Duplex with Separate
New
For Sale
$695,000
4303 Park Avenue, Richmond, VA 23221
ResidentialIncome, Richmond, VA
Property Size2,411 SF
Lot Size0.18 Acres
Price / SF$288.26
Days on Market6
Property Features for 4303 Park Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-5
Rooms
Basement
Parking features
On Street
Patio and Porch features
Porch
Interior features
BedroomOnMainLevel, CeilingFans, SeparateFormalDiningRoom, LaminateCounters
Exterior features
Lighting
Appliances
GasWaterHeater, WaterHeater
Subdivision
Leonard Heights
Elementary school
Munford
Middle school
Albert Hill
High school
Thomas Jefferson
Directions
From Patterson Avenue, turn north onto Sauer Avenue and then west onto Park Avenue.
Standard status
Active
APN
W000-1951-009
Size
2,411 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LEONARD HGTS L8-9 BA 0060.00X0130.00 0000.179 AC
Tax Annual Amount
6792
Legal Description
LEONARD HGTS L8-9 BA 0060.00X0130.00 0000.179 AC
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1941
Floors in Building
2
Number of units
2
Building materials
Brick, Block, Frame
Roof type
Slate
Architectural style
Colonial
Listing Agency:
Joyner Fine Properties
(804) 270-9440
Listed By:
Jim Dunn · License #0225003317
(804) 864-0323
Added: Sep 8
Changed: Sep 11
Last Checked: Sep 13 at 10:06AM
MLS# 2623202
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 two-unit Colonial property, built in 1941, provides 2,411 square feet across separate residences. The first-floor home measures 1,309 square feet and includes living and dining rooms, a kitchen, two bedrooms, a full bath, office, and sunroom. The 1,102-square-foot upper unit offers living and dining rooms, a kitchen, two bedrooms, a full bath, side screened porch, and covered rear porch.
Each unit has separate utilities paid by the tenants. The property sits on a 0.1791-acre lot at 4303 Park Avenue in Richmond, Virginia. Public water and public sewer serve the property, with on-street parking available. Additional features include a slate roof, gas water heater, ceiling fans, laminate counters, and a basement.
Each unit has separate utilities paid by the tenants. The property sits on a 0.1791-acre lot at 4303 Park Avenue in Richmond, Virginia. Public water and public sewer serve the property, with on-street parking available. Additional features include a slate roof, gas water heater, ceiling fans, laminate counters, and a basement.
Key Highlights
- Two units totaling 2,411 square feet
- Separate utilities paid by tenants
- First‑floor unit includes 1,309 square feet, office, and sunroom
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
$31,812
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
4.58%
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%
$636,240
$636.2K
Cap Rate 7%
$454,457
$454.5K
Cap Rate 9%
$353,467
$353.5K
Market Conditions
NOI Build-Up for 2,411 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
$48.6K $20.16/SF
− Vacancy
−$3.2K −$1.31/SF
EGI
$45.4K $18.85/SF
− OpEx
−$13.6K −$5.65/SF
NOI
$31.8K $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%
$636,240
Cap Rate 7%
$454,457
Cap Rate 9%
$353,467
Alternative Uses
Best Use
Multifamily LT 5
$454.5K
$397.7K – $530.2K
NOI $31,812 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$426.7K
$373.4K – $497.8K
NOI $29,869 @ 7.0% cap · market cap 4.30%
Theoretical Best
Office A
$557.0K
$487.4K – $649.9K
NOI $38,992 @ 7.0% cap · market cap 5.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
510
Businesses Nearby
Explore this area
Business Placement
Demographics for 23221, VA
14,841
Population
7,776
Households
1.9
Avg Household Size
35
Median Age
76%
College-Educated
98%
High-School Grad
3.3 sq mi
ZIP Area
4,497
Density / Sq Mi
$97,006
Median Household Income
$61,616
Median Earnings
$1,480
Median Rent
$544,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Two-unit Colonial property with tenant-paid utilities, private porches, and a slate roof.
Where is this duplex located?
The property is located at 4303 Park Avenue Richmond, VA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Two units totaling 2,411 square feet; Separate utilities paid by tenants; First‑floor unit includes 1,309 square feet, office, and sunroom
