Richmond Multifamily Investment
For Sale
Contact for pricing
Pending
2000 Lamb Avenue, Richmond, VA 23222
Stabilized multifamily asset with value-add potential in Richmond.
Property Size5,692 SF
Days on Market186
Property Features for 2000 Lamb Avenue
General Information
Standard status
Pending
Size
5,692 SF
Property subtype
Multifamily
Zoning
R-53
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
1969
Buildings
1
Stories
2
Units
8
Tenancy
Multi
Listing Agency:
One South Commercial
(804) 353-0009
Listed By:
Tom Rosman · License #VA 0225030879
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
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 = 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
$70,515
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
5.90%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
307
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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.
