Quadplex With
1524 Grove Avenue, Richmond, VA 23220
For Sale
New
$950,000
ResidentialIncome, Richmond, VA
Property Size4,325 SF
Lot Size0.07 Acres
Price / SF$219.65
Days on Market4
Property Features for 1524 Grove Avenue
General Information
Property type
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Zoning description
Rooms
Parking features
Interior features
Appliances
Elementary school
Middle school
High school
Directions
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Standard status
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Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
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Tax Description
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Building Details
Year built
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Number of units
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Buildings
Listing Agency:
Keller Williams Realty
(804) 282-5901
Listed By:
Michael Ryan · License #0225045605
(804) 873-9333
Added: Nov 4
Changed: Nov 6
Last Checked: Nov 7 at 11:06AM
MLS# 2629908
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.
This brick quadplex contains 4,325 square feet and includes a garage, basement, and residential rooms with main-level bedroom and full-bath features. The property was built in 1910, with public water and sewer service. Interior updates are noted, and parking options include off-street parking, on-street parking, and a garage.
At 1524 Grove Avenue in Richmond, the property backs directly to Lombardy Market and is within walking distance of VCU. The lot spans 0.0684 acres.
At 1524 Grove Avenue in Richmond, the property backs directly to Lombardy Market and is within walking distance of VCU. The lot spans 0.0684 acres.
Key Highlights
- 4,325‑square‑foot building on a 0.0684‑acre lot
- Garage, with off‑street and on‑street parking options
- Walkable to VCU and directly behind Lombardy Market
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,067
Cap Rate
6.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,141,340
$1.1M
Cap Rate 7%
$815,243
$815.2K
Cap Rate 9%
$634,078
$634.1K
Market Conditions
NOI Build-Up for 4,325 SF
Gross rent
$87.2K $20.16/SF
− Vacancy
−$5.7K −$1.31/SF
EGI
$81.5K $18.85/SF
− OpEx
−$24.5K −$5.65/SF
NOI
$57.1K $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%
$1,141,340
Cap Rate 7%
$815,243
Cap Rate 9%
$634,078
Alternative Uses
Best Use
Multifamily LT 5
$815.2K
$713.3K – $951.1K
NOI $57,067 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$765.4K
$669.8K – $893.0K
NOI $53,580 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$999.2K
$874.3K – $1.17M
NOI $69,945 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,097
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?
Quadplex - Updated residences sit within walking distance of VCU and back directly to Lombardy Market.
Where is this quadplex located?
The property is located at 1524 Grove Avenue Richmond, VA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 4,325‑square‑foot building on a 0.0684‑acre lot; Garage, with off‑street and on‑street parking options; Walkable to VCU and directly behind Lombardy Market
