Historic Two-Unit
For Sale
$998,900
Pending
2034 W Grace Street, Richmond, VA 23220
ResidentialIncome, Richmond, VA
Property Size5,703 SF
Lot Size0.10 Acres
Days on Market95
Property Features for 2034 W Grace Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-48
Parking features
Off Street, Garage, Assigned, On Street
Interior features
BayWindow, GraniteCounters
View
City
Elementary school
Fox
Middle school
Dogwood
High school
Thomas Jefferson
Directions
W. Grace between Meadow and Shields
Subdivision
10 - Richmond
Standard status
Pending
APN
W000-0911-047
Size
5,703 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
0031.75X0140.00 0000.000
Tax Annual Amount
9456
Legal Description
0031.75X0140.00 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
in-unit laundry
private balcony access
extra storage
off-street parking
Building Details
Year built
1908
Floors in Building
2
Number of units
2
Building materials
Brick, Drywall, Mixed, Plaster
Roof type
Metal, Rubber
Architectural style
Colonial
Listing Agency:
PARK 27
(804) 353-1250
Listed By:
Chris Small · License #0225108723
(804) 350-0879
Added: Jun 6
Changed: Sep 2
Last Checked: Sep 8 at 6:06PM
MLS# 2615451
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 1908, this Colonial-style duplex at 2034 W Grace Street contains two four-bedroom, two-bath apartments. Each residence includes formal and informal living areas, a separate dining space, in-unit laundry, private balcony access, and additional storage. The property also provides off-street, garage, assigned, and on-street parking, with brick, plaster, drywall, and mixed construction materials.
The building is located in Richmond’s Fan District within a protected historic district and carries a 97/100 Walk Score. VCU, downtown Richmond, museums, restaurants, shops, and Whole Foods are identified as nearby destinations. Public water and public sewer serve the property.
Recent work includes interior and exterior paint, updated lighting, professional landscaping, pressure washing, and detailed cleaning. Both apartments are currently leased, and tenants pay all utilities.
The building is located in Richmond’s Fan District within a protected historic district and carries a 97/100 Walk Score. VCU, downtown Richmond, museums, restaurants, shops, and Whole Foods are identified as nearby destinations. Public water and public sewer serve the property.
Recent work includes interior and exterior paint, updated lighting, professional landscaping, pressure washing, and detailed cleaning. Both apartments are currently leased, and tenants pay all utilities.
Key Highlights
- Two four‑bedroom, two‑bath apartments in a duplex built in 1908
- 100% leased with tenants paying all utilities
- 4,445‑square‑foot lot in Richmond’s Fan District
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
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Duplex - Fully leased apartments offer private balconies, in-unit laundry, and assigned off-street parking.
Where is this duplex located?
The property is located at 2034 W Grace Street 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: Two four‑bedroom, two‑bath apartments in a duplex built in 1908; 100% leased with tenants paying all utilities; 4,445‑square‑foot lot in Richmond’s Fan District
