9-Unit Brick Apartment
For Sale
$989,000
Pending
2115 Phaup Street, Richmond, VA 23223
ResidentialIncome, Richmond, VA
Property Size6,448 SF
Lot Size0.27 Acres
Days on Market101
Property Features for 2115 Phaup Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-53
Parking features
On Street, Off Street
Fencing
Fenced
Appliances
ElectricWaterHeater
Subdivision
Woodville
Elementary school
Fairfield
Middle school
Martin Luther King Jr.
High school
Armstrong
Standard status
Pending
APN
E012-0259-008
Size
6,448 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WOODVILLE L6-8 B22 0089.84X0129.79 0000.000
Tax Annual Amount
7332
Legal Description
WOODVILLE L6-8 B22 0089.84X0129.79 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1950
Floors in Building
2
Number of units
1
Building materials
Brick, Drywall
Architectural style
Other
Listing Agency:
Hometown Realty
(804) 335-1414
Listed By:
Sean Gould · License #0225231787
(540) 597-6073
Added: May 24
Changed: Aug 19
Last Checked: Sep 1 at 7:06PM
MLS# 2614044
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.
This two-story brick apartment building contains 9 two-bedroom, one-bath residences, each approximately 700 square feet, within approximately 6,448 square feet of total building area. The 0.27-acre parcel includes a courtyard-style exterior, fenced grounds, multiple entrances, and both on-street and off-street parking. Public water and public sewer serve the property. Built in 1950, the building has a newer roof and exterior access improvements. Interior finishes vary by unit and include hardwood or plank-style flooring, white kitchen cabinetry, electric ranges, and neutral wall colors.
All 9 units are tenant occupied. Residents pay their own heat and electric, while ownership covers water and trash removal. The property is positioned in Richmond, VA, with access to public transportation and Interstate 64. The address is 2115 Phaup Street, Richmond, VA 23223.
All 9 units are tenant occupied. Residents pay their own heat and electric, while ownership covers water and trash removal. The property is positioned in Richmond, VA, with access to public transportation and Interstate 64. The address is 2115 Phaup Street, Richmond, VA 23223.
Key Highlights
- 9‑unit building with nine 2‑bedroom, 1‑bath residences
- Approximately 6,448 square feet on a 0.27‑acre parcel
- Two‑story brick construction built in 1950
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
$79,881
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
8.08%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
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
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 - Two-story rental property with all residences occupied and a mix of private entrances, courtyard space, and off-street parking.
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: 9‑unit building with nine 2‑bedroom, 1‑bath residences; Approximately 6,448 square feet on a 0.27‑acre parcel; Two‑story brick construction built in 1950
