Building Details

Year Built 1910

Buildings 1

Listing Agency: Rashkind Saunders & Co.

Listed By: Kathryn Oti · License #0225211159 Show Phone

Source: Ruckartre

Added: Oct 5 Changed: Oct 8 Last Checked: Oct 7 at 3:10PM

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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 Rashkind Saunders & Co.

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Investment Insights

Based on property information with market context.

This 3,337-square-foot triplex is arranged with a ground-floor unit and two units on the upper level. One upper unit includes an attic loft. Period features include hardwood flooring, leaded-glass windows, and a front porch with column detailing. The building also has potential for conversion to a single-family residence.

The property is on Grove Avenue in Richmond’s Fan District, a walkable area with restaurants and other amenities. VCU is a few blocks away, while MCV and downtown are described as an eight-minute trip. Carytown is a ten-minute drive, and the West End is nearby.

Key Highlights

• 3,337 square feet across three units
• Ground‑floor unit plus two upper‑level units
• Attic loft included in one unit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$44,031

Cap Rate

4.47%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$880,620 $880.6K

Cap Rate 7%

$629,014 $629.0K

Cap Rate 9%

$489,233 $489.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,337 SF

Gross rent

$67.3K $20.16/SF

− Vacancy

−$4.4K −$1.31/SF

EGI

$62.9K $18.85/SF

− OpEx

−$18.9K −$5.65/SF

NOI

$44.0K $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%

$880,620

Cap Rate 7%

$629,014

Cap Rate 9%

$489,233

Alternative Uses

Best Use

Multifamily LT 5

$629.0K

$550.4K – $733.9K (±1% cap)

NOI $44,031 @ 7.0% cap · market cap 4.47%

Second Best

Apartment 5plus

$590.6K

$516.8K – $689.0K (±1% cap)

NOI $41,340 @ 7.0% cap · market cap 4.20%

Theoretical Best

Office A

$771.0K

$674.6K – $899.5K (±1% cap)

NOI $53,967 @ 7.0% cap · market cap 5.48%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Plumbing Service Daycare Center Carpet & Flooring Store Pet Grooming Service Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

2,185

Businesses Nearby

Explore this area 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

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - The three-unit configuration places one residence on the ground floor and two income-producing units above.

Where is this triplex located?

The property is located at 1505 Grove Ave Richmond, VA.

What is the asking price?

The asking price for this property is $985,000.

What are key features of this property?

This property features: 3,337 square feet across three units; Ground‑floor unit plus two upper‑level units; Attic loft included in one unit