8-Unit Mixed-Use
For Sale
$1,840,000
2712 E Leigh Street Richmond, Richmond, VA 23223
Fully occupied 8-unit mixed-use building with 7 apartments and 1 retail space, recently rehabbed in 2019.
Property Size4,835 SF
Price / SF$380.56
Days on Market29
Property Features for 2712 E Leigh Street Richmond
General Information
Standard status
Active
Size
4,835 SF
Total Parking Spaces
7
Property subtype
CommercialSale
Occupancy
100%
Additional Details
Multifamily Units
7
Building Details
Year Built
1971
Year Renovated
2019
Stories
2
Tenancy
Multi
Listing Agency:
Virginia Capital Realty
(804) 353-0009
Listed By:
Laura Waite · License #0225192688
(804) 353-0009
Source:
Onesouthrealty
Added: Jul 15
Changed: Aug 12
Last Checked: Aug 12 at 9:45AM
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 Virginia Capital Realty
Investment Insights
Based on property information with market context.
This fully occupied mixed-use property offers eight units total, including seven apartments and one retail space. The building was totally rehabbed in 2019. Each loft-style one-bedroom apartment includes a designated parking space, located in the paved side lot.
The property is located in Richmond’s Church Hill district. The area is known for historic character and walkability, with dining and nightlife nearby, and VCU is just minutes away.
For tenants and buyers seeking an income-producing configuration, this is a straightforward 7-apartment/1-retail setup with on-site, assigned parking for the residential units.
The property is located in Richmond’s Church Hill district. The area is known for historic character and walkability, with dining and nightlife nearby, and VCU is just minutes away.
For tenants and buyers seeking an income-producing configuration, this is a straightforward 7-apartment/1-retail setup with on-site, assigned parking for the residential units.
Key Highlights
- Fully occupied 8‑unit mixed‑use building with 7 apartments and 1 retail space
- Total rehab completed in 2019
- Year built: 1971
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
$59,898
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
3.26%
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%
$1,197,960
$1.2M
Cap Rate 7%
$855,686
$855.7K
Cap Rate 9%
$665,533
$665.5K
Market Conditions
NOI Build-Up for 4,835 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
$114.9K $23.76/SF
− Vacancy
−$6.0K −$1.24/SF
EGI
$108.9K $22.52/SF
− OpEx
−$49.0K −$10.14/SF
NOI
$59.9K $12.39/SF
Area
Richmond, VA
Vacancy
5.20%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
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%
$1,197,960
Cap Rate 7%
$855,686
Cap Rate 9%
$665,533
Alternative Uses
Best Use
Apartment 5plus
$855.7K
$748.7K – $998.3K
NOI $59,898 @ 7.0% cap · market cap 3.26%
Second Best
Retail
$753.9K
$659.6K – $879.5K
NOI $52,770 @ 7.0% cap · market cap 2.87%
Theoretical Best
Office A
$1.12M
$977.4K – $1.30M
NOI $78,193 @ 7.0% cap · market cap 4.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,315
Businesses Nearby
Explore this area
Business Placement
Demographics for 23223, VA
51,960
Population
27,141
Households
1.9
Avg Household Size
35
Median Age
32%
College-Educated
90%
High-School Grad
16.7 sq mi
ZIP Area
3,111
Density / Sq Mi
$56,518
Median Household Income
$39,828
Median Earnings
$1,224
Median Rent
$236,300
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?
Apartment building - Fully occupied 8-unit mixed-use building with 7 apartments and 1 retail space, recently rehabbed in 2019.
Where is this apartment building located?
The property is located at 2712 E Leigh Street Richmond Richmond, VA.
What is the asking price?
The asking price for this property is $1,840,000.
What are key features of this property?
This property features: Fully occupied 8‑unit mixed‑use building with 7 apartments and 1 retail space; Total rehab completed in 2019; Year built: 1971
