Updated Duplex with In-Law
For Sale
$585,000
323 Randolph Street, Richmond, VA 23220
ResidentialIncome, Richmond, VA
Property Size2,476 SF
Lot Size0.05 Acres
Price / SF$236.27
Days on Market54
Property Features for 323 Randolph Street
General Information
Property type
Residential
Property subtype
Duplex
Zoning description
R-48
Rooms
Dining Room
Parking features
Off Street, On Street, Garage
Patio and Porch features
Porch, Deck
Interior features
DiningArea, DoubleVanity, EatInKitchen, Fireplace, GraniteCounters, BathInPrimaryBedroom, RecessedLighting, TrackLighting, WalkInClosets
Fencing
Fenced, Privacy
Fireplace
1
Appliances
GasWaterHeater
Subdivision
Randolph West
Lot features
Corner Lot, Level
View
City
Elementary school
Fox
Middle school
Dogwood
High school
Thomas Jefferson
Standard status
Active
APN
W000-0438-057
Size
2,476 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
0020.22X0110.00 0000.000
Tax Annual Amount
5676
Legal Description
0020.22X0110.00 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
deck
balcony
fenced yard
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Building materials
Brick, Frame
Roof type
Metal
Architectural style
Other
Listing Agency:
EXP Realty LLC
(804) 729-5188
Listed By:
Cary Ridenhour · License #0225255753
(804) 295-6238
Added: Jul 6
Changed: Aug 26
Last Checked: Aug 28 at 7:06PM
MLS# 2618336
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 1920 brick-and-frame duplex is configured as an updated end-unit residence with a primary living area and a separate apartment-sized dwelling. The main portion includes tall ceilings, an open connection between the living, dining, and eat-in kitchen areas, gas cooking, granite countertops, extensive cabinetry, and a decorative brick fireplace. The primary suite adds a walk-in closet, dual-vanity bath, tile shower, and balcony. The second living component has its own entrance, living and dining areas, kitchenette, bedroom, bathroom, and stacked washer/dryer. New flooring, paint, and fixtures are installed throughout.
Outdoor features include a deck, porch, privacy fencing, and access to garage, on-street, and off-street parking. The property is located at 323 Randolph Street in Richmond, near VCU parking facilities and Cary Street Field, with the Fan three blocks away and Carytown shopping and restaurants within walking distance. Public water and sewer serve the property.
Outdoor features include a deck, porch, privacy fencing, and access to garage, on-street, and off-street parking. The property is located at 323 Randolph Street in Richmond, near VCU parking facilities and Cary Street Field, with the Fan three blocks away and Carytown shopping and restaurants within walking distance. Public water and sewer serve the property.
Key Highlights
- 2476 square feet on 0.0511 acres
- Separate apartment‑sized dwelling with its own entrance, kitchenette, bedroom, bath, and stacked washer/dryer
- Primary suite includes walk‑in closet, dual vanities, tile shower, and balcony
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
$32,670
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
5.58%
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%
$653,400
$653.4K
Cap Rate 7%
$466,714
$466.7K
Cap Rate 9%
$363,000
$363.0K
Market Conditions
NOI Build-Up for 2,476 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
$49.9K $20.16/SF
− Vacancy
−$3.2K −$1.31/SF
EGI
$46.7K $18.85/SF
− OpEx
−$14.0K −$5.65/SF
NOI
$32.7K $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%
$653,400
Cap Rate 7%
$466,714
Cap Rate 9%
$363,000
Alternative Uses
Best Use
Multifamily LT 5
$466.7K
$408.4K – $544.5K
NOI $32,670 @ 7.0% cap · market cap 5.58%
Second Best
Apartment 5plus
$438.2K
$383.4K – $511.2K
NOI $30,674 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$572.0K
$500.5K – $667.4K
NOI $40,043 @ 7.0% cap · market cap 6.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,378
Businesses Nearby
Explore this area
Business Placement
Demographics for 23220, VA
36,942
Population
16,561
Households
2.2
Avg Household Size
27
Median Age
59%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
7,696
Density / Sq Mi
$56,681
Median Household Income
$33,249
Median Earnings
$1,354
Median Rent
$468,900
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 - End-unit duplex near VCU offers separate living quarters, private outdoor space, and on- and off-street parking.
Where is this duplex located?
The property is located at 323 Randolph Street Richmond, VA.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 2476 square feet on 0.0511 acres; Separate apartment‑sized dwelling with its own entrance, kitchenette, bedroom, bath, and stacked washer/dryer; Primary suite includes walk‑in closet, dual vanities, tile shower, and balcony
