New Construction
For Sale
$699,000
115 W 10th Street, Richmond, VA 23224
ResidentialIncome, Richmond, VA
Property Size2,669 SF
Lot Size0.07 Acres
Price / SF$261.90
Days on Market145
Property Features for 115 W 10th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning description
R-63
Parking features
Off Street, Garage, Assigned
Window features
Screens
Patio and Porch features
Porch
Interior features
CeilingFans, GraniteCounters, HighCeilings, BathInPrimaryBedroom, WalkInClosets
Appliances
ElectricWaterHeater
Subdivision
Manchester Gardens
Elementary school
Blackwell
Middle school
Dogwood
High school
Armstrong
Directions
From downtown: Take Manchester Bridge south, exit onto Commerce Road and take right onto Porter Street. Take Porter one block and turn left on W. 10th Street. Property is 2nd unit on your left.
Standard status
Active
APN
S0000041061
Size
2,669 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
MANCHESTER GARDENS L31 S1
Tax Annual Amount
1188
Legal Description
MANCHESTER GARDENS L31 S1
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2026
Floors in Building
3
Number of units
2
Building materials
Drywall, Frame, HardiplankType
Roof type
Flat
Architectural style
Contemporary
Listing Agency:
Monroe Properties
(804) 643-3098
Listed By:
Christopher Blake · License #0225061328
(804) 363-9177
Added: Apr 17
Changed: Sep 1
Last Checked: Sep 8 at 4:06AM
MLS# 2609923
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 contemporary duplex is under construction on a 0.065-acre lot and is scheduled for completion in October 2026. The 2,669-square-foot property includes two residences with separate layouts. The lower unit is designed with 2 bedrooms, 2 baths, LVP flooring, and quartz countertops. The upper unit includes 3 bedrooms, 2.5 baths, wood flooring in the living room, kitchen, primary bedroom, stairs, and hallways, plus ceramic tile in the bathrooms and quartz kitchen countertops.
The property is in historic Manchester near downtown, the James River Park System, and newer restaurants and breweries. Construction features include a frame structure with Hardiplank siding, a flat roof, public water and public sewer, a porch, and assigned, garage, and off-street parking. Interior features include ceiling fans, high ceilings, and walk-in closets.
The property is in historic Manchester near downtown, the James River Park System, and newer restaurants and breweries. Construction features include a frame structure with Hardiplank siding, a flat roof, public water and public sewer, a porch, and assigned, garage, and off-street parking. Interior features include ceiling fans, high ceilings, and walk-in closets.
Key Highlights
- 2,669‑square‑foot duplex on a 0.065‑acre lot
- Scheduled for completion in October 2026
- Lower residence has 2 bedrooms and 2 baths
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
$35,217
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
5.04%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
982
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer distinct bedroom layouts, contemporary finishes, and assigned garage and off-street parking.
Where is this duplex located?
The property is located at 115 W 10th Street 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 on a 0.065‑acre lot; Scheduled for completion in October 2026; Lower residence has 2 bedrooms and 2 baths
