM
MLS# 2620096
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 turnkey duplex at 2915 Hull Street includes two renovated units. Both units feature updated kitchens and bathrooms, along with numerous plumbing and electrical improvements. Additional major upgrades include a newer roof and heat pumps, supporting a low-maintenance ownership experience. The property consists of 2,181 square feet built in 1929 on a 0.1556-acre lot.
Constructed with vinyl siding and wood siding, the building includes a mix of roof types listed as shingle, metal, and flat. Parking is available via on-street and off-street spaces. The property is served by public water and public sewer. The duplex is zoned B-3, offering flexibility for future building or expansion subject to city approval.
Unit 1 is leased through May 31, 2027 and Unit 2 is leased through March 31, 2027.
Constructed with vinyl siding and wood siding, the building includes a mix of roof types listed as shingle, metal, and flat. Parking is available via on-street and off-street spaces. The property is served by public water and public sewer. The duplex is zoned B-3, offering flexibility for future building or expansion subject to city approval.
Unit 1 is leased through May 31, 2027 and Unit 2 is leased through March 31, 2027.
Key Highlights
- Two‑unit duplex renovated with updated kitchens and bathrooms
- Newer roof plus heat pumps for lower maintenance
- Leased through May 31, 2027 (Unit 1) and March 31, 2027 (Unit 2)
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
$28,778
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
8.22%
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%
$575,560
$575.6K
Cap Rate 7%
$411,114
$411.1K
Cap Rate 9%
$319,756
$319.8K
Market Conditions
NOI Build-Up for 2,181 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
$44.0K $20.16/SF
− Vacancy
−$2.9K −$1.31/SF
EGI
$41.1K $18.85/SF
− OpEx
−$12.3K −$5.65/SF
NOI
$28.8K $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%
$575,560
Cap Rate 7%
$411,114
Cap Rate 9%
$319,756
Alternative Uses
Best Use
Multifamily LT 5
$411.1K
$359.7K – $479.6K
NOI $28,778 @ 7.0% cap · market cap 8.22%
Second Best
Apartment 5plus
$386.0K
$337.7K – $450.3K
NOI $27,019 @ 7.0% cap · market cap 7.72%
Theoretical Best
Office A
$503.9K
$440.9K – $587.9K
NOI $35,272 @ 7.0% cap · market cap 10.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
572
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?
Duplex - Turnkey duplex fully renovated and leased, with updated kitchens and baths plus newer roof and heat pumps under B-3 zoning.
Where is this duplex located?
The property is located at 2915 Hull Street Richmond, VA.
What is the asking price?
The asking price for this property is $349,950.
What are key features of this property?
This property features: Two‑unit duplex renovated with updated kitchens and bathrooms; Newer roof plus heat pumps for lower maintenance; Leased through May 31, 2027 (Unit 1) and March 31, 2027 (Unit 2)
