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 Market18
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
(804) 350-0879
Listed By:
Chris Small · License #0225108723
Source:
Ruckartre
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 29 at 12:07PM
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 = 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
$75,249
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
7.53%
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%
$1,504,980
$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
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
$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 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%
$1,504,980
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.
Property Analytics
Property Profile
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
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?
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
