Fan District Quadplex
For Sale
$800,000
2607 W Grace St, Richmond, VA 23220
Classic 1910 brick quadplex in Richmond's desirable Fan District.
Property Size2,694 SF
Price / SF$296.96
Days on Market98
Property Features for 2607 W Grace St
General Information
Standard status
Active
Size
2,694 SF
Property subtype
Investment
Building Details
Year Built
1910
Listing Agency:
ERA Woody Hogg and Asociates
(804) 357-0969
Listed By:
Woody Hogg · License #0225099053
(804) 357-0969
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Jul 29 at 8:11AM
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 ERA Woody Hogg and Asociates
Investment Insights
Based on property information with market context.
Located in the Fan District, this is a classic 1910 brick quadplex at 2607 W Grace St. The two-story building includes a partial basement and a total area of 2,694 square feet. The property features four one-bedroom apartments. Off-street parking is available for two cars. The location is near restaurants, museums, shopping, and nightlife. The property has a bike score of 65, indicating it is bikeable, a walk score of 71, indicating it is very walkable, and a transit score of 40, indicating some transit options are available. This property is suitable for a buy-and-hold strategy.
Key Highlights
- Prime Fan District location, highly walkable to restaurants, museums, shopping, and nightlife.
- Classic 1910 brick quadplex with four (4) one‑bedroom apartments.
- Off‑street parking for two cars, a rare amenity in the Fan District.
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 | $54.3k | $20.16 |
| − Vacancy | −$3.5k | −$1.31 |
| EGI | $50.8k | $18.85 |
| − OpEx | −$15.2k | −$5.65 |
| NOI | $35.5k | $13.19 |
2,694 SF · lease $20.16/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$507.8K
$444.3K – $592.5K
NOI $35,547 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$476.8K
$417.2K – $556.3K
NOI $33,375 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$622.4K
$544.6K – $726.1K
NOI $43,568 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,046
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Classic 1910 brick quadplex in Richmond's desirable Fan District.
Where is this quadplex located?
The property is located at 2607 W Grace St Richmond, VA.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Prime Fan District location, highly walkable to restaurants, museums, shopping, and nightlife.; Classic 1910 brick quadplex with four (4) one‑bedroom apartments.; Off‑street parking for two cars, a rare amenity in the Fan District.
