Renovated Side-by-Side
For Sale
$749,000
2218 /2220 M St, Richmond, VA 23223
Two residences offer a 2-bedroom and 3-bedroom configuration in Richmond’s Union Hill neighborhood.
Property Size2,943 SF
Price / SF$254.50
Days on Market38
Property Features for 2218 /2220 M St
General Information
Standard status
Active
Size
2,943 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
1 x 2BR/2BA, 1 x 3BR/1.5BA
Multifamily Units
2
Building Details
Year Built
1910
Year Renovated
2022
Buildings
1
Listing Agency:
One South Commercial LLC
(434) 981-3146
Listed By:
Ann Schweitzer · License #0225211714
Source:
Buynsellrva
Added: Jul 26
Changed: Aug 29
Last Checked: Aug 31 at 6:35PM
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
Investment Insights
Based on property information with market context.
This side-by-side duplex at 2218-2220 M Street contains approximately 2,943 square feet across two separate residences. The property includes one 2-bedroom, 2-bathroom unit and one 3-bedroom, 1.5-bathroom unit. Both residences underwent renovation in 2022, and the building dates to 1910.
The property is in Richmond’s Union Hill neighborhood near the intersection of 25th and M Streets. Sub Rosa Bakery, Union Market, Metzger, Kahlo’s Taqueria, and Fat Rabbit are within walking distance, while downtown Richmond and the MCV campus are a short distance away. I-95 and I-64 provide regional highway access.
The oversized lot is identified as offering room for possible expansion, accessory dwelling units, or redevelopment, subject to applicable approvals. The residences may also support separate resale or conversion strategies, subject to applicable requirements.
The property is in Richmond’s Union Hill neighborhood near the intersection of 25th and M Streets. Sub Rosa Bakery, Union Market, Metzger, Kahlo’s Taqueria, and Fat Rabbit are within walking distance, while downtown Richmond and the MCV campus are a short distance away. I-95 and I-64 provide regional highway access.
The oversized lot is identified as offering room for possible expansion, accessory dwelling units, or redevelopment, subject to applicable approvals. The residences may also support separate resale or conversion strategies, subject to applicable requirements.
Key Highlights
- Approximately 2,943 square feet in a side‑by‑side duplex
- Unit mix includes one 2‑bedroom, 2‑bathroom residence and one 3‑bedroom, 1.5‑bathroom residence
- Both residences renovated in 2022
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
$38,832
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
5.18%
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%
$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
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
$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 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%
$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 5.18%
Second Best
Apartment 5plus
$520.8K
$455.7K – $607.7K
NOI $36,459 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$679.9K
$594.9K – $793.3K
NOI $47,595 @ 7.0% cap · market cap 6.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer a 2-bedroom and 3-bedroom configuration in Richmond’s Union Hill neighborhood.
Where is this duplex located?
The property is located at 2218 /2220 M St Richmond, VA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Approximately 2,943 square feet in a side‑by‑side duplex; Unit mix includes one 2‑bedroom, 2‑bathroom residence and one 3‑bedroom, 1.5‑bathroom residence; Both residences renovated in 2022
