Brick Duplex with Two
For Sale
$480,000
220 W Marshall Street, Richmond, VA 23220
ResidentialIncome, Richmond, VA
Property Size2,022 SF
Lot Size0.03 Acres
Price / SF$237.39
Days on Market55
Property Features for 220 W Marshall Street
General Information
Property type
Residential
Property subtype
Duplex
Zoning description
R-02
Parking features
On Street, Garage
Patio and Porch features
Porch
Interior features
EatInKitchen, Fireplace, GraniteCounters, HighCeilings, KitchenIsland, CableTv, WindowTreatments
Fireplace
1
Appliances
ElectricWaterHeater, WaterHeater
Lot features
Level
View
City
Elementary school
Carver
Middle school
Albert Hill
High school
Thomas Jefferson
Directions
On West Marshall east of Belvidere between Madison and Jefferson
Subdivision
10 - Richmond
Standard status
Active
APN
N000-0150-035
Size
2,022 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
00016.71X0076.00 000.029 AC
Tax Annual Amount
5304
Legal Description
00016.71X0076.00 000.029 AC
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Building materials
Brick, Drywall
Roof type
Flat, Rubber
Architectural style
Other
Listing Agency:
Snipes Properties
(804) 234-3373
Listed By:
Timea Harisova · License #0225196582
(804) 240-1120
Added: Jul 9
Changed: Aug 19
Last Checked: Sep 1 at 11:06AM
MLS# 2618774
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.
Built in 1910, this brick duplex contains two 2-bedroom, 1-bath residences totaling 2,022 square feet. Each unit has an updated kitchen connected to the living room, generously sized bedrooms, hardwood flooring, high ceilings, and a fireplace. The property also includes a porch, garage parking, and on-street parking, with public water and public sewer service.
The duplex is located at 220 W Marshall Street in Richmond’s Jackson Ward neighborhood, near Virginia Commonwealth University, Downtown Richmond, the Arts District, restaurants, breweries, shopping, and major employers. Its two-unit configuration supports separate rental use or an owner-occupant arrangement with an additional residence on site.
The duplex is located at 220 W Marshall Street in Richmond’s Jackson Ward neighborhood, near Virginia Commonwealth University, Downtown Richmond, the Arts District, restaurants, breweries, shopping, and major employers. Its two-unit configuration supports separate rental use or an owner-occupant arrangement with an additional residence on site.
Key Highlights
- Two 2‑bedroom, 1‑bath units in a duplex configuration
- 2,022 square feet on 0.029 acres
- Brick construction with 1910 build date
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 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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units offer updated kitchens, hardwood floors, and flexibility for rental income or owner-occupancy.
Where is this duplex located?
The property is located at 220 W Marshall Street 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 2‑bedroom, 1‑bath units in a duplex configuration; 2,022 square feet on 0.029 acres; Brick construction with 1910 build date
