Brick Quadplex with Bay
For Sale
$1,080,000
Pending
2125 Grove Avenue, Richmond, VA 23220
ResidentialIncome, Richmond, VA
Property Size4,804 SF
Lot Size0.12 Acres
Days on Market77
Property Features for 2125 Grove Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-6
Rooms
Basement
Interior features
HighCeilings
Fencing
Fenced
Appliances
ElectricWaterHeater, GasWaterHeater
Lot features
Corner Lot
Elementary school
Fox
Middle school
Dogwood
High school
Thomas Jefferson
Subdivision
10 - Richmond
Standard status
Pending
APN
W000-0946-001
Size
4,804 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
0043.58X0117.00 0000.000
Tax Annual Amount
8280
Legal Description
0043.58X0117.00 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
hardwood floors
10 ft ceilings
bay windows
fence rear courtyard
Building Details
Year built
1910
Floors in Building
2
Number of units
4
Building materials
Brick, Drywall
Roof type
Slate
Architectural style
Colonial
Listing Agency:
Town & Country Sales and Mgmt
(804) 282-1515
Listed By:
Whit Brooks · License #0225205504
(804) 387-1654
Added: Jun 8
Changed: Aug 19
Last Checked: Aug 23 at 6:06AM
MLS# 2615441
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 4,804-square-foot quadplex occupies a 0.1171-acre lot and was built in 1910 with Colonial architectural styling. The brick property includes hardwood floors, bay windows, 10-foot ceilings, a basement, and a fenced rear courtyard. Public water and public sewer serve the building, while the roof is slate. Electric and gas water heaters are present.
Located at 2125 Grove Avenue in Richmond, the property is identified within the 23220 postal area. Improvements completed in 2022 included a new flat roof, slate repairs, brick repointing, fresh paint, and replacement windows. Appliances were replaced during 2022–2023.
Located at 2125 Grove Avenue in Richmond, the property is identified within the 23220 postal area. Improvements completed in 2022 included a new flat roof, slate repairs, brick repointing, fresh paint, and replacement windows. Appliances were replaced during 2022–2023.
Key Highlights
- 4,804 SF quadplex on a 0.1171‑acre lot
- Built in 1910 with Colonial architectural styling
- 10‑foot ceilings, hardwood floors, and bay windows
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
$63,387
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
5.87%
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%
$1,267,740
$1.3M
Cap Rate 7%
$905,529
$905.5K
Cap Rate 9%
$704,300
$704.3K
Market Conditions
NOI Build-Up for 4,804 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
$96.8K $20.16/SF
− Vacancy
−$6.3K −$1.31/SF
EGI
$90.6K $18.85/SF
− OpEx
−$27.2K −$5.65/SF
NOI
$63.4K $13.19/SF
Area
Richmond, VA
Vacancy
6.50%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
30.00%
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%
$1,267,740
Cap Rate 7%
$905,529
Cap Rate 9%
$704,300
Alternative Uses
Best Use
Multifamily LT 5
$905.5K
$792.3K – $1.06M
NOI $63,387 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$850.2K
$743.9K – $991.9K
NOI $59,514 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$1.11M
$971.2K – $1.29M
NOI $77,692 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10 ft
Clear height
Location Intelligence
Trade Area within ½ mile
2,001
Businesses Nearby
Explore this area
Business Placement
Demographics for 23220, VA
36,942
Population
16,561
Households
2.2
Avg Household Size
27
Median Age
59%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
7,696
Density / Sq Mi
$56,681
Median Household Income
$33,249
Median Earnings
$1,354
Median Rent
$468,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - 1910 Colonial-style brick property with tall ceilings, hardwood flooring, and a fenced rear courtyard.
Where is this quadplex located?
The property is located at 2125 Grove Avenue Richmond, VA.
What is the asking price?
The asking price for this property is $1,080,000.
What are key features of this property?
This property features: 4,804 SF quadplex on a 0.1171‑acre lot; Built in 1910 with Colonial architectural styling; 10‑foot ceilings, hardwood floors, and bay windows
