Renovated Side-by-Side
For Sale
$724,900
2218/2220 M Street, Richmond, VA 23223
The two homes offer distinct bedroom and bathroom configurations under R-63 zoning.
Property Size2,943 SF
Price / SF$246.31
Days on Market109
Property Features for 2218/2220 M Street
General Information
Standard status
Active
Size
2,943 SF
Property subtype
Residential Income
Zoning
R-63
Site & Location
Neighborhood
Unhl
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
1 x 2BR/2BA, 1 x 3BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,984
Building Details
Building Size
2,943 SF
Year Built
1910
Year Renovated
2022
Buildings
1
Stories
2
Units
2
Listing Agency:
One South Commercial LLC
(804) 266-8831
Listed By:
Ann Schweitzer · License #0225211714
(434) 981-3146
Source:
Freedom1realty
Added: Jul 7
Changed: Oct 23
Last Checked: Oct 23 at 4:12PM
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 One South Commercial LLC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This side-by-side duplex contains 2,943 square feet across two residences: one with 2 bedrooms and 2 bathrooms, and another with 3 bedrooms and 1.5 bathrooms. Renovations to both units were completed in 2022. The property was built in 1910 and is zoned R-63.
At 2218/2220 M Street in Richmond, the duplex is a short walk from the 25th and M Streets intersection and nearby businesses including Sub Rosa Bakery, Union Market, Metzger, Kahlo’s Taqueria, and Fat Rabbit. Downtown Richmond and the MCV campus are minutes away, with access to I-95 and I-64 also noted.
At 2218/2220 M Street in Richmond, the duplex is a short walk from the 25th and M Streets intersection and nearby businesses including Sub Rosa Bakery, Union Market, Metzger, Kahlo’s Taqueria, and Fat Rabbit. Downtown Richmond and the MCV campus are minutes away, with access to I-95 and I-64 also noted.
Key Highlights
- Side‑by‑side duplex with 2,943 square feet
- Two residences: one with 2 bedrooms and 2 bathrooms; the other with 3 bedrooms and 1.5 bathrooms
- Both units renovated in 2022
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,832
Cap Rate
5.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$776,640
$776.6K
Cap Rate 7%
$554,743
$554.7K
Cap Rate 9%
$431,467
$431.5K
Market Conditions
NOI Build-Up for 2,943 SF
Gross rent
$59.3K $20.16/SF
− Vacancy
−$3.9K −$1.31/SF
EGI
$55.5K $18.85/SF
− OpEx
−$16.6K −$5.65/SF
NOI
$38.8K $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 Rate 5%
$776,640
Cap Rate 7%
$554,743
Cap Rate 9%
$431,467
Alternative Uses
Best Use
Multifamily LT 5
$554.7K
$485.4K – $647.2K
NOI $38,832 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$520.8K
$455.7K – $607.7K
NOI $36,459 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$679.9K
$594.9K – $793.3K
NOI $47,595 @ 7.0% cap · market cap 6.57%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,813
Businesses Nearby
Explore this area
Business Placement
Demographics for 23223, VA
51,960
Population
27,141
Households
1.9
Avg Household Size
35
Median Age
32%
College-Educated
90%
High-School Grad
16.7 sq mi
ZIP Area
3,111
Density / Sq Mi
$56,518
Median Household Income
$39,828
Median Earnings
$1,224
Median Rent
$236,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - The two homes offer distinct bedroom and bathroom configurations under R-63 zoning.
Where is this duplex located?
The property is located at 2218/2220 M Street Richmond, VA.
What is the asking price?
The asking price for this property is $724,900.
What are key features of this property?
This property features: Side‑by‑side duplex with 2,943 square feet; Two residences: one with 2 bedrooms and 2 bathrooms; the other with 3 bedrooms and 1.5 bathrooms; Both units renovated in 2022
