Duplex with Covered
New
For Sale
$585,000
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$263.87
Days on Market7
Property Features for 2319 M St
General Information
Standard status
Active
Size
2,217 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,244
Amenities
covered front porch
screened in porch
fireplace
fenced-in backyard
stackable washer and dryer
Listing Agency:
Hometown Realty
(804) 249-2792
Listed By:
Matt Jarreau
(804) 306-9019
Source:
Exprealty
Added: Aug 27
Changed: Sep 1
Last Checked: Sep 1 at 9:45PM
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
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 = 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
$29,253
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
5.00%
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%
$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
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
$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 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%
$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 5.00%
Second Best
Apartment 5plus
$392.4K
$343.3K – $457.8K
NOI $27,465 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$512.2K
$448.2K – $597.6K
NOI $35,854 @ 7.0% cap · market cap 6.13%
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
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
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 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 $585,000.
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
