Two-Unit New Construction
New
For Sale
$699,000
113 W 10th St, Richmond, VA 23224
The planned layout pairs a two-bedroom residence with a larger three-bedroom upper unit.
Property Size2,669 SF
Price / SF$261.90
Days on Market4
Property Features for 113 W 10th St
General Information
Standard status
Active
Size
2,669 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Mnch
Units
Unit Mix
1 x 2BR/2BA, 1 x 3BR/2.5BA
Multifamily Units
2
Building Details
Year Built
2026
Buildings
1
Listing Agency:
Lake Anna Island Realty
(540) 894-4400
Listed By:
The Elliott Real Estate Team
(804) 404-5566
Source:
Elliottreteam
Added: Oct 23
Changed: Oct 25
Last Checked: Oct 24 at 5:36PM
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 Lake Anna Island Realty
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Investment Insights
Based on property information with market context.
Under construction in Manchester, this 2,669-square-foot duplex is scheduled for completion in early November 2026. Its two residences have distinct layouts: the lower unit is planned with two bedrooms and two bathrooms, while the upper unit includes three bedrooms and two and a half bathrooms.
Planned interior finishes include quartz countertops in both kitchens. The lower residence is specified with LVP flooring; the upper unit is slated for wood flooring in several living areas and ceramic tile in the bathrooms. The property is near downtown, the James River Park System, and restaurants and breweries.
Planned interior finishes include quartz countertops in both kitchens. The lower residence is specified with LVP flooring; the upper unit is slated for wood flooring in several living areas and ceramic tile in the bathrooms. The property is near downtown, the James River Park System, and restaurants and breweries.
Key Highlights
- 2,669‑square‑foot duplex under construction
- Scheduled for completion in early November 2026
- Lower unit planned with 2 bedrooms and 2 bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,217
Cap Rate
5.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$704,340
$704.3K
Cap Rate 7%
$503,100
$503.1K
Cap Rate 9%
$391,300
$391.3K
Market Conditions
NOI Build-Up for 2,669 SF
Gross rent
$53.8K $20.16/SF
− Vacancy
−$3.5K −$1.31/SF
EGI
$50.3K $18.85/SF
− OpEx
−$15.1K −$5.65/SF
NOI
$35.2K $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%
$704,340
Cap Rate 7%
$503,100
Cap Rate 9%
$391,300
Alternative Uses
Best Use
Multifamily LT 5
$503.1K
$440.2K – $587.0K
NOI $35,217 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$472.4K
$413.3K – $551.1K
NOI $33,065 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$616.6K
$539.6K – $719.4K
NOI $43,164 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,029
Businesses Nearby
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Business Placement
Demographics for 23224, VA
39,468
Population
18,201
Households
2.2
Avg Household Size
33
Median Age
19%
College-Educated
80%
High-School Grad
11.6 sq mi
ZIP Area
3,402
Density / Sq Mi
$49,263
Median Household Income
$36,275
Median Earnings
$1,268
Median Rent
$189,200
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 - The planned layout pairs a two-bedroom residence with a larger three-bedroom upper unit.
Where is this duplex located?
The property is located at 113 W 10th St Richmond, VA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 2,669‑square‑foot duplex under construction; Scheduled for completion in early November 2026; Lower unit planned with 2 bedrooms and 2 bathrooms
