Historic Two-Unit Row
For Sale
$710,000
2016 Princess Anne Ave, Richmond, VA 23223
Victorian duplex with flexible layouts, period craftsmanship, private outdoor areas, and proximity to Jefferson Park and Union Hill amenities.
Property Size3,078 SF
Price / SF$230.67
Days on Market22
Property Features for 2016 Princess Anne Ave
General Information
Standard status
Active
Size
3,078 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,036
Amenities
front porch
private patios
laundry rooms
Building Details
Year Built
1915
Buildings
1
Construction
Victorian
Listing Agency:
Maison Real Estate Boutique
(804) 402-4565
Listed By:
Page George
(804) 402-4565
Source:
Exprealty
Added: Jul 22
Changed: Aug 11
Last Checked: Aug 11 at 10:59AM
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 Maison Real Estate Boutique
Investment Insights
Based on property information with market context.
Built in 1915, this 3,078-square-foot Victorian duplex combines preserved architectural details with practical residential layouts. Both units include two bedrooms, one full bath, generous living areas, oversized windows, eat-in kitchens, dedicated laundry rooms, and walk-in pantries. Nine-foot ceilings, original millwork, and other period features carry through the interiors, while each residence also has a private fenced rear patio.
The exterior includes a front porch, slate roof, and an arched brick entry vestibule with original wood flooring. Located at 2016 Princess Anne Ave in Richmond’s Union Hill Historic area, the property overlooks Jefferson Park and is near Sub Rosa, The Roosevelt, Patrick Henry’s Pub, 35 Yoga, Pizza Bones, and Union Hill Market.
The exterior includes a front porch, slate roof, and an arched brick entry vestibule with original wood flooring. Located at 2016 Princess Anne Ave in Richmond’s Union Hill Historic area, the property overlooks Jefferson Park and is near Sub Rosa, The Roosevelt, Patrick Henry’s Pub, 35 Yoga, Pizza Bones, and Union Hill Market.
Key Highlights
- Two‑unit duplex built in 1915
- 3,078‑square‑foot Victorian row house
- Each unit has 2 bedrooms and 1 full bath
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
$40,613
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
5.72%
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%
$812,260
$812.3K
Cap Rate 7%
$580,186
$580.2K
Cap Rate 9%
$451,256
$451.3K
Market Conditions
NOI Build-Up for 3,078 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
$62.1K $20.16/SF
− Vacancy
−$4.0K −$1.31/SF
EGI
$58.0K $18.85/SF
− OpEx
−$17.4K −$5.65/SF
NOI
$40.6K $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%
$812,260
Cap Rate 7%
$580,186
Cap Rate 9%
$451,256
Alternative Uses
Best Use
Multifamily LT 5
$580.2K
$507.7K – $676.9K
NOI $40,613 @ 7.0% cap · market cap 5.72%
Second Best
Apartment 5plus
$544.7K
$476.7K – $635.5K
NOI $38,132 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$711.1K
$622.2K – $829.6K
NOI $49,778 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,846
Businesses Nearby
Explore this area
Business Placement
Demographics for 23223, VA
51,960
Population
27,141
Households
1.9
Avg Household Size
35
Median Age
32%
College-Educated
90%
High-School Grad
16.7 sq mi
ZIP Area
3,111
Density / Sq Mi
$56,518
Median Household Income
$39,828
Median Earnings
$1,224
Median Rent
$236,300
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?
Duplex - Victorian duplex with flexible layouts, period craftsmanship, private outdoor areas, and proximity to Jefferson Park and Union Hill amenities.
Where is this duplex located?
The property is located at 2016 Princess Anne Ave Richmond, VA.
What is the asking price?
The asking price for this property is $710,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1915; 3,078‑square‑foot Victorian row house; Each unit has 2 bedrooms and 1 full bath
