Three-Unit Triplex with Leaded
1505 Grove Avenue, Richmond, VA 23220
For Sale
$985,000
ResidentialIncome, Richmond, VA
Property Size3,337 SF
Lot Size0.07 Acres
Price / SF$295.18
Days on Market59
Property Features for 1505 Grove Avenue
General Information
Property type
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Zoning description
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Middle school
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Building Details
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Listing Agency:
Rashkind Saunders & Co.
(804) 308-5211
Listed By:
Kathryn Oti · License #0225211159
(804) 467-8901
Added: Sep 12
Changed: Oct 5
Last Checked: Nov 9 at 4:06AM
MLS# 2625033
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.
Built in 1910, this Colonial-style triplex contains 3,337 square feet across three residences on a 0.0733-acre parcel. The first-floor apartment is complemented by two units above, one of which includes an attic loft. Brick and plaster construction, high ceilings, hardwood floors, leaded glass windows, and a broad front porch with column detailing distinguish the building’s interior and exterior. A basement and on-street parking are also part of the property.
The building is on Grove Avenue in Richmond’s Fan District, within walking distance of restaurants and other amenities. VCU is a few blocks away; MCV and downtown are approximately an 8-minute drive, while Carytown is about 10 minutes away.
The building is on Grove Avenue in Richmond’s Fan District, within walking distance of restaurants and other amenities. VCU is a few blocks away; MCV and downtown are approximately an 8-minute drive, while Carytown is about 10 minutes away.
Key Highlights
- Three‑unit building with 3,337 square feet of living area
- 0.0733‑acre parcel; built in 1910 in the Colonial style
- First‑floor residence plus two upper‑level units; one has an attic loft
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
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
NOI $44,031 @ 7.0% cap · market cap 4.47%
Second Best
Apartment 5plus
$590.6K
$516.8K – $689.0K
NOI $41,340 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$771.0K
$674.6K – $899.5K
NOI $53,967 @ 7.0% cap · market cap 5.48%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
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?
Triplex - Three residences include a first-floor unit and two upper-level apartments, with an attic loft in one apartment.
Where is this triplex located?
The property is located at 1505 Grove Avenue 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: Three‑unit building with 3,337 square feet of living area; 0.0733‑acre parcel; built in 1910 in the Colonial style; First‑floor residence plus two upper‑level units; one has an attic loft
