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    Fan District Triplex For Sale Title is generated by Realmo AI

    1615 W Grace St, Richmond, VA 23220

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    For Sale
    $899,000

    Richmond triplex in the Fan District with strong rental potential.

    Type:Investment
    Property size:
    3,687 SF
    Price / SF:
    $243/SF
    Added:
    Apr 24, 2026
    Days on Market:
    50
    Last Refresh:
    Apr 24 at 5:47 pm

    Property Features for 1615 W Grace St

    General Information

    Standard status
    Active
    Size
    3,687 SF
    Property subtype
    Investment

    Building Details

    Year Built
    1904

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    Listing Contact
    John Fehr

    Listing agent John Fehr

    Listing office

    Listing date Apr 24, 2026

    Source Elliman

    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 John Fehr

    HighLights

    • Prime Fan District location with a walk score of 95, close to amenities.
    • Triplex with three occupied apartments offering strong rental potential.
    • Historic 1904 Victorian‑inspired rowhouse with 3,687 square feet.
    • Recent upgrades including a recently installed TPO roof and two tankless water heaters.
    • Fenced backyard with a private deck and 2 off‑street parking spaces.
    • Located in Richmond, ranked as a Top 10 U.S. Home buying Hot Spot for 2026.

    Overview

    Located in Richmond's historic Fan District, 1615 W Grace Street is a 1904 built triplex. The all-brick Victorian-inspired rowhouse provides 3,687 square feet across three floors. The building contains three occupied apartments: two 2-bedroom units and one 1-bedroom unit, along with a shared laundry and partial basement. Recent upgrades include a recently installed TPO roof and two tankless water heaters. A fenced backyard includes a private deck and two off-street parking spaces. The property is located in a highly walkable area, with a walk score of 95, close to Whole Foods, VCU, and various local restaurants, museums, live music venues, and parks. The bike score is 78, indicating it is very bikeable. The transit score is 61, indicating good transit. The property offers rental potential and a prime Fan District location. Richmond is ranked as a Top 10 U.S. Home buying Hot Spot for 2026.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $74.3k $20.16
    − Vacancy −$4.8k −$1.31
    EGI $69.5k $18.85
    − OpEx −$20.8k −$5.65
    NOI $48.6k $13.19
    3,687 SF · lease $20.16/SF/yr · vacancy 6.50% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $695.0K
    $608.1K – $810.8K (±1% cap)
    NOI $48,649 @ 7.0% cap · market cap 5.41%
    Second Best
    Apartment 5plus
    $652.5K
    $571.0K – $761.3K (±1% cap)
    NOI $45,676 @ 7.0% cap · market cap 5.08%
    Theoretical Best
    Office A
    $851.8K
    $745.3K – $993.8K (±1% cap)
    NOI $59,627 @ 7.0% cap · market cap 6.63%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4575689
    Latitude
    37.5535293

    FAQs

    What type of property is this?
    Triplex - Richmond triplex in the Fan District with strong rental potential.
    Where is this triplex located?
    The property is located at 1615 W Grace St Richmond, VA.
    What is the asking price?
    The asking price for this property is $899,000.
    What are key features of this property?
    This property features: Prime Fan District location with a walk score of 95, close to amenities.; Triplex with three occupied apartments offering strong rental potential.; Historic 1904 Victorian‑inspired rowhouse with 3,687 square feet.
    More about this property
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