Two-Residence Duplex
For Sale
$500,000
1301 Old Bon Air Road, Richmond, VA 23235
Two residences occupy a wooded acreage setting near established retail, dining, and regional commuter routes.
Property Size2,170 SF
Lot Size4.58 Acres
Price / SF$230.41
Days on Market656
Property Features for 1301 Old Bon Air Road
General Information
Standard status
Active
Size
2,170 SF
Lot size
4.58 Acres
Property subtype
Multi Family
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,874
Building Details
Year Built
1918
Listing Agency:
Real Broker LLC
(804) 307-2589
Listed By:
David Wright · License #0225184825
(804) 307-2589
Source:
Exitrealty
Added: Nov 14, 2024
Changed: Aug 30
Last Checked: Aug 31 at 5:44PM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
This duplex property includes two separate residences totaling 2,170 square feet on approximately 4.58 acres. The larger home has a primary bedroom on the main level with two closets and a private attached bath, along with a generously appointed kitchen and a dining room featuring built-in cabinetry. The upper level includes a second bedroom and loft space that can serve as a third bedroom or additional living area.
The second residence contains one bedroom and one bathroom, providing a separate compact living arrangement. The property is near Midlothian Turnpike and Powhite Parkway, with Chesterfield Towne Center and a range of shopping, dining, and entertainment options within minutes.
The second residence contains one bedroom and one bathroom, providing a separate compact living arrangement. The property is near Midlothian Turnpike and Powhite Parkway, with Chesterfield Towne Center and a range of shopping, dining, and entertainment options within minutes.
Key Highlights
- Two separate residences on approximately 4.58 acres
- 2,170 square feet of total property size
- Main residence includes a first‑floor primary bedroom with two closets and an attached bath
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
$28,633
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
5.73%
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%
$572,660
$572.7K
Cap Rate 7%
$409,043
$409.0K
Cap Rate 9%
$318,144
$318.1K
Market Conditions
NOI Build-Up for 2,170 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
$43.7K $20.16/SF
− Vacancy
−$2.8K −$1.31/SF
EGI
$40.9K $18.85/SF
− OpEx
−$12.3K −$5.65/SF
NOI
$28.6K $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%
$572,660
Cap Rate 7%
$409,043
Cap Rate 9%
$318,144
Alternative Uses
Best Use
Multifamily LT 5
$409.0K
$357.9K – $477.2K
NOI $28,633 @ 7.0% cap · market cap 5.73%
Second Best
Apartment 5plus
$384.0K
$336.0K – $448.1K
NOI $26,883 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$501.3K
$438.7K – $584.9K
NOI $35,094 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
416
Businesses Nearby
Explore this area
Business Placement
Demographics for 23235, VA
34,058
Population
14,973
Households
2.3
Avg Household Size
42
Median Age
50%
College-Educated
92%
High-School Grad
17.8 sq mi
ZIP Area
1,913
Density / Sq Mi
$89,959
Median Household Income
$54,403
Median Earnings
$1,663
Median Rent
$324,800
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?
Duplex - Two residences occupy a wooded acreage setting near established retail, dining, and regional commuter routes.
Where is this duplex located?
The property is located at 1301 Old Bon Air Road Richmond, VA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two separate residences on approximately 4.58 acres; 2,170 square feet of total property size; Main residence includes a first‑floor primary bedroom with two closets and an attached bath
