Colonial Triplex with Original
For Sale
$985,000
1505 Grove Avenue, Richmond, VA 23220
ResidentialIncome, Richmond, VA
Property Size4,358 SF
Lot Size0.07 Acres
Price / SF$226.02
Days on Market13
Property Features for 1505 Grove Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
R-6
Rooms
Basement
Parking features
On Street
Interior features
HighCeilings
Appliances
GasWaterHeater
View
City
Elementary school
Fox
Middle school
Dogwood
High school
Thomas Jefferson
Directions
On Grove Avenue between Plum and Lombardy
Subdivision
10 - Richmond
Standard status
Active
APN
W000-0608-012
Size
4,358 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
0025.00X0127.75 0000.000
Tax Annual Amount
10020
Legal Description
0025.00X0127.75 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1910
Floors in Building
2
Number of units
3
Building materials
Brick, Plaster
Roof type
Flat
Architectural style
Colonial
Listing Agency:
Rashkind Saunders & Co.
(804) 308-5211
Listed By:
Kathryn Oti · License #0225211159
(804) 467-8901
Added: Sep 12
Changed: Sep 24
Last Checked: Sep 24 at 7:06AM
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.
Investment Insights
Based on property information with market context.
Built in 1910, this Colonial-style triplex contains 4,358 square feet on a 0.0733-acre parcel. The configuration includes a first-floor unit and two residences above, with an attic loft incorporated into one upper unit. Interior character includes high ceilings, leaded glass windows, hardwood floors, plaster walls, and a large front porch with columns. The building also has a basement, flat roof, gas water heating, on-street parking, and public water and sewer.
The property is positioned on Grove Avenue in Richmond’s Fan District, a walkable area near restaurants and other amenities. VCU campus is a few blocks away, while MCV and downtown are approximately 5 minutes from the property. Carytown is approximately 10 minutes away. The existing triplex layout has a documented rental history and has also been identified as suitable for conversion to a single-family residence.
The property is positioned on Grove Avenue in Richmond’s Fan District, a walkable area near restaurants and other amenities. VCU campus is a few blocks away, while MCV and downtown are approximately 5 minutes from the property. Carytown is approximately 10 minutes away. The existing triplex layout has a documented rental history and has also been identified as suitable for conversion to a single-family residence.
Key Highlights
- 4,358‑square‑foot triplex built in 1910
- Three‑unit configuration with one first‑floor residence and two upper units
- 0.0733‑acre parcel on Grove Avenue in Richmond’s Fan District
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
$57,503
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
5.84%
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%
$1,150,060
$1.2M
Cap Rate 7%
$821,471
$821.5K
Cap Rate 9%
$638,922
$638.9K
Market Conditions
NOI Build-Up for 4,358 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
$87.9K $20.16/SF
− Vacancy
−$5.7K −$1.31/SF
EGI
$82.1K $18.85/SF
− OpEx
−$24.6K −$5.65/SF
NOI
$57.5K $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%
$1,150,060
Cap Rate 7%
$821,471
Cap Rate 9%
$638,922
Alternative Uses
Best Use
Multifamily LT 5
$821.5K
$718.8K – $958.4K
NOI $57,503 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$771.3K
$674.9K – $899.8K
NOI $53,989 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$1.01M
$881.0K – $1.17M
NOI $70,479 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Paved road access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Brick Colonial with three residential units and public utilities in Richmond’s Fan District.
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: 4,358‑square‑foot triplex built in 1910; Three‑unit configuration with one first‑floor residence and two upper units; 0.0733‑acre parcel on Grove Avenue in Richmond’s Fan District
