Four-Unit Byrd Park
New
For Sale
$799,000
2004 Rosewood Ave, Richmond, VA 23220
Four separately metered residences with private laundry, individual water heaters, and rear off-street parking.
Property Size2,382 SF
Price / SF$335.43
Days on Market2
Property Features for 2004 Rosewood Ave
General Information
Standard status
Active
Size
2,382 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
in-unit washer/dryer
Building Details
Year Built
1924
Buildings
1
Listing Agency:
Providence Hill Real Estate
Listed By:
Alejandro King · License #0225265706
(804) 503-7218
Source:
Onedreamrealty
Added: Sep 18
Last Checked: Sep 19 at 10:56AM
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 Providence Hill Real Estate
Investment Insights
Based on property information with market context.
This four-unit residential property includes four two-bedroom, one-bath residences, each with separate water, gas, and electric metering. Every unit has an in-unit washer and dryer and its own water heater, while rear off-street parking serves the building. The property is currently occupied by established tenants, and the building has been master-keyed for centralized access.
Located at 2004 Rosewood Ave in Richmond’s Byrd Park neighborhood, the property is near parks, lakes, VCU, Carytown, restaurants, shops, Maymont, and the Carillon. Byrd Park includes approximately 200 acres of parkland and three lakes. Built in 1924, the quadplex offers a residential configuration with separately managed utilities and neighborhood access to outdoor and urban amenities.
Located at 2004 Rosewood Ave in Richmond’s Byrd Park neighborhood, the property is near parks, lakes, VCU, Carytown, restaurants, shops, Maymont, and the Carillon. Byrd Park includes approximately 200 acres of parkland and three lakes. Built in 1924, the quadplex offers a residential configuration with separately managed utilities and neighborhood access to outdoor and urban amenities.
Key Highlights
- Four 2‑bedroom, 1‑bath units
- Separate water, gas, and electric meters for all four units
- Each residence includes an in‑unit washer/dryer and individual water heater
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
$31,430
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
3.93%
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%
$628,600
$628.6K
Cap Rate 7%
$449,000
$449.0K
Cap Rate 9%
$349,222
$349.2K
Market Conditions
NOI Build-Up for 2,382 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
$48.0K $20.16/SF
− Vacancy
−$3.1K −$1.31/SF
EGI
$44.9K $18.85/SF
− OpEx
−$13.5K −$5.65/SF
NOI
$31.4K $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 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%
$628,600
Cap Rate 7%
$449,000
Cap Rate 9%
$349,222
Alternative Uses
Best Use
Multifamily LT 5
$449.0K
$392.9K – $523.8K
NOI $31,430 @ 7.0% cap · market cap 3.93%
Second Best
Apartment 5plus
$421.6K
$368.9K – $491.8K
NOI $29,509 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$550.3K
$481.5K – $642.1K
NOI $38,523 @ 7.0% cap · market cap 4.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,424
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four separately metered residences with private laundry, individual water heaters, and rear off-street parking.
Where is this quadplex located?
The property is located at 2004 Rosewood Ave Richmond, VA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units; Separate water, gas, and electric meters for all four units; Each residence includes an in‑unit washer/dryer and individual water heater
