4-Unit Brick
For Sale
$1,295,000
1721 Grove Avenue, Richmond, VA 23220
ResidentialIncome, Richmond, VA
Property Size4,728 SF
Lot Size0.09 Acres
Price / SF$273.90
Days on Market8
Property Features for 1721 Grove Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-6
Rooms
Basement
Parking features
On Street
Interior features
BedroomOnMainLevel, CeilingFans, GraniteCounters, LaminateCounters
Exterior features
Lighting
Appliances
GasWaterHeater
Elementary school
Fox
Middle school
Dogwood
High school
Thomas Jefferson
Directions
On Grove Avenue between N. Allen Avenue and N. Vine Street.
Subdivision
10 - Richmond
Standard status
Active
APN
W000-0730-003
Size
4,728 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
0030.00X0125.00 0000.000
Tax Annual Amount
11340
Legal Description
0030.00X0125.00 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1912
Floors in Building
3
Number of units
4
Building materials
Brick, Block, Drywall, Frame
Roof type
Metal, Slate, Flat
Listing Agency:
Joyner Fine Properties
(804) 270-9440
Listed By:
Jim Dunn · License #0225003317
(804) 864-0323
Added: Sep 29
Changed: Oct 3
Last Checked: Oct 6 at 4:06PM
MLS# 2626056
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 4-unit brick quadplex contains 4,728 square feet of living area, with 1-, 2-, and 3-bedroom layouts. The first-floor unit was previously occupied by the owner. Built in 1912, the property includes a basement, gas water heater, and on-street parking.
The building is at 1721 Grove Avenue in Richmond, VA 23220. Public water and sewer serve the property.
The building is at 1721 Grove Avenue in Richmond, VA 23220. Public water and sewer serve the property.
Key Highlights
- 4 units with 1-, 2-, and 3‑bedroom layouts
- 4,728 square feet of living area
- Brick construction; built in 1912
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$62,385
Cap Rate
4.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,247,700
$1.2M
Cap Rate 7%
$891,214
$891.2K
Cap Rate 9%
$693,167
$693.2K
Market Conditions
NOI Build-Up for 4,728 SF
Gross rent
$95.3K $20.16/SF
− Vacancy
−$6.2K −$1.31/SF
EGI
$89.1K $18.85/SF
− OpEx
−$26.7K −$5.65/SF
NOI
$62.4K $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%
$1,247,700
Cap Rate 7%
$891,214
Cap Rate 9%
$693,167
Alternative Uses
Best Use
Multifamily LT 5
$891.2K
$779.8K – $1.04M
NOI $62,385 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$836.8K
$732.2K – $976.2K
NOI $58,573 @ 7.0% cap · market cap 4.52%
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.
Property Analytics
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Current Use
Lease Details
4
Residential units
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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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?
Quadplex - Three bedroom configurations and a prominent first-floor residence serve a range of household sizes.
Where is this quadplex 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: 4 units with 1-, 2-, and 3‑bedroom layouts; 4,728 square feet of living area; Brick construction; built in 1912
