NNN Apartment
For Sale
Contact for pricing
2110 Redd Street, Richmond, VA 23223
36-unit apartment building offering a mix of two-bedroom, one-bathroom residences on 1.01 acres.
Property Size23,400 SF
Lot Size1.01 Acres
Price / SF$294.87
Days on Market56
Property Features for 2110 Redd Street
General Information
Standard status
Active
Size
23,400 SF
Lot size
1.01 Acres
Property subtype
Multifamily
Additional Details
Multifamily Units
36
Building Details
Year Built
1964
Listing Agency:
Marcus & Millichap - Hampton Roads
Listed By:
Altay Uzun · License #VA 0225214405
Source:
Crexi
Added: Jun 11
Changed: Jul 10
Last Checked: Aug 5 at 10:51AM
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 Marcus & Millichap - Hampton Roads
Investment Insights
Based on property information with market context.
2110 Redd Street is a multifamily apartment building built in 1964, situated on 1.01 acres. The property contains thirty-six units, with apartment layouts described as a mix of two-bedroom units with one bathroom. The offering is presented as an NNN asset structure.
Located in Richmond, Virginia, the property benefits from its placement along major transportation routes, supporting resident access and regional connectivity. The city is characterized in the remarks as having strong, supply-constrained rental conditions.
This asset may appeal to buyers looking to acquire a dedicated income-producing apartment building within an NNN framework. With thirty-six total units, it offers a reasonably sized multifamily platform while maintaining a consistent unit configuration focus around two-bedroom, one-bathroom layouts. Its long-standing construction date and established site footprint can also be a practical fit for operators and investors seeking a straightforward multifamily ownership structure tied to a NNN presentation.
Located in Richmond, Virginia, the property benefits from its placement along major transportation routes, supporting resident access and regional connectivity. The city is characterized in the remarks as having strong, supply-constrained rental conditions.
This asset may appeal to buyers looking to acquire a dedicated income-producing apartment building within an NNN framework. With thirty-six total units, it offers a reasonably sized multifamily platform while maintaining a consistent unit configuration focus around two-bedroom, one-bathroom layouts. Its long-standing construction date and established site footprint can also be a practical fit for operators and investors seeking a straightforward multifamily ownership structure tied to a NNN presentation.
Key Highlights
- 36‑unit multifamily property at 2110 Redd Street, Richmond, VA
- Unit mix includes two‑bedroom, one‑bathroom residences
- Built in 1964
Financial Insights For Apartment 5plus
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 | $556.0k | $23.76 |
| − Vacancy | −$28.9k | −$1.24 |
| EGI | $527.1k | $22.52 |
| − OpEx | −$237.2k | −$10.14 |
| NOI | $289.9k | $12.39 |
23,400 SF · lease $23.76/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.14M
$3.62M – $4.83M
NOI $289,890 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.41M
$4.73M – $6.31M
NOI $378,433 @ 7.0% cap · market cap 5.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
36
Residential units
Location Intelligence
Trade Area within ½ mile
1,763
Businesses Nearby
Explore this area
Business Placement
Demographics for 23223, VA
51,960
Population
27,141
Households
1.9
Avg Household Size
35
Median Age
32%
College-Educated
90%
High-School Grad
16.7 sq mi
ZIP Area
3,111
Density / Sq Mi
$56,518
Median Household Income
$39,828
Median Earnings
$1,224
Median Rent
$236,300
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?
Apartment building - 36-unit apartment building offering a mix of two-bedroom, one-bathroom residences on 1.01 acres.
Where is this apartment building located?
The property is located at 2110 Redd Street Richmond, VA.
What is the asking price?
The asking price for this property is $6,900,000.
What are key features of this property?
This property features: 36‑unit multifamily property at 2110 Redd Street, Richmond, VA; Unit mix includes two‑bedroom, one‑bathroom residences; Built in 1964
