Renovated Two-Unit
For Sale
$515,900
Pending
1704 Taft Place, Henrico, VA 23238
ResidentialIncome, Henrico, VA
Property Size2,052 SF
Lot Size0.51 Acres
Days on Market45
Property Features for 1704 Taft Place
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R5
Parking features
Garage
Patio and Porch features
Porch
Appliances
ElectricWaterHeater
Subdivision
Kingswood
Lot features
Cul De Sac
Elementary school
Carver
Middle school
Pocahontas
High school
Godwin
Directions
From Ridgefield Parkway heading west, take a left onto Gayton Road. Take a right onto Taft. Take right - 1704 Taft is at the end of the cul-de-sac on the left hand side.
Standard status
Pending
APN
732-750-8113
Size
2,052 SF
Lot size
0.51 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
KINGSWOOD BL A LT 21 68 A1 4
Tax Annual Amount
3221
Legal Description
KINGSWOOD BL A LT 21 68 A1 4
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1981
Floors in Building
2
Number of units
2
Building materials
Drywall, Frame, VinylSiding
Roof type
Shingle, Composition
Architectural style
Colonial
Listing Agency:
804 Real Estate, LLC
(804) 477-8700
Listed By:
Kevin Randesi · License #0225177324
(804) 683-4042
Added: Aug 12
Changed: Sep 12
Last Checked: Sep 25 at 4:06AM
MLS# 2622060
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.
This 1981 Colonial duplex contains two updated residences, each with two bedrooms and one bathroom. The lower unit measures approximately 1,044 square feet and includes a covered front porch and rear deck; the upper unit measures approximately 1,008 square feet. Interior improvements include refinished hardwood flooring, newer LVP in the bedrooms, granite countertops, and newer cabinetry. Each unit has separate utilities and central air supplied by heat pumps.
The upstairs residence is vacant, while the downstairs unit is leased through 6/1/2027. The property occupies a 0.5064-acre lot in Henrico County’s Short Pump/West End area, within the Godwin High School district. Public water and public sewer serve the property, which also includes a garage and shingle composition roofing.
The upstairs residence is vacant, while the downstairs unit is leased through 6/1/2027. The property occupies a 0.5064-acre lot in Henrico County’s Short Pump/West End area, within the Godwin High School district. Public water and public sewer serve the property, which also includes a garage and shingle composition roofing.
Key Highlights
- Two 2‑bedroom, 1‑bath residences in one duplex
- Approximately 2,052 square feet across both units
- Lower unit: approximately 1,044 sq. ft.; upper unit: approximately 1,008 sq. ft.
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
$22,226
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
4.31%
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%
$444,520
$444.5K
Cap Rate 7%
$317,514
$317.5K
Cap Rate 9%
$246,956
$247.0K
Market Conditions
NOI Build-Up for 2,052 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
$34.7K $16.92/SF
− Vacancy
−$3.0K −$1.45/SF
EGI
$31.8K $15.47/SF
− OpEx
−$9.5K −$4.64/SF
NOI
$22.2K $10.83/SF
Area
Richmond City County, VA
Vacancy
8.55%
Lease Rate
$16.92 /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%
$444,520
Cap Rate 7%
$317,514
Cap Rate 9%
$246,956
Alternative Uses
Best Use
Multifamily LT 5
$317.5K
$277.8K – $370.4K
NOI $22,226 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$283.5K
$248.0K – $330.7K
NOI $19,842 @ 7.0% cap · market cap 3.85%
Theoretical Best
Mixed Use
$356.2K
$311.7K – $415.5K
NOI $24,932 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
304
Businesses Nearby
Explore this area
Business Placement
Demographics for 23238, VA
26,200
Population
12,256
Households
2.1
Avg Household Size
44
Median Age
56%
College-Educated
96%
High-School Grad
21.2 sq mi
ZIP Area
1,236
Density / Sq Mi
$97,286
Median Household Income
$52,672
Median Earnings
$1,679
Median Rent
$392,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated residences offer separate utilities, central air, and heat pumps in a Colonial-style property.
Where is this duplex located?
The property is located at 1704 Taft Place Henrico, VA.
What is the asking price?
The asking price for this property is $515,900.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath residences in one duplex; Approximately 2,052 square feet across both units; Lower unit: approximately 1,044 sq. ft.; upper unit: approximately 1,008 sq. ft.
