Duplex with Updated
For Sale
$480,000
222 W Marshall Street, Richmond, VA 23220
ResidentialIncome, Richmond, VA
Property Size2,142 SF
Lot Size0.03 Acres
Price / SF$224.09
Days on Market55
Property Features for 222 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, CableTv, WindowTreatments
Fireplace
1
Appliances
ElectricWaterHeater, TanklessWaterHeater
Lot features
Level
View
City
Elementary school
Carver
Middle school
Albert Hill
High school
Thomas Jefferson
Directions
East of Belvidere, between Madison and Jefferson
Subdivision
10 - Richmond
Standard status
Active
APN
N000-0150-034
Size
2,142 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
00016.71X0076.00 000.029 AC
Tax Annual Amount
5352
Legal Description
00016.71X0076.00 000.029 AC
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1900
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 6:06AM
MLS# 2618780
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 2,142-square-foot duplex, built in 1900, contains two residences with two bedrooms and one bathroom apiece. Each unit includes an updated kitchen connected to the living room, generously sized bedrooms, hardwood floors, high ceilings, window treatments, and a fireplace. The property also includes a porch, brick construction, and a flat rubber roof.
Set on a 0.029-acre lot in Richmond, VA, the property offers public water and public sewer service. Parking is available through a garage and on-street spaces. Interior equipment includes electric and tankless water heaters, while granite counters, cable TV, and eat-in kitchen areas add to the unit features.
Set on a 0.029-acre lot in Richmond, VA, the property offers public water and public sewer service. Parking is available through a garage and on-street spaces. Interior equipment includes electric and tankless water heaters, while granite counters, cable TV, and eat-in kitchen areas add to the unit features.
Key Highlights
- Two‑unit duplex with 2,142 square feet of property size
- Each residence includes 2 bedrooms and 1 bathroom
- Updated kitchens open directly to living rooms
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
$28,263
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
5.89%
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%
$565,260
$565.3K
Cap Rate 7%
$403,757
$403.8K
Cap Rate 9%
$314,033
$314.0K
Market Conditions
NOI Build-Up for 2,142 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
$43.2K $20.16/SF
− Vacancy
−$2.8K −$1.31/SF
EGI
$40.4K $18.85/SF
− OpEx
−$12.1K −$5.65/SF
NOI
$28.3K $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%
$565,260
Cap Rate 7%
$403,757
Cap Rate 9%
$314,033
Alternative Uses
Best Use
Multifamily LT 5
$403.8K
$353.3K – $471.1K
NOI $28,263 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$379.1K
$331.7K – $442.3K
NOI $26,536 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$494.9K
$433.0K – $577.4K
NOI $34,641 @ 7.0% cap · market cap 7.22%
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 residences feature open kitchen-to-living layouts, hardwood flooring, generously sized bedrooms, and one bathroom each.
Where is this duplex located?
The property is located at 222 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‑unit duplex with 2,142 square feet of property size; Each residence includes 2 bedrooms and 1 bathroom; Updated kitchens open directly to living rooms
