2024 Quadplex with
New
For Sale
$1,300,000
1422 Bainbridge St, Richmond, VA 23224
Four two-bedroom, two-bath residences offer wood flooring, high ceilings, natural light, and off-street parking.
Property Size5,262 SF
Price / SF$247.05
Days on Market4
Property Features for 1422 Bainbridge St
General Information
Standard status
Active
Size
5,262 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/2BA
Multifamily Units
4
Additional Details
Average Monthly Rent
$2,149
Amenities
natural wood flooring
9 foot ceilings
off street parking
walk out balconies
Building Details
Year Built
2024
Listing Agency:
Providence Hill Real Estate
(804) 955-8668
Listed By:
Caleb Boyer · License #0225225333
Source:
Riverfoxrealty
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 28 at 1:10PM
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 Providence Hill Real Estate
Investment Insights
Based on property information with market context.
Completed in 2024, this 5,262 SF quadplex contains four residences, each configured with 2 bedrooms and 2 bathrooms. The units average 898 SF and feature natural wood flooring, 9-foot ceilings, abundant natural light, and off-street parking. Three of the four residences include walk-out balconies.
The property is located at 1422 Bainbridge St in Richmond, VA, in the heart of Manchester. A bakery is directly across the street, while downtown Richmond’s new Costar headquarters is accessible by a 12-minute bike ride. The combination of consistent unit layouts, contemporary construction, and nearby neighborhood amenities provides a clearly defined multifamily asset.
The property is located at 1422 Bainbridge St in Richmond, VA, in the heart of Manchester. A bakery is directly across the street, while downtown Richmond’s new Costar headquarters is accessible by a 12-minute bike ride. The combination of consistent unit layouts, contemporary construction, and nearby neighborhood amenities provides a clearly defined multifamily asset.
Key Highlights
- Built in 2024 with four 2 Bed/2 Bath units
- 5,262 SF quadplex with units averaging 898 sq ft.
- Natural wood flooring and 9 foot ceilings throughout
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
$69,431
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
5.34%
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%
$1,388,620
$1.4M
Cap Rate 7%
$991,871
$991.9K
Cap Rate 9%
$771,456
$771.5K
Market Conditions
NOI Build-Up for 5,262 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
$106.1K $20.16/SF
− Vacancy
−$6.9K −$1.31/SF
EGI
$99.2K $18.85/SF
− OpEx
−$29.8K −$5.65/SF
NOI
$69.4K $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%
$1,388,620
Cap Rate 7%
$991,871
Cap Rate 9%
$771,456
Alternative Uses
Best Use
Multifamily LT 5
$991.9K
$867.9K – $1.16M
NOI $69,431 @ 7.0% cap · market cap 5.34%
Second Best
Apartment 5plus
$931.3K
$814.9K – $1.09M
NOI $65,188 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,099 @ 7.0% cap · market cap 6.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,032
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?
Quadplex - Four two-bedroom, two-bath residences offer wood flooring, high ceilings, natural light, and off-street parking.
Where is this quadplex located?
The property is located at 1422 Bainbridge St Richmond, VA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Built in 2024 with four 2 Bed/2 Bath units; 5,262 SF quadplex with units averaging 898 sq ft.; Natural wood flooring and 9 foot ceilings throughout
