Building Details

Year Built 1925

Buildings 1

Construction brick

Listing Agency: United Real Estate Richmond

Listed By: Jennie Guo · License #0225240192 Show Phone

Source: Buynsellrva

Added: Aug 11 Changed: Oct 11 Last Checked: Oct 7 at 5:39PM

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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.

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 / Yr

$22,457

Cap Rate

3.54%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$449,140 $449.1K

Cap Rate 7%

$320,814 $320.8K

Cap Rate 9%

$249,522 $249.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,702 SF

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 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 (±1% cap)

NOI $22,457 @ 7.0% cap · market cap 3.54%

Second Best

Apartment 5plus

$301.2K

$263.6K – $351.4K (±1% cap)

NOI $21,085 @ 7.0% cap · market cap 3.32%

Theoretical Best

Office A

$393.2K

$344.1K – $458.8K (±1% cap)

NOI $27,525 @ 7.0% cap · market cap 4.33%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Plumbing Service (Bike/Boat/Book/etc) Store Carpet & Flooring Store Pet Grooming Service Daycare Center Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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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