Richmond Multifamily Investment
2000 Lamb Avenue, Richmond, VA 23222
For Sale
Contact for pricing
Pending
Stabilized multifamily asset with value-add potential in Richmond.
Property Size5,692 SF
Days on Market282
Property Features for 2000 Lamb Avenue
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Investment Type
Site & Location
Neighborhood
Building Details
Year Built
Buildings
Stories
Units
Tenancy
Listing Agency:
One South Commercial
Listed By:
Tom Rosman · License VA #0225030879
(804) 539-3017
Source:
Crexi
Added: Feb 5
Changed: Aug 8
Last Checked: Aug 8 at 2:43PM
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 One South Commercial
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Investment Insights
Based on property information with market context.
2000 Lamb Avenue presents an opportunity to acquire a stabilized, value-add multifamily asset in an improving Richmond submarket. The property consists of eight apartment units and has strong historical occupancy, offering immediate cash flow with upside remaining. Ownership has completed substantial capital improvements, including full renovations of six of the eight units, exterior painting, window replacement as needed and paving of the rear parking lot, significantly reducing near-term capital expenditure needs. The renovated units feature modern finishes in the kitchen & bathroom and in-unit washer and dryers, a highly desirable amenity that supports strong tenant demand and retention. Despite the recent improvements, the property still offers a clear value-add opportunity through the renovation of the remaining two units. Additionally, current rents remain slightly below market, providing investors the ability to capture further upside through strategic rent growth as units turn and market conditions continue to strengthen. Located in an area of Richmond that continues to see reinvestment and neighborhood improvement, 2000 Lamb Avenue benefits from solid fundamentals, strong occupancy, and long-term appreciation potential. This asset is well suited for investors seeking a balance of stable income today with meaningful upside tomorrow. The property size is 5692 square feet.
Key Highlights
- Immediate cash flow from a stabilized multifamily asset with strong historical occupancy.
- Six of eight units are fully renovated with modern finishes and in‑unit washer/dryers.
- Significant capital improvements completed, including exterior painting, window replacement, and parking lot paving.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$70,515
Cap Rate
5.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,410,300
$1.4M
Cap Rate 7%
$1,007,357
$1.0M
Cap Rate 9%
$783,500
$783.5K
Market Conditions
NOI Build-Up for 5,692 SF
Gross rent
$135.2K $23.76/SF
− Vacancy
−$7.0K −$1.24/SF
EGI
$128.2K $22.52/SF
− OpEx
−$57.7K −$10.14/SF
NOI
$70.5K $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%
$1,410,300
Cap Rate 7%
$1,007,357
Cap Rate 9%
$783,500
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$881.4K – $1.18M
NOI $70,515 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.32M
$1.15M – $1.53M
NOI $92,053 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Location Intelligence
Trade Area within ½ mile
307
Businesses Nearby
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Business Placement
Demographics for 23222, VA
24,337
Population
11,762
Households
2.1
Avg Household Size
37
Median Age
32%
College-Educated
90%
High-School Grad
8.2 sq mi
ZIP Area
2,968
Density / Sq Mi
$58,105
Median Household Income
$37,137
Median Earnings
$1,181
Median Rent
$252,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Apartment buildings in Richmond
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Stabilized multifamily asset with value-add potential in Richmond.
Where is this apartment building located?
The property is located at 2000 Lamb Avenue Richmond, VA.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Immediate cash flow from a stabilized multifamily asset with strong historical occupancy.; Six of eight units are **fully renovated with modern finishes and in‑unit washer/dryers.**; Significant capital improvements completed, including exterior painting, window replacement, and parking lot paving.
