Updated Two-Unit
For Sale
$529,900
1704 Taft Place, Henrico, VA 23238
ResidentialIncome, Henrico, VA
Property Size2,052 SF
Lot Size0.51 Acres
Price / SF$258.24
Days on Market11
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
Active
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
Composition, Shingle
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: Aug 20
Last Checked: Aug 22 at 6:06PM
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 two-unit duplex contains approximately 2,052 square feet across an upper and lower residence. Each unit offers two bedrooms and one bathroom, with refinished hardwood flooring, newer LVP in the bedrooms, granite countertops, and newer cabinetry. Central air and heat pumps serve the property, while separate utilities support independent operation. The lower residence measures approximately 1,044 square feet and includes a covered front porch and rear deck; the upper residence is approximately 1,008 square feet. One unit is vacant, and the other is leased through 6/1/2027. Built in 1981, the property sits on a 0.5064-acre cul-de-sac parcel in Henrico County’s Godwin High School district. Public water and sewer serve the site, and a garage provides on-site parking. Shopping, dining, and entertainment in the Short Pump area are minutes away.
Key Highlights
- Two 2‑bedroom, 1‑bath units totaling approximately 2,052 square feet
- Lower unit is approximately 1,044 sq. ft.; upper unit is approximately 1,008 sq. ft.
- Downstairs residence leased through 6/1/2027; upstairs residence is vacant
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
4.19%
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 4.19%
Second Best
Apartment 5plus
$283.5K
$248.0K – $330.7K
NOI $19,842 @ 7.0% cap · market cap 3.74%
Theoretical Best
Mixed Use
$356.2K
$311.7K – $415.5K
NOI $24,932 @ 7.0% cap · market cap 4.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences with refreshed finishes, central air and heat pumps, a garage, and public utilities.
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 $529,900.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units totaling approximately 2,052 square feet; Lower unit is approximately 1,044 sq. ft.; upper unit is approximately 1,008 sq. ft.; Downstairs residence leased through 6/1/2027; upstairs residence is vacant
