9-Unit Brick Apartment
For Sale
$989,000
2115 Phaup Street, Richmond, VA 23223
Occupied residences feature a consistent two-bedroom layout, with some off-street parking and access to public transportation and I-64.
Property Size6,448 SF
Lot Size0.27 Acres
Price / SF$153.38
Days on Market156
Property Features for 2115 Phaup Street
General Information
Standard status
Active
Size
6,448 SF
Lot size
0.27 Acres
Property subtype
Residential Income
Zoning
R-53
Occupancy
100%
Site & Location
Neighborhood
Frfd
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
9 x 2BR/1BA
Multifamily Units
9
Additional Details
Average Monthly Rent
$1,200
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$7,332
Building Details
Building Size
6,448 SF
Year Built
1950
Buildings
1
Stories
2
Units
1
Construction
brick
Listed By:
Mahmud Chowdhury
(804) 647-7686
Source:
Freedom1realty
Added: May 24
Changed: Oct 26
Last Checked: Oct 26 at 3:57AM
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 Mahmud Chowdhury
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1950, this two-story brick apartment property contains 6,448 square feet across nine residences, each configured with two bedrooms and one bathroom. Units are approximately 700 square feet, and the property occupies a 0.27-acre parcel. The building has multiple entrances and a courtyard-style exterior. Select apartments have hardwood or plank-style flooring, white kitchen cabinets, and electric ranges. A newer roof is also in place.
All nine units are tenant occupied. Residents pay for heat and electricity; the landlord covers water and trash removal. Some off-street parking is available, with nearby access to public transportation and Interstate 64. The property is zoned R-53.
All nine units are tenant occupied. Residents pay for heat and electricity; the landlord covers water and trash removal. Some off-street parking is available, with nearby access to public transportation and Interstate 64. The property is zoned R-53.
Key Highlights
- Nine 2‑bedroom, 1‑bath units, approximately 700 square feet each
- 6,448‑square‑foot, two‑story brick building on a 0.27‑acre parcel
- All units are tenant occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$79,881
Cap Rate
8.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,597,620
$1.6M
Cap Rate 7%
$1,141,157
$1.1M
Cap Rate 9%
$887,567
$887.6K
Market Conditions
NOI Build-Up for 6,448 SF
Gross rent
$153.2K $23.76/SF
− Vacancy
−$8.0K −$1.24/SF
EGI
$145.2K $22.52/SF
− OpEx
−$65.4K −$10.14/SF
NOI
$79.9K $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 Rate 5%
$1,597,620
Cap Rate 7%
$1,141,157
Cap Rate 9%
$887,567
Alternative Uses
Best Use
Apartment 5plus
$1.14M
$998.5K – $1.33M
NOI $79,881 @ 7.0% cap · market cap 8.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,279 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Lease Details
9
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
238
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Occupied residences feature a consistent two-bedroom layout, with some off-street parking and access to public transportation and I-64.
Where is this apartment building located?
The property is located at 2115 Phaup Street Richmond, VA.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: Nine 2‑bedroom, 1‑bath units, approximately 700 square feet each; 6,448‑square‑foot, two‑story brick building on a 0.27‑acre parcel; All units are tenant occupied
