Brick Duplex with Off-Street
For Sale
$635,000
1119 W Grace Street, Richmond, VA 23220
ResidentialIncome, Richmond, VA
Property Size1,702 SF
Price / SF$373.09
Days on Market93
Property Features for 1119 W Grace Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
Assigned, Off Street
Appliances
ElectricWaterHeater, GasWaterHeater
Elementary school
Fox
Middle school
Dogwood
High school
Thomas Jefferson
Directions
Property is located on the south side of west grace street, west of the intersection with Ryland street.
Subdivision
10 - Richmond
Standard status
Active
APN
W0000614010
Size
1,702 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
0027.06X0098.00 0000.000
Tax Annual Amount
6036
Legal Description
0027.06X0098.00 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
off street parking
central air
washer/dryer
finished basement
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Building materials
Brick, Drywall
Roof type
Shingle, Slate
Architectural style
Colonial
Listing Agency:
United Real Estate Richmond
(804) 359-9200
Listed By:
Jennie Guo · License #0225240192
(804) 821-8005
Added: Jul 23
Changed: Oct 21
Last Checked: Oct 23 at 7:06AM
MLS# 2620136
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.
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Investment Insights
Based on property information with market context.
This 1,702-square-foot brick duplex, built in 1925, includes two residential units with central air and washer/dryer appliances. The first-floor unit offers two baths and additional finished basement space, while the second-floor unit includes two full baths. Separate gas and electric meters serve the residences, with one water meter for the property. Assigned off-street parking is provided.
The property is located at 1119 W Grace Street in Richmond, near VCU and within a short walk of the campus. Public water and public sewer serve the building. The second-floor unit is leased through November 30, 2026, and the first-floor unit is leased through September 30, 2026.
The property is located at 1119 W Grace Street in Richmond, near VCU and within a short walk of the campus. Public water and public sewer serve the building. The second-floor unit is leased through November 30, 2026, and the first-floor unit is leased through September 30, 2026.
Key Highlights
- 1,702 square feet in a brick duplex built in 1925
- Separate gas and electric meters; one water meter
- Both units include central air and washer/dryer appliances
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
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
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.
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Lease Details
2
Residential units
Yes
Utilities to site
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences provide central air, washer/dryer access, and public water and sewer service.
Where is this duplex located?
The property is located at 1119 W Grace Street 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 square feet in a brick duplex built in 1925; Separate gas and electric meters; one water meter; Both units include central air and washer/dryer appliances
