Duplex Property with Balcony
2034 W Grace Street Richmond, VA 23220
For Sale
$998,900
MULTI_FAMILY - Colonial - Richmond, VA
Property Size5,703 SF
Lot Size0.10 Acres
Price / SF$175.15
Days on Market49
Property Features for 2034 W Grace Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Parking features
- Garage, Off Street, On Street, Assigned
- Interior features
- BayWindow, GraniteCounters
- Standard status
- Active
- 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
Utilities
- Sewer type
- Public Sewer
- Water source
- Public
Building Details
- Year built
- 1908
- Floors in Building
- 2
- Number of units
- 2
- Building materials
- Brick, Drywall, Mixed, Plaster
- Roof type
- Rubber, Metal
- Architectural style
- Colonial
Listing Agency:
PARK 27
(804) 353-1250
Listed By:
Chris Small · License #0225108723
(804) 350-0879
Added: Jun 6
Changed: Jul 21
Last Checked: Jul 24 at 9:06PM
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 duplex property offers two separate apartments designed for residential rental use. Each unit is described as having four bedrooms and two bathrooms, with large formal and informal living areas and dedicated laundry. The interiors also include separate dining spaces, balcony access, and additional storage to support comfortable day-to-day living. Reported pre-market improvements include plaster repair, interior and exterior painting, updated lighting, landscaping, pressure washing, and detailed cleaning.
Located at 2034 W. Grace Street in Richmond’s Fan neighborhood (Richmond City, VA 23220), the property is described as being on an established, walkable block. The remarks cite a reported walkability score of 97 out of 100 and proximity to neighborhood restaurants and shopping, along with VCU, museums, and downtown Richmond.
The layout and two-unit configuration can fit an investor seeking a duplex acquisition, or an owner-occupant looking to live in one unit while renting the other. One new lease is already in place, while the upper unit is described as available for an owner-occupant or as an additional rental opportunity. Overall, the property’s scale, historic character, and separate-unit design support flexible long-term ownership approaches in the city’s Fan neighborhood.
Located at 2034 W. Grace Street in Richmond’s Fan neighborhood (Richmond City, VA 23220), the property is described as being on an established, walkable block. The remarks cite a reported walkability score of 97 out of 100 and proximity to neighborhood restaurants and shopping, along with VCU, museums, and downtown Richmond.
The layout and two-unit configuration can fit an investor seeking a duplex acquisition, or an owner-occupant looking to live in one unit while renting the other. One new lease is already in place, while the upper unit is described as available for an owner-occupant or as an additional rental opportunity. Overall, the property’s scale, historic character, and separate-unit design support flexible long-term ownership approaches in the city’s Fan neighborhood.
Key Highlights
- Built in 1908, this Colonial‑style duplex offers historic character and a two‑family layout.
- Two large apartments with 4 bedrooms and 2 baths each, providing flexible owner‑occupant or rental income options.
- Approximately 5,000 SF building on a 4,445 SF lot with dedicated laundry, balcony access, and additional storage.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $115.0k | $20.16 |
| − Vacancy | −$7.5k | −$1.31 |
| EGI | $107.5k | $18.85 |
| − OpEx | −$32.2k | −$5.65 |
| NOI | $75.2k | $13.19 |
5,703 SF · lease $20.16/SF/yr · vacancy 6.50% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Built in 1908 and configured as two 4-bedroom, 2-bath apartments with dedicated laundry and separate living spaces.
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: Built in 1908, this Colonial‑style duplex offers historic character and a two‑family layout.; Two large apartments with 4 bedrooms and 2 baths each, providing flexible owner‑occupant or rental income options.; Approximately 5,000 SF building on a 4,445 SF lot with dedicated laundry, balcony access, and additional storage.
