Brick 4-Unit
New
For Sale
$799,000
2004 Rosewood Avenue, Richmond, VA 23220
ResidentialIncome, Richmond, VA
Property Size2,382 SF
Lot Size0.05 Acres
Price / SF$335.43
Days on Market3
Property Features for 2004 Rosewood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-6
Parking features
Off Street, On Street, Alley
Patio and Porch features
Porch
Lot features
Additional Land Available
Elementary school
Miles Jerome Jones
Middle school
Albert Hill
High school
Thomas Jefferson
Directions
South on Meadow, Right on Rosewood
Subdivision
10 - Richmond
Standard status
Active
APN
W000-0893-018
Size
2,382 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PARCEL 2 0026.78X0078.00
Tax Annual Amount
8748
Legal Description
PARCEL 2 0026.78X0078.00
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
in-unit washer/dryer
off-street parking
Building Details
Year built
1924
Floors in Building
2
Number of units
4
Building materials
Brick, Block
Roof type
Rubber
Architectural style
Other
Listing Agency:
Providence Hill Real Estate
(804) 512-4999
Listed By:
Alejandro King · License #0225265706
(804) 503-7218
Added: Sep 17
Changed: Sep 19
Last Checked: Sep 19 at 9:06PM
MLS# 2625133
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.
Built in 1924, this 2,382-square-foot brick and block quadplex contains four two-bedroom, one-bath apartments. Each residence has its own washer/dryer and water heater, while separate water, gas, and electric meters support unit-level utility management. The property also includes a porch, public water and sewer service, and rear off-street parking with additional alley and on-street parking options. Current tenants are in place, and the building has been master-keyed for access across all units.
The property is located at 2004 Rosewood Avenue in Richmond’s Byrd Park neighborhood. The surrounding area includes approximately 200 acres of parkland and three lakes, with Maymont and the Carillon nearby. VCU, Carytown, restaurants, shops, and outdoor amenities are also identified as accessible from the property. The site occupies 0.048 acres in Richmond City, VA 23220.
The property is located at 2004 Rosewood Avenue in Richmond’s Byrd Park neighborhood. The surrounding area includes approximately 200 acres of parkland and three lakes, with Maymont and the Carillon nearby. VCU, Carytown, restaurants, shops, and outdoor amenities are also identified as accessible from the property. The site occupies 0.048 acres in Richmond City, VA 23220.
Key Highlights
- Four 2‑bedroom, 1‑bath apartments in a 2,382‑square‑foot building
- Built in 1924 with brick and block construction
- Separate water, gas, and electric meters for all four units
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
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Current Use
Lease Details
4
Residential units
Yes
Utilities to site
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
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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 - Four separately metered apartments with in-unit laundry, individual water heaters, and rear off-street parking.
Where is this quadplex located?
The property is located at 2004 Rosewood Avenue 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 apartments in a 2,382‑square‑foot building; Built in 1924 with brick and block construction; Separate water, gas, and electric meters for all four units
