Two-Unit Duplex with
New
For Sale
$574,000
1416 Porter Street, Richmond, VA 23224
ResidentialIncome, Richmond, VA
Property Size2,384 SF
Lot Size0.12 Acres
Price / SF$240.77
Days on Market1
Property Features for 1416 Porter Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Off Street
Patio and Porch features
Deck, Porch
Elementary school
Blackwell
Middle school
Thompson
High school
Armstrong
Directions
From Downtown
Subdivision
60 - Richmond
Standard status
Active
APN
S0000154006
Size
2,384 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
0033.00X0155.00 0000.000
Tax Annual Amount
7176
Legal Description
0033.00X0155.00 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
covered rear porches
fenced backyard
Building Details
Year built
2010
Floors in Building
2
Number of units
2
Building materials
Drywall, Frame, HardiplankType, WoodSiding
Roof type
Flat, Composition
Architectural style
Other
Listing Agency:
Monroe Properties
(804) 643-3098
Listed By:
Will Hymes · License #0225235023
(804) 928-2034
Added: Sep 1
Last Checked: Sep 1 at 7:06PM
MLS# 2623916
Copyright © 2026 Central Virginia Regional Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2010, this duplex contains two 2-bedroom, 2-bathroom residences totaling 2,384 square feet. One unit is leased, while the other is vacant and ready for occupancy. Both layouts feature open living areas, high ceilings, hardwood flooring in the main living spaces, contemporary kitchens with stainless steel appliances and substantial cabinetry, and generously sized bedrooms.
The property includes covered rear porches, a fenced backyard, and off-street parking. Public water and public sewer serve the building. Located on Porter Street in Richmond's Manchester area, the property is within walking distance of restaurants, breweries, parks, and entertainment, with downtown Richmond only minutes away.
The property includes covered rear porches, a fenced backyard, and off-street parking. Public water and public sewer serve the building. Located on Porter Street in Richmond's Manchester area, the property is within walking distance of restaurants, breweries, parks, and entertainment, with downtown Richmond only minutes away.
Key Highlights
- Two 2‑bedroom, 2‑bathroom units totaling 2,384 square feet
- One residence leased; second unit vacant and move‑in ready
- Built in 2010 with open‑concept layouts and hardwood main living areas
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
5.48%
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 5.48%
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.
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 - Well-maintained Richmond duplex with one leased residence and a second move-in-ready unit.
Where is this duplex located?
The property is located at 1416 Porter Street 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 2‑bedroom, 2‑bathroom units totaling 2,384 square feet; One residence leased; second unit vacant and move‑in ready; Built in 2010 with open‑concept layouts and hardwood main living areas
