Brick Duplex with Detached
New
For Sale
$649,950
1523 Floyd Ave, Richmond, VA 23220
Two separately accessed residences offer flexible occupancy options near VCU, Carytown, restaurants, shopping, and schools.
Property Size2,712 SF
Price / SF$239.66
Days on Market4
Property Features for 1523 Floyd Ave
General Information
Standard status
Active
Size
2,712 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
open front porch
shared laundry area
Building Details
Year Built
1900
Buildings
1
Construction
brick
Listing Agency:
Ingram & Assoc Chester
(804) 296-4270
Listed By:
The Elliott Real Estate Team
(804) 404-5566
Source:
Elliottreteam
Added: Sep 16
Changed: Sep 18
Last Checked: Sep 19 at 8:45AM
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 Ingram & Assoc Chester
Investment Insights
Based on property information with market context.
Built in 1900, this 2,712-square-foot all-brick duplex contains two separately accessed residences arranged on the ground and upper levels. Each unit includes two bedrooms, one full bathroom, a galley kitchen, open living areas, hardwood flooring, classic moldings, and access to the rear yard. An open front porch adds shared exterior appeal, while the basement provides outdoor access, laundry facilities, and storage.
The property includes a detached two-car garage and is positioned near VCU, Carytown, an interstate, restaurants, shopping, and schools. Both units have leases in place through May and July 2027, providing defined occupancy commitments. The configuration also supports owner occupancy of one residence while the other remains leased, subject to the applicable lease terms.
The property includes a detached two-car garage and is positioned near VCU, Carytown, an interstate, restaurants, shopping, and schools. Both units have leases in place through May and July 2027, providing defined occupancy commitments. The configuration also supports owner occupancy of one residence while the other remains leased, subject to the applicable lease terms.
Key Highlights
- 2,712‑square‑foot all‑brick duplex built in 1900
- Two residences with separate entrances; each has 2 bedrooms and 1 full bath
- Detached 2‑car garage plus private rear yard
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
$35,784
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
5.51%
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%
$715,680
$715.7K
Cap Rate 7%
$511,200
$511.2K
Cap Rate 9%
$397,600
$397.6K
Market Conditions
NOI Build-Up for 2,712 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
$54.7K $20.16/SF
− Vacancy
−$3.6K −$1.31/SF
EGI
$51.1K $18.85/SF
− OpEx
−$15.3K −$5.65/SF
NOI
$35.8K $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%
$715,680
Cap Rate 7%
$511,200
Cap Rate 9%
$397,600
Alternative Uses
Best Use
Multifamily LT 5
$511.2K
$447.3K – $596.4K
NOI $35,784 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$480.0K
$420.0K – $560.0K
NOI $33,598 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$626.6K
$548.2K – $731.0K
NOI $43,859 @ 7.0% cap · market cap 6.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,947
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
View Realmo Analytics
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 - Two separately accessed residences offer flexible occupancy options near VCU, Carytown, restaurants, shopping, and schools.
Where is this duplex located?
The property is located at 1523 Floyd Ave Richmond, VA.
What is the asking price?
The asking price for this property is $649,950.
What are key features of this property?
This property features: 2,712‑square‑foot all‑brick duplex built in 1900; Two residences with separate entrances; each has 2 bedrooms and 1 full bath; Detached 2‑car garage plus private rear yard
