Two-Unit Duplex with Separate
12308 Poplar Forest Drive, Henrico, VA 23238
For Sale
$525,000
Two residences provide individual driveways, separate utility meters, and month-to-month leases.
Property Size2,360 SF
Price / SF$222.46
Days on Market45
Property Features for 12308 Poplar Forest Drive
General Information
Standard status
Size
Property subtype
Zoning
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Utilities to Site
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
Storage
Shed
Building Details
Building Size
Year Built
Stories
Units
Listing Agency:
Coldwell Banker Avenues
(804) 288-4163
Listed By:
Graham Johnson
(804) 873-3504
Source:
Freedom1realty
Added: Sep 26
Changed: Nov 7
Last Checked: Nov 8 at 1:52PM
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 Coldwell Banker Avenues
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Investment Insights
Based on property information with market context.
This R5-zoned duplex contains 2,360 square feet across two residences. The first-floor unit has three bedrooms, two full baths, a laundry closet, a wood-burning fireplace, and a screened porch. The upper unit includes two bedrooms, one full bath, a laundry closet, newer luxury vinyl plank flooring and carpet, updated paint, and a wood-burning fireplace. Each residence has its own entrance and driveway, with separate buried water and electric meters. The roof was replaced in 2018, and the property was built in 1980.
The property is in Henrico's West End, near Short Pump, on an oversized corner lot. Both units are tenant-occupied under month-to-month leases.
The property is in Henrico's West End, near Short Pump, on an oversized corner lot. Both units are tenant-occupied under month-to-month leases.
Key Highlights
- Two residences: one with 3 bedrooms and 2 full baths; the other with 2 bedrooms and 1 full bath
- 2,360‑square‑foot duplex on an oversized corner lot
- Separate entrances, driveways, and buried water and electric meters for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,562
Cap Rate
4.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$511,240
$511.2K
Cap Rate 7%
$365,171
$365.2K
Cap Rate 9%
$284,022
$284.0K
Market Conditions
NOI Build-Up for 2,360 SF
Gross rent
$39.9K $16.92/SF
− Vacancy
−$3.4K −$1.45/SF
EGI
$36.5K $15.47/SF
− OpEx
−$11.0K −$4.64/SF
NOI
$25.6K $10.83/SF
Area
Richmond City County, VA
Vacancy
8.55%
Lease Rate
$16.92 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$511,240
Cap Rate 7%
$365,171
Cap Rate 9%
$284,022
Alternative Uses
Best Use
Multifamily LT 5
$365.2K
$319.5K – $426.0K
NOI $25,562 @ 7.0% cap · market cap 4.87%
Second Best
Apartment 5plus
$326.0K
$285.3K – $380.3K
NOI $22,820 @ 7.0% cap · market cap 4.35%
Theoretical Best
Mixed Use
$409.6K
$358.4K – $477.9K
NOI $28,674 @ 7.0% cap · market cap 5.46%
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
23
Businesses Nearby
Explore this area
Business Placement
Demographics for 23238, VA
26,200
Population
12,256
Households
2.1
Avg Household Size
44
Median Age
56%
College-Educated
96%
High-School Grad
21.2 sq mi
ZIP Area
1,236
Density / Sq Mi
$97,286
Median Household Income
$52,672
Median Earnings
$1,679
Median Rent
$392,500
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Richmond City County, VA
Properties on Market for Duplexes in Richmond City County
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two residences provide individual driveways, separate utility meters, and month-to-month leases.
Where is this duplex located?
The property is located at 12308 Poplar Forest Drive Henrico, VA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two residences: one with 3 bedrooms and 2 full baths; the other with 2 bedrooms and 1 full bath; 2,360‑square‑foot duplex on an oversized corner lot; Separate entrances, driveways, and buried water and electric meters for each unit
