Duplex with Covered
For Sale
$535,000
2319 M St, Richmond, VA 23223
Two separate residences feature updated interiors, private porches, and access to a fenced backyard.
Property Size2,217 SF
Price / SF$241.32
Days on Market47
Property Features for 2319 M St
General Information
Standard status
Active
Size
2,217 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
covered front porch
screened in porch
fireplace
fenced-in backyard
stackable washer and dryer
Building Details
Year Built
1890
Listing Agency:
Hometown Realty
Listed By:
Matt Jarreau
(804) 306-9019
Source:
Ruckartre
Added: Sep 1
Changed: Oct 6
Last Checked: Oct 16 at 11:59AM
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 Hometown Realty
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 duplex contains two distinct residences totaling 2,217 SF. The main unit offers 2 bedrooms, 1.5 baths, and 1, 473 SF, with heart pine flooring, 10' ceilings, a spacious foyer, living room fireplace, floor-to-ceiling windows, and a kitchen equipped with white shaker-style cabinetry, granite countertops, and stainless-steel appliances. The main residence also includes a screened porch, covered front porch, second-floor laundry, and a renovated hall bathroom.
The 1-bedroom, 1-bath basement unit provides 744 SF with fresh paint, new flooring, a large bedroom closet, walk-in shower, updated kitchen finishes, stackable laundry, and covered front and rear porches. The rear porch opens toward a fenced backyard. The property is a few hundred feet from restaurants, shops, and parks in Church Hill, with the address at 2319 M St, Richmond, VA.
The 1-bedroom, 1-bath basement unit provides 744 SF with fresh paint, new flooring, a large bedroom closet, walk-in shower, updated kitchen finishes, stackable laundry, and covered front and rear porches. The rear porch opens toward a fenced backyard. The property is a few hundred feet from restaurants, shops, and parks in Church Hill, with the address at 2319 M St, Richmond, VA.
Key Highlights
- Two‑unit property totaling 2,217 SF
- Main unit includes 2 bedrooms, 1.5 baths, and 1, 473 SF
- Basement residence provides 1 bedroom, 1 bath, and 744 SF
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,253
Cap Rate
5.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$585,060
$585.1K
Cap Rate 7%
$417,900
$417.9K
Cap Rate 9%
$325,033
$325.0K
Market Conditions
NOI Build-Up for 2,217 SF
Gross rent
$44.7K $20.16/SF
− Vacancy
−$2.9K −$1.31/SF
EGI
$41.8K $18.85/SF
− OpEx
−$12.5K −$5.65/SF
NOI
$29.3K $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 Rate 5%
$585,060
Cap Rate 7%
$417,900
Cap Rate 9%
$325,033
Alternative Uses
Best Use
Multifamily LT 5
$417.9K
$365.7K – $487.6K
NOI $29,253 @ 7.0% cap · market cap 5.47%
Second Best
Apartment 5plus
$392.4K
$343.3K – $457.8K
NOI $27,465 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$512.2K
$448.2K – $597.6K
NOI $35,854 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,322
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences feature updated interiors, private porches, and access to a fenced backyard.
Where is this duplex located?
The property is located at 2319 M St Richmond, VA.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Two‑unit property totaling 2,217 SF; Main unit includes 2 bedrooms, 1.5 baths, and 1, 473 SF; Basement residence provides 1 bedroom, 1 bath, and 744 SF
