Two-Unit Duplex with Hardwood
For Sale
$480,000
220 W Marshall St, Richmond, VA 23219
Updated kitchens connect to living rooms in functional residential layouts.
Property Size2,022 SF
Price / SF$237.39
Days on Market55
Property Features for 220 W Marshall St
General Information
Standard status
Active
Size
2,022 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,304
Listing Agency:
Snipes Properties
(804) 240-1120
Listed By:
Timea Harisova · License #0225196582
(804) 240-1120
Source:
Exprealty
Added: Jul 9
Changed: Aug 23
Last Checked: Aug 30 at 9:04PM
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 Snipes Properties
Investment Insights
Based on property information with market context.
This two-unit duplex at 220 W Marshall St contains 2,022 square feet and includes two residences, each with two bedrooms and one bathroom. Both units feature updated kitchens arranged alongside the living areas, generously sized bedrooms, and hardwood flooring. Classic architectural details add character to the building while the floor plans support everyday residential use.
The property is located in Richmond’s Jackson Ward neighborhood, near Virginia Commonwealth University, Downtown Richmond, the Arts District, restaurants, breweries, shopping, and major employers. The layout also supports an owner-occupant arrangement, with the ability to live in one unit while renting the other.
The property is located in Richmond’s Jackson Ward neighborhood, near Virginia Commonwealth University, Downtown Richmond, the Arts District, restaurants, breweries, shopping, and major employers. The layout also supports an owner-occupant arrangement, with the ability to live in one unit while renting the other.
Key Highlights
- Two‑unit duplex with 2,022 square feet
- Two 2‑bedroom, 1‑bath units
- Updated kitchens connected to living areas
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
$26,680
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
5.56%
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%
$533,600
$533.6K
Cap Rate 7%
$381,143
$381.1K
Cap Rate 9%
$296,444
$296.4K
Market Conditions
NOI Build-Up for 2,022 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
$40.8K $20.16/SF
− Vacancy
−$2.6K −$1.31/SF
EGI
$38.1K $18.85/SF
− OpEx
−$11.4K −$5.65/SF
NOI
$26.7K $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%
$533,600
Cap Rate 7%
$381,143
Cap Rate 9%
$296,444
Alternative Uses
Best Use
Multifamily LT 5
$381.1K
$333.5K – $444.7K
NOI $26,680 @ 7.0% cap · market cap 5.56%
Second Best
Apartment 5plus
$357.8K
$313.1K – $417.5K
NOI $25,049 @ 7.0% cap · market cap 5.22%
Theoretical Best
Office A
$467.1K
$408.8K – $545.0K
NOI $32,700 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,611
Businesses Nearby
Explore this area
Business Placement
Demographics for 23219, VA
5,307
Population
3,488
Households
1.5
Avg Household Size
29
Median Age
62%
College-Educated
91%
High-School Grad
1.3 sq mi
ZIP Area
4,082
Density / Sq Mi
$62,533
Median Household Income
$46,509
Median Earnings
$1,439
Median Rent
$287,500
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?
Duplex - Updated kitchens connect to living rooms in functional residential layouts.
Where is this duplex located?
The property is located at 220 W Marshall St Richmond, VA.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,022 square feet; Two 2‑bedroom, 1‑bath units; Updated kitchens connected to living areas
