Residential Income Property with
For Sale
$1,295,000
1721 Grove Avenue, Richmond, VA 23220
The 1912-built property has a balcony, ceiling fans, and a gas water heater.
Property Size4,728 SF
Price / SF$273.90
Days on Market19
Property Features for 1721 Grove Avenue
General Information
Standard status
Active
Size
4,728 SF
Property subtype
Residential Income
Zoning
R-6
Taxes and HOA fees
Annual Taxes
$11,340
Amenities
Ceiling Fan(s)
Crawl Space, Partial
Gas Water Heater
Ceiling Fan(s), Granite Counters, Laminate Counters, Master Downstairs
On Street
Balcony, Lighting
Other
Building Details
Year Built
1912
Stories
3
Listing Agency:
Joyner Fine Properties
Listed By:
Jim Dunn · License #0225003317
(804) 864-0323
Source:
Evrealestate
Added: Oct 2
Changed: Oct 13
Last Checked: Oct 19 at 5:01AM
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 Joyner Fine Properties
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Investment Insights
Based on property information with market context.
Built in 1912, this residential income property features a balcony, lighting, and ceiling fans. Interior details include granite and laminate counters, a gas water heater, a partial crawl space, and a downstairs primary bedroom. The property is zoned R-6.
The property is at 1721 Grove Avenue in Richmond, between N. Allen Avenue and N. Vine Street. On-street parking is noted.
The property is at 1721 Grove Avenue in Richmond, between N. Allen Avenue and N. Vine Street. On-street parking is noted.
Key Highlights
- 1912 construction
- R‑6 zoning
- Balcony, lighting, and ceiling fans
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,573
Cap Rate
4.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,171,460
$1.2M
Cap Rate 7%
$836,757
$836.8K
Cap Rate 9%
$650,811
$650.8K
Market Conditions
NOI Build-Up for 4,728 SF
Gross rent
$112.3K $23.76/SF
− Vacancy
−$5.8K −$1.24/SF
EGI
$106.5K $22.52/SF
− OpEx
−$47.9K −$10.14/SF
NOI
$58.6K $12.39/SF
Area
Richmond, VA
Vacancy
5.20%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,171,460
Cap Rate 7%
$836,757
Cap Rate 9%
$650,811
Alternative Uses
Best Use
Apartment 5plus
$836.8K
$732.2K – $976.2K
NOI $58,573 @ 7.0% cap · market cap 4.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$955.8K – $1.27M
NOI $76,463 @ 7.0% cap · market cap 5.90%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
2,097
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
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Frequently Asked Questions
What type of property is this?
Residential income property - The 1912-built property has a balcony, ceiling fans, and a gas water heater.
Where is this residential income property located?
The property is located at 1721 Grove Avenue Richmond, VA.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 1912 construction; R‑6 zoning; Balcony, lighting, and ceiling fans
