Richmond Multifamily Investment
2115 Phaup Street, Richmond, VA 23223
New
MULTI_FAMILY - Other - Richmond, VA
Property size:
6,448 SFLot size:
0.27 AcresPrice / SF:
$153/SF- Added:
- May 24, 2026
- Days on Market:
- 3
- Last Refresh:
- May 26 at 5:06 am
Property Features for 2115 Phaup Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Parking features
- On Street, Off 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 (540) 597-6073
Listing office Hometown Realty 3027 W Cary Street, Mechanicsville, VA (804) 335-1414
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.
HighLights
- High Cap Rate: Enjoy stabilized rental income with an approximate 8.5% cap rate, potentially reaching 9.5% based on current seller‑provided operating figures.
- Consistent Unit Mix: Features nine 2‑bedroom, 1‑bath residences, each approximately 700 square feet.
- Newer Roof and Exterior Access: Benefit from a newer roof and new exterior access, reducing immediate maintenance.
- Durable Brick Construction: The low‑maintenance brick facade ensures long‑term structural integrity.
- Strong Rent Roll: All units are tenant occupied, supported by a strong rent roll.
- Convenient Location: Offers some off‑street parking, along with convenient access to nearby public transportation and Interstate 64.
Overview
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.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$887.6K
NOI $79,881 @ 9.00% cap · cautious / downside scenario
Moderate
$1.14M
NOI $79,881 @ 7.00% cap · market / base-case scenario
Aggressive
$1.60M
NOI $79,881 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Apartment 5plus
| 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 Use Scenarios
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Richmond
- County
- Richmond City
- State
- Virginia
- Longitude
- -77.406879
- Latitude
- 37.550474
Nearby Similar for Sale
FAQs
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: High Cap Rate: Enjoy stabilized rental income with an approximate 8.5% cap rate, potentially reaching 9.5% based on current seller‑provided operating figures.; Consistent Unit Mix: Features nine 2‑bedroom, 1‑bath residences, each approximately 700 square feet.; Newer Roof and Exterior Access: Benefit from a newer roof and new exterior access, reducing immediate maintenance.
