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 Market73
Property Features for 2110 Redd Street
General Information
Standard status
Active
Size
23,400 SF
Lot size
1.01 Acres
Property subtype
Multifamily
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$739,200
Additional Details
Multifamily Units
36
Building Details
Year Built
1964
Buildings
2
Units
36
Tenancy
Single
Listing Agency:
Marcus & Millichap - Hampton Roads
Listed By:
Altay Uzun · License #VA 0225214405
Source:
Crexi
Added: Jun 11
Changed: Aug 22
Last Checked: Aug 21 at 7:39PM
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
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
$289,890
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
4.20%
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%
$5,797,800
$5.8M
Cap Rate 7%
$4,141,286
$4.1M
Cap Rate 9%
$3,221,000
$3.2M
Market Conditions
NOI Build-Up for 23,400 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
$556.0K $23.76/SF
− Vacancy
−$28.9K −$1.24/SF
EGI
$527.1K $22.52/SF
− OpEx
−$237.2K −$10.14/SF
NOI
$289.9K $12.39/SF
Area
Richmond, VA
Vacancy
5.20%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
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%
$5,797,800
Cap Rate 7%
$4,141,286
Cap Rate 9%
$3,221,000
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
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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
