Duplex with Two Off-Street
New
For Sale
$999,995
1422 Park Avenue, Richmond, VA 23220
ResidentialIncome, Richmond, VA
Property Size5,448 SF
Lot Size0.09 Acres
Price / SF$183.55
Days on Market3
Property Features for 1422 Park Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-6
Rooms
Basement
Parking features
Garage, Alley, On Street
Patio and Porch features
Porch
Interior features
CeilingFans, SeparateFormalDiningRoom, HighCeilings, Pantry, RecessedLighting, WalkInClosets
Appliances
WaterHeater
Elementary school
Fox
Middle school
Dogwood
High school
Thomas Jefferson
Directions
North side of Park Ave at the corner of Birch.
Subdivision
10 - Richmond
Standard status
Active
APN
W000-0530-049
Size
5,448 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
0030.00X0139.50 IRG0000.000
Tax Annual Amount
11652
Legal Description
0030.00X0139.50 IRG0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1910
Floors in Building
2
Number of units
1
Building materials
Brick, Plaster
Roof type
Metal, Flat, Slate
Architectural style
Colonial
Listing Agency:
The Steele Group · Sotheby's International Realty
(804) 282-3136
Listed By:
Kate Wall · License #0225232231
(804) 363-1471
Added: Nov 1
Changed: Nov 2
Last Checked: Nov 3 at 7:06PM
MLS# 2628400
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.
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Investment Insights
Based on property information with market context.
This 1910 duplex comprises two adjoining residences offered as a single property, with 5,448 square feet of building area on a 0.0859-acre lot. Brick construction, porches, fireplaces, original hardwood flooring, and ceilings exceeding 9 feet contribute to the homes’ distinctive interiors. Each residence includes formal living and dining rooms, and the property has newer mechanical systems and two off-street parking spaces.
The property is on Park Avenue in Richmond’s Fan District, within walking distance of neighborhood shops, Lombardy Park, and restaurants including Kuba Kuba, Joe’s Inn, and Bamboo Cafe. Public water and sewer serve the property.
The property is on Park Avenue in Richmond’s Fan District, within walking distance of neighborhood shops, Lombardy Park, and restaurants including Kuba Kuba, Joe’s Inn, and Bamboo Cafe. Public water and sewer serve the property.
Key Highlights
- Two adjoining residences conveyed together as one property
- 5,448 square feet of building area on a 0.0859‑acre lot
- Two off‑street parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$71,885
Cap Rate
7.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,437,700
$1.4M
Cap Rate 7%
$1,026,929
$1.0M
Cap Rate 9%
$798,722
$798.7K
Market Conditions
NOI Build-Up for 5,448 SF
Gross rent
$109.8K $20.16/SF
− Vacancy
−$7.1K −$1.31/SF
EGI
$102.7K $18.85/SF
− OpEx
−$30.8K −$5.65/SF
NOI
$71.9K $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%
$1,437,700
Cap Rate 7%
$1,026,929
Cap Rate 9%
$798,722
Alternative Uses
Best Use
Multifamily LT 5
$1.03M
$898.6K – $1.20M
NOI $71,885 @ 7.0% cap · market cap 7.19%
Second Best
Apartment 5plus
$964.2K
$843.7K – $1.12M
NOI $67,492 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,107 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,185
Businesses Nearby
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Business Placement
Demographics for 23220, VA
36,942
Population
16,561
Households
2.2
Avg Household Size
27
Median Age
59%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
7,696
Density / Sq Mi
$56,681
Median Household Income
$33,249
Median Earnings
$1,354
Median Rent
$468,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two adjoining homes are being conveyed together, with separate living and dining rooms in each residence.
Where is this duplex located?
The property is located at 1422 Park Avenue Richmond, VA.
What is the asking price?
The asking price for this property is $999,995.
What are key features of this property?
This property features: Two adjoining residences conveyed together as one property; 5,448 square feet of building area on a 0.0859‑acre lot; Two off‑street parking spaces
