Two-Story
New
For Sale
$659,950
1501 Perry Street, Richmond, VA 23224
Recently built duplex with partial fencing, electric water heating, and both off-street and on-street parking.
Property Size2,786 SF
Price / SF$236.88
Days on Market6
Property Features for 1501 Perry Street
General Information
Standard status
Active
Size
2,786 SF
Property subtype
Residential Income
Zoning
R-63
Taxes and HOA fees
Annual Taxes
$7,908
Amenities
Electric Water Heater
Fenced, Partial
Off Street, On Street
Contemporary, Two Story
Building Details
Year Built
2022
Stories
3
Listing Agency:
(804) 246-3037
Listed By:
Lauryn Haynie
(804) 246-3037
Source:
Evrealestate
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 9 at 1:59PM
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 Lauryn Haynie
Investment Insights
Based on property information with market context.
This two-story duplex was constructed in 2022 and contains 2,786 square feet. The property includes an electric water heater, partial fencing, and parking options consisting of both off-street and on-street spaces. Its contemporary exterior complements the two-level design.
Located at 1501 Perry Street in Richmond, Virginia, the property is within Richmond City and carries R-63 zoning. Access from downtown includes the Manchester Bridge, Commerce Road, and Perry Street.
Located at 1501 Perry Street in Richmond, Virginia, the property is within Richmond City and carries R-63 zoning. Access from downtown includes the Manchester Bridge, Commerce Road, and Perry Street.
Key Highlights
- Duplex with 2,786 square feet
- Built in 2022
- R‑63 zoning in Richmond City
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
$36,760
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
5.57%
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%
$735,200
$735.2K
Cap Rate 7%
$525,143
$525.1K
Cap Rate 9%
$408,444
$408.4K
Market Conditions
NOI Build-Up for 2,786 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
$56.2K $20.16/SF
− Vacancy
−$3.7K −$1.31/SF
EGI
$52.5K $18.85/SF
− OpEx
−$15.8K −$5.65/SF
NOI
$36.8K $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%
$735,200
Cap Rate 7%
$525,143
Cap Rate 9%
$408,444
Alternative Uses
Best Use
Multifamily LT 5
$525.1K
$459.5K – $612.7K
NOI $36,760 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$493.1K
$431.4K – $575.2K
NOI $34,514 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$643.7K
$563.2K – $750.9K
NOI $45,056 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
789
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Recently built duplex with partial fencing, electric water heating, and both off-street and on-street parking.
Where is this duplex located?
The property is located at 1501 Perry Street Richmond, VA.
What is the asking price?
The asking price for this property is $659,950.
What are key features of this property?
This property features: Duplex with 2,786 square feet; Built in 2022; R‑63 zoning in Richmond City
