Two-Unit Duplex with
For Sale
$599,900
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$251.64
Days on Market58
Property Features for 1416 Porter St
General Information
Standard status
Active
Size
2,384 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,176
Amenities
covered rear porches
fenced backyard
Building Details
Buildings
1
Tenancy
Single
Listing Agency:
Monroe Properties
(804) 928-2034
Listed By:
Will Hymes · License #0225235023
(804) 928-2034
Source:
Exprealty
Added: Jul 6
Changed: Aug 31
Last Checked: Aug 30 at 9:10PM
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 Monroe Properties
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 = 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
$31,456
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
5.24%
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%
$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
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
$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 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%
$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 5.24%
Second Best
Apartment 5plus
$421.9K
$369.2K – $492.2K
NOI $29,534 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$550.8K
$481.9K – $642.6K
NOI $38,555 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - 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 $599,900.
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
