Brick Duplex with Off-Street
For Sale
$635,000
1119 W Grace St, Richmond, VA 23220
Two units offer central air, laundry, and separate gas and electric metering.
Property Size1,702 SF
Price / SF$373.09
Days on Market41
Property Features for 1119 W Grace St
General Information
Standard status
Active
Size
1,702 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,036
Amenities
off street parking
central air
washer/dryer
Building Details
Buildings
1
Construction
brick
Listing Agency:
United Real Estate Richmond
(804) 821-8005
Listed By:
Jennie Guo · License #0225240192
(804) 821-8005
Source:
Exprealty
Added: Jul 23
Changed: Aug 21
Last Checked: Aug 30 at 11:24PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of United Real Estate Richmond
Investment Insights
Based on property information with market context.
This 1,702 SF brick duplex contains two residential units, each equipped with central air and a washer/dryer. The property has separate gas and electric meters, one water meter, and off-street parking. The first-floor residence includes 2 baths and extends into a finished basement, while the second-floor unit provides 2 full baths.
The property is a short walk from VCU. The second-floor unit is leased through November 30, 2026, and the first-floor unit is leased through September 30, 2026, providing defined lease terms for both residences.
The property is a short walk from VCU. The second-floor unit is leased through November 30, 2026, and the first-floor unit is leased through September 30, 2026, providing defined lease terms for both residences.
Key Highlights
- 1,702 SF brick duplex with off‑street parking
- Separate gas and electric meters; one water meter
- Both units include central air and a washer/dryer
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
$22,457
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
3.54%
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%
$449,140
$449.1K
Cap Rate 7%
$320,814
$320.8K
Cap Rate 9%
$249,522
$249.5K
Market Conditions
NOI Build-Up for 1,702 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
$34.3K $20.16/SF
− Vacancy
−$2.2K −$1.31/SF
EGI
$32.1K $18.85/SF
− OpEx
−$9.6K −$5.65/SF
NOI
$22.5K $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%
$449,140
Cap Rate 7%
$320,814
Cap Rate 9%
$249,522
Alternative Uses
Best Use
Multifamily LT 5
$320.8K
$280.7K – $374.3K
NOI $22,457 @ 7.0% cap · market cap 3.54%
Second Best
Apartment 5plus
$301.2K
$263.6K – $351.4K
NOI $21,085 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$393.2K
$344.1K – $458.8K
NOI $27,525 @ 7.0% cap · market cap 4.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,253
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 - Two units offer central air, laundry, and separate gas and electric metering.
Where is this duplex located?
The property is located at 1119 W Grace St Richmond, VA.
What is the asking price?
The asking price for this property is $635,000.
What are key features of this property?
This property features: 1,702 SF brick duplex with off‑street parking; Separate gas and electric meters; one water meter; Both units include central air and a washer/dryer
