Under-Construction
For Sale
$1,075,000
921 Porter Street, Richmond, VA 23224
Four-unit conversion featuring updated building systems, separate electric metering, fire sprinklers, and rear parking.
Property Size3,131 SF
Price / SF$343.34
Days on Market476
Property Features for 921 Porter Street
General Information
Standard status
Active
Size
3,131 SF
Property subtype
Multi Family
Additional Details
Utilities to Site
Yes
Sprinkler System
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,060
Building Details
Year Built
1920
Buildings
1
Listing Agency:
United Real Estate Richmond
(804) 359-9200
Listed By:
David Monds · License #0225222646
(804) 605-6705
Source:
Exitrealty
Added: May 15, 2025
Changed: Sep 2
Last Checked: Sep 1 at 3:49PM
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 United Real Estate Richmond
Investment Insights
Based on property information with market context.
This 3,131-square-foot quadplex is being created through the conversion of a former single-family residence. The under-construction property is planned with four units and is estimated for completion by mid May. Improvements include new siding, electrical, roofing, plumbing, HVAC, windows, and appliances. Electric service will be separately metered, and the building will include a sprinkler system.
Built in 1920, the property is located at 921 Porter Street in Richmond’s Manchester area. A parking pad is positioned at the rear of the property. Interior finishes shown in the marketing materials are from a comparable model and are intended to be similar to the completed finishes at this property.
Built in 1920, the property is located at 921 Porter Street in Richmond’s Manchester area. A parking pad is positioned at the rear of the property. Interior finishes shown in the marketing materials are from a comparable model and are intended to be similar to the completed finishes at this property.
Key Highlights
- Four‑unit conversion from a former single‑family residence
- 3,131 square feet with estimated completion by mid May
- New siding, electrical, roof, plumbing, HVAC, windows, and appliances
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
$41,313
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
3.84%
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%
$826,260
$826.3K
Cap Rate 7%
$590,186
$590.2K
Cap Rate 9%
$459,033
$459.0K
Market Conditions
NOI Build-Up for 3,131 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
$63.1K $20.16/SF
− Vacancy
−$4.1K −$1.31/SF
EGI
$59.0K $18.85/SF
− OpEx
−$17.7K −$5.65/SF
NOI
$41.3K $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%
$826,260
Cap Rate 7%
$590,186
Cap Rate 9%
$459,033
Alternative Uses
Best Use
Multifamily LT 5
$590.2K
$516.4K – $688.6K
NOI $41,313 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$554.1K
$484.9K – $646.5K
NOI $38,788 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$723.4K
$633.0K – $843.9K
NOI $50,636 @ 7.0% cap · market cap 4.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
982
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit conversion featuring updated building systems, separate electric metering, fire sprinklers, and rear parking.
Where is this quadplex located?
The property is located at 921 Porter Street Richmond, VA.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: Four‑unit conversion from a former single‑family residence; 3,131 square feet with estimated completion by mid May; New siding, electrical, roof, plumbing, HVAC, windows, and appliances
