Fully Leased Historic
For Sale
$998,900
2034 W Grace St, Richmond, VA 23220
Two four-bedroom apartments offer balconies, in-unit laundry, dining areas, storage, and off-street parking.
Property Size5,703 SF
Lot Size0.10 Acres
Price / SF$175.15
Days on Market64
Property Features for 2034 W Grace St
General Information
Standard status
Active
Size
5,703 SF
Lot size
0.10 Acres
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 4BR/2BA
Multifamily Units
2
Additional Details
Gross Income
$58,000
Road Access
Yes
Amenities
in-unit laundry
private balcony access
extra storage
off-street parking
Building Details
Year Built
1908
Buildings
1
Listing Agency:
PARK 27
Listed By:
Chris Small · License #0225108723
(804) 350-0879
Source:
Ruckartre
Added: Aug 13
Changed: Oct 10
Last Checked: Oct 7 at 4:04PM
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 PARK 27
Investment Insights
Based on property information with market context.
Built in 1908, this duplex contains two four-bedroom, two-bath apartments within Richmond’s Fan District. Each residence includes formal and informal living areas, a separate dining space, in-unit laundry, private balcony access, and additional storage. The property occupies a 4,445-square-foot lot and includes off-street parking.
Both apartments are fully leased, with tenants responsible for all utilities. Recent work includes interior and exterior painting, updated lighting, professional landscaping, pressure washing, and detailed cleaning. The building is located within a protected historic district on W. Grace Street, with a 97/100 Walk Score and convenient access to VCU, downtown Richmond, museums, restaurants, shops, and Whole Foods.
Both apartments are fully leased, with tenants responsible for all utilities. Recent work includes interior and exterior painting, updated lighting, professional landscaping, pressure washing, and detailed cleaning. The building is located within a protected historic district on W. Grace Street, with a 97/100 Walk Score and convenient access to VCU, downtown Richmond, museums, restaurants, shops, and Whole Foods.
Key Highlights
- Fully leased duplex with tenants paying all utilities
- Two 4‑bedroom, 2‑bath apartments
- 4,445‑square‑foot lot with off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$75,249
Cap Rate
7.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,504,980
$1.5M
Cap Rate 7%
$1,074,986
$1.1M
Cap Rate 9%
$836,100
$836.1K
Market Conditions
NOI Build-Up for 5,703 SF
Gross rent
$115.0K $20.16/SF
− Vacancy
−$7.5K −$1.31/SF
EGI
$107.5K $18.85/SF
− OpEx
−$32.2K −$5.65/SF
NOI
$75.2K $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 Rate 5%
$1,504,980
Cap Rate 7%
$1,074,986
Cap Rate 9%
$836,100
Alternative Uses
Best Use
Multifamily LT 5
$1.07M
$940.6K – $1.25M
NOI $75,249 @ 7.0% cap · market cap 7.53%
Second Best
Apartment 5plus
$1.01M
$883.1K – $1.18M
NOI $70,651 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,231 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,225
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?
Duplex - Two four-bedroom apartments offer balconies, in-unit laundry, dining areas, storage, and off-street parking.
Where is this duplex located?
The property is located at 2034 W Grace St Richmond, VA.
What is the asking price?
The asking price for this property is $998,900.
What are key features of this property?
This property features: Fully leased duplex with tenants paying all utilities; Two 4‑bedroom, 2‑bath apartments; 4,445‑square‑foot lot with off‑street parking
