Two-Unit Duplex with
For Sale
$574,000
1416 Porter St, Richmond, VA 23224
One leased unit and one move-in-ready vacancy support flexible occupancy options.
Property Size2,384 SF
Price / SF$240.77
Days on Market69
Property Features for 1416 Porter St
General Information
Standard status
Active
Size
2,384 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Amenities
covered rear porches
fenced backyard
Building Details
Year Built
2010
Buildings
1
Tenancy
Single
Listing Agency:
United Real Estate Richmond
(804) 359-9200
Listed By:
The Elliott Real Estate Team
(804) 404-5566
Source:
Elliottreteam
Added: Aug 9
Changed: Oct 15
Last Checked: Oct 16 at 8:27AM
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
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Investment Insights
Based on property information with market context.
This duplex contains two 2-bedroom, 2-bathroom residences within a 2,384 property-size building. Both units feature open living areas, high ceilings, hardwood flooring in the primary living spaces, and kitchens equipped with stainless steel appliances and extensive cabinetry. Spacious bedrooms and covered rear porches expand the usable living areas, while the fenced backyard and off-street parking add practical resident amenities.
One unit is leased and the other is vacant and ready for occupancy, offering a combination of existing rental income and flexibility for an owner-occupant or investor. The property is located on Porter Street in Manchester, near downtown Richmond and within walking distance of restaurants, breweries, parks, and entertainment venues.
One unit is leased and the other is vacant and ready for occupancy, offering a combination of existing rental income and flexibility for an owner-occupant or investor. The property is located on Porter Street in Manchester, near downtown Richmond and within walking distance of restaurants, breweries, parks, and entertainment venues.
Key Highlights
- Two‑unit duplex with two 2‑bedroom, 2‑bathroom residences
- 2,384 property size
- One unit leased; second unit vacant and move‑in ready
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,456
Cap Rate
5.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$629,120
$629.1K
Cap Rate 7%
$449,371
$449.4K
Cap Rate 9%
$349,511
$349.5K
Market Conditions
NOI Build-Up for 2,384 SF
Gross rent
$48.1K $20.16/SF
− Vacancy
−$3.1K −$1.31/SF
EGI
$44.9K $18.85/SF
− OpEx
−$13.5K −$5.65/SF
NOI
$31.5K $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 Rate 5%
$629,120
Cap Rate 7%
$449,371
Cap Rate 9%
$349,511
Alternative Uses
Best Use
Multifamily LT 5
$449.4K
$393.2K – $524.3K
NOI $31,456 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$421.9K
$369.2K – $492.2K
NOI $29,534 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$550.8K
$481.9K – $642.6K
NOI $38,555 @ 7.0% cap · market cap 6.72%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
974
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - One leased unit and one move-in-ready vacancy support flexible occupancy options.
Where is this duplex located?
The property is located at 1416 Porter St Richmond, VA.
What is the asking price?
The asking price for this property is $574,000.
What are key features of this property?
This property features: Two‑unit duplex with two 2‑bedroom, 2‑bathroom residences; 2,384 property size; One unit leased; second unit vacant and move‑in ready
