Two-Unit Duplex with Rooftop
For Sale
$675,000
108 W 12th Street, Richmond, VA 23224
Built in 2020 with distinct two-bedroom and three-bedroom residential layouts, granite kitchens, and conveyed appliances.
Property Size2,713 SF
Price / SF$248.80
Days on Market592
Property Features for 108 W 12th Street
General Information
Standard status
Active
Size
2,713 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR/2BA, 1 x 3BR/2.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,764
Amenities
rooftop deck
Building Details
Year Built
2020
Listing Agency:
Napier REALTORS ERA
(804) 938-5205
Listed By:
Rebecca Kimberlin · License #0225248482
(804) 938-5205
Source:
Exitrealty
Added: Jan 17, 2025
Changed: Aug 30
Last Checked: Aug 31 at 4:24PM
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 Napier REALTORS ERA
Investment Insights
Based on property information with market context.
This 2020-built duplex contains 2,713 square feet across two residential units. The lower unit offers 2 bedrooms and 2 baths, polished dyed concrete floors, and granite kitchen countertops. The upper unit includes 3 bedrooms and 2.5 baths, with wood flooring in the living room, kitchen, primary bedroom, stairs, and hallways, plus ceramic-tile bathrooms and granite kitchen countertops. Appliances convey with the property.
The upper-level residence features an open kitchen and living room arrangement, a primary bedroom with its own bath, and a rooftop deck overlooking the common area. The property is in Manchester Green near Richmond City, VCU, shops, breweries, and the James River.
The upper-level residence features an open kitchen and living room arrangement, a primary bedroom with its own bath, and a rooftop deck overlooking the common area. The property is in Manchester Green near Richmond City, VCU, shops, breweries, and the James River.
Key Highlights
- 2,713‑square‑foot duplex built in 2020
- Lower unit has 2 bedrooms, 2 baths, polished dyed concrete floors, and granite kitchen countertops
- Upper unit features 3 bedrooms, 2.5 baths, wood flooring, ceramic‑tile bathrooms, and granite countertops
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
$35,797
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
5.30%
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%
$715,940
$715.9K
Cap Rate 7%
$511,386
$511.4K
Cap Rate 9%
$397,744
$397.7K
Market Conditions
NOI Build-Up for 2,713 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
$54.7K $20.16/SF
− Vacancy
−$3.6K −$1.31/SF
EGI
$51.1K $18.85/SF
− OpEx
−$15.3K −$5.65/SF
NOI
$35.8K $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%
$715,940
Cap Rate 7%
$511,386
Cap Rate 9%
$397,744
Alternative Uses
Best Use
Multifamily LT 5
$511.4K
$447.5K – $596.6K
NOI $35,797 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$480.1K
$420.1K – $560.2K
NOI $33,610 @ 7.0% cap · market cap 4.98%
Theoretical Best
Office A
$626.8K
$548.5K – $731.3K
NOI $43,876 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,060
Businesses Nearby
Explore this area
Business Placement
Demographics for 23224, VA
39,468
Population
18,201
Households
2.2
Avg Household Size
33
Median Age
19%
College-Educated
80%
High-School Grad
11.6 sq mi
ZIP Area
3,402
Density / Sq Mi
$49,263
Median Household Income
$36,275
Median Earnings
$1,268
Median Rent
$189,200
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 - Built in 2020 with distinct two-bedroom and three-bedroom residential layouts, granite kitchens, and conveyed appliances.
Where is this duplex located?
The property is located at 108 W 12th Street Richmond, VA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 2,713‑square‑foot duplex built in 2020; Lower unit has 2 bedrooms, 2 baths, polished dyed concrete floors, and granite kitchen countertops; Upper unit features 3 bedrooms, 2.5 baths, wood flooring, ceramic‑tile bathrooms, and granite countertops
