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Richmond Multifamily Investment Opportunity

2115 Phaup Street Richmond, VA 23223

For Sale

$989,000

MULTI_FAMILY - Other - Richmond, VA

Property size:

6,448 SF

Lot size:

0.27 Acres

Price / SF:

$153/SF

For Sale

$989,000

MULTI_FAMILY - Other - Richmond, VA

Property size:

6,448 SF

Lot size:

0.27 Acres

Price / SF:

$153/SF

Added:: May 24, 2026
Days on Market:: 48
Last Refresh:: Jul 10 at 10:06 pm

Property Features for 2115 Phaup Street

General Information

Property type: Residential Multi Family
Property subtype: Other
Parking features: Off Street, On Street
Fencing: Fenced
Appliances: ElectricWaterHeater
Standard status: Active
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

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 agent Sean Gould License #0225231787

Listing office Hometown Realty 3027 W Cary Street, Mechanicsville, VA

Listing date May 24, 2026

MLS# 2614044 Listing URL

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 multifamily property in Richmond, Virginia, presents an opportunity for investors. The two-story brick apartment building contains nine 2-bedroom, 1-bath residences. Each unit is approximately 700 square feet, totaling approximately 6,448 square feet on a 0.27-acre parcel. The property features a newer roof, new exterior access, and durable brick construction. Multiple unit entrances and functional interior layouts support long-term rental operations. The property offers a courtyard-style exterior, a low-maintenance brick facade, and bright interior spaces. Select units feature hardwood or plank-style flooring, white kitchen cabinetry, electric range appliances, and neutral wall colors. The interiors provide simple, efficient layouts that allow for continued rental use while also presenting potential for future cosmetic updates or operational improvements. Tenants are responsible for heat and electric, while the landlord pays for water and trash removal. The property also offers some off-street parking, along with convenient access to nearby public transportation and Interstate 64. All units are tenant occupied with a strong rent roll. Recent improvements and area growth suggest potential upside through lease-up, rent optimization, or future improvements, subject to market conditions and applicable lease terms. With a consistent tenant base, low maintenance, and strong rental income this apartment building presents a compelling opportunity for investors seeking a multifamily property in the Richmond market.

Key Highlights

9‑unit, two‑story brick multifamily built in 1950 on a 0.27‑acre parcel
Unit mix: nine 2‑bedroom, 1‑bath residences; each approx. 700 SF; total building size approx. 6,448 SF
Appliances include electric water heater; water is public and sewer is public sewer

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$153.2k	$23.76
− Vacancy	−$8.0k	−$1.24
EGI	$145.2k	$22.52
− OpEx	−$65.4k	−$10.14
NOI	$79.9k	$12.39

6,448 SF · lease $23.76/SF/yr · vacancy 5.20% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$1.14M

$998.5K – $1.33M (±1% cap)

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 (±1% cap)

NOI $104,279 @ 7.0% cap · market cap 10.54%

Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

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For sale
Apartment buildings
VA
Richmond
23223
2115 Phaup Street

What type of property is this?

Apartment building - Nine-unit multifamily property with stabilized income in Richmond, Virginia.

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, two‑story brick multifamily built in 1950 on a 0.27‑acre parcel; Unit mix: nine 2‑bedroom, 1‑bath residences; each approx. 700 SF; total building size approx. 6,448 SF; Appliances include electric water heater; water is public and sewer is public sewer

2115 Phaup Street Richmond, VA 23223

MULTI_FAMILY - Other - Richmond, VA

Property Features for 2115 Phaup Street

General Information

Taxes and HOA fees

Utilities

Building Details

Investment Insights

Key Highlights

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

Alternative Uses

Property Analytics

Current Use by Public Records

Suggested Use

Similar For Sale Nearby

Automotive Service Buildings with Overhead Doors

Duplex Property with Balcony Access

Duplex with Covered Rear Porches

Renovated Quadplex with Flexible Lease

New Construction Multifamily in Richmond

Richmond Duplex: Leased Investment Opportunity

Colonial Multifamily with Courtyard

Turnkey Multifamily with Heat Pumps

Renovated Duplex in Richmond

Corner Commercial Building in Richmond

Renovated Duplex Near VCU

Cold-Storage Industrial Warehouse with Office

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