Contemporary Duplex with Modern
For Sale
$709,999
206 W 14th Street, Richmond, VA 23224
ResidentialIncome, Richmond, VA
Property Size2,996 SF
Lot Size0.08 Acres
Price / SF$236.98
Days on Market54
Property Features for 206 W 14th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-8
Parking features
Assigned, Off Street, On Street
Patio and Porch features
Porch
Interior features
CeilingFans, GraniteCounters, HighCeilings, KitchenIsland, BathInPrimaryBedroom, WalkInClosets
Appliances
ElectricWaterHeater
Subdivision
Manchester
Lot features
Corner Lot
Elementary school
Blackwell
Middle school
Dogwood
High school
Armstrong
Directions
From downtown, travel Route 60 to Parry Street, make a right. Make a left on 14th Street.
Standard status
Active
APN
S000-0155-017
Size
2,996 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
0029.00X0132.00 IRG0000.079 AC
Tax Annual Amount
8328
Legal Description
0029.00X0132.00 IRG0000.079 AC
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
2021
Floors in Building
3
Number of units
2
Building materials
Drywall, Frame, HardiplankType, WoodSiding
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
United Real Estate Richmond
(804) 359-9200
Listed By:
Kelly Rivers · License #0225224862
(804) 314-6967
Added: Jul 10
Changed: Aug 31
Last Checked: Sep 1 at 5:06AM
MLS# 2618895
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 2021, this contemporary duplex contains two residences totaling 2,996 square feet on a 0.0793-acre lot. Each unit features an open-concept layout, high ceilings, abundant natural light, granite countertops, a kitchen island, ceiling fans, and walk-in closets. Primary bedrooms include private baths, while porches add outdoor space. The property has a wood-frame construction with Hardiplank and wood siding, a composition roof, and public water and sewer service.
Parking includes assigned spaces along with off-street and on-street options. An electric water heater serves the property, supporting a practical, low-maintenance residential configuration in Richmond’s Manchester neighborhood.
Parking includes assigned spaces along with off-street and on-street options. An electric water heater serves the property, supporting a practical, low-maintenance residential configuration in Richmond’s Manchester neighborhood.
Key Highlights
- 2021‑built contemporary duplex with two residences
- 2,996 square feet on a 0.0793‑acre lot
- Open‑concept interiors with high ceilings and abundant natural light
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
$39,531
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
5.57%
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%
$790,620
$790.6K
Cap Rate 7%
$564,729
$564.7K
Cap Rate 9%
$439,233
$439.2K
Market Conditions
NOI Build-Up for 2,996 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
$60.4K $20.16/SF
− Vacancy
−$3.9K −$1.31/SF
EGI
$56.5K $18.85/SF
− OpEx
−$16.9K −$5.65/SF
NOI
$39.5K $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%
$790,620
Cap Rate 7%
$564,729
Cap Rate 9%
$439,233
Alternative Uses
Best Use
Multifamily LT 5
$564.7K
$494.1K – $658.9K
NOI $39,531 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$530.2K
$464.0K – $618.6K
NOI $37,116 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$692.2K
$605.7K – $807.5K
NOI $48,452 @ 7.0% cap · market cap 6.82%
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
974
Businesses Nearby
Explore this area
Business Placement
Demographics for 23224, VA
39,468
Population
18,201
Households
2.2
Avg Household Size
33
Median Age
19%
College-Educated
80%
High-School Grad
11.6 sq mi
ZIP Area
3,402
Density / Sq Mi
$49,263
Median Household Income
$36,275
Median Earnings
$1,268
Median Rent
$189,200
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 - Two residences offer open living areas, low-maintenance design, and assigned, off-street, and on-street parking.
Where is this duplex located?
The property is located at 206 W 14th Street Richmond, VA.
What is the asking price?
The asking price for this property is $709,999.
What are key features of this property?
This property features: 2021‑built contemporary duplex with two residences; 2,996 square feet on a 0.0793‑acre lot; Open‑concept interiors with high ceilings and abundant natural light
