Turnkey Multifamily with Heat
2517 Grove Avenue, Richmond, VA 23220
MULTI_FAMILY - Other - Richmond, VA
Property size:
6,087 SFLot size:
0.16 AcresPrice / SF:
$188/SF- Added:
- May 20, 2026
- Days on Market:
- 14
- Last Refresh:
- Jun 2 at 7:06 pm
Property Features for 2517 Grove Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Rooms
- Basement
- Parking features
- Garage, Off Street
- Patio and Porch features
- Porch
- Appliances
- ElectricWaterHeater
- Standard status
- Active
- APN
- W000-1120-004
- Size
- 6,087 SF
- Lot size
- 0.16 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- 0039.00X0179.75 0000.000
- Tax Annual Amount
- 10860
Utilities
- Sewer type
- Public Sewer
- Water source
- Public
Building Details
- Year built
- 1910
- Floors in Building
- 2
- Number of units
- 4
- Building materials
- Brick, Drywall, Frame
- Roof type
- Rubber, Shingle, Slate
- Architectural style
- Other
Listing agent Newton Carroll License #0225216417 (804) 439-3813
Listing office Joyner Fine Properties 6641 W Broad Street, Richmond, VA (804) 270-9440
Listing date May 20, 2026
MLS# 2613836
Listing URL
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.
HighLights
- Multifamily building with four units: three 2BR/1BA apartments and one 1BR/1BA apartment
- Central air and heat pump systems in each unit with individual thermostat controls
- Separately metered for electricity; owner provides water
- 4 off‑street parking spaces plus garage and off‑street parking
- Front porch roof replaced March 2026
- Public water and public sewer; built in 1910
Overview
This turnkey multifamily building is configured with three large two-bedroom, one-bath apartments and one one-bedroom, one-bath apartment, plus a lofted area offering additional layout flexibility. Each unit is served by central air and heat pump systems with individual thermostat controls, supporting comfortable, tenant-controlled living. The property includes four off-street parking spaces. For utilities, units are separately metered for electricity, with the owner providing water. Recent improvements include replacement of the front porch roof in March 2026, helping maintain the building’s overall exterior condition.
Located in Richmond City on one of the city’s recognizable and sought-after streets, the property benefits from a neighborhood with very high walkability. Residents can reach restaurants, parks, entertainment, and cultural venues on foot. The area also draws a strong rental pool that includes young professionals along with VCU and University of Richmond students, which can help support ongoing demand.
The mix of unit sizes and the lofted space make this an appealing fit for owner-occupants looking to offset living expenses, as well as investors seeking a stable, income-producing asset. The current setup, combined with the building’s character and noted value-add potential, supports strategies ranging from portfolio expansion to first-time income ownership. Offers are reviewed as received.
Located in Richmond City on one of the city’s recognizable and sought-after streets, the property benefits from a neighborhood with very high walkability. Residents can reach restaurants, parks, entertainment, and cultural venues on foot. The area also draws a strong rental pool that includes young professionals along with VCU and University of Richmond students, which can help support ongoing demand.
The mix of unit sizes and the lofted space make this an appealing fit for owner-occupants looking to offset living expenses, as well as investors seeking a stable, income-producing asset. The current setup, combined with the building’s character and noted value-add potential, supports strategies ranging from portfolio expansion to first-time income ownership. Offers are reviewed as received.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $122.7k | $20.16 |
| − Vacancy | −$8.0k | −$1.31 |
| EGI | $114.7k | $18.85 |
| − OpEx | −$34.4k | −$5.65 |
| NOI | $80.3k | $13.19 |
6,087 SF · lease $20.16/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.15M
$1.00M – $1.34M
NOI $80,316 @ 7.0% cap · market cap 6.98%
Second Best
Apartment 5plus
$1.08M
$942.6K – $1.26M
NOI $75,409 @ 7.0% cap · market cap 6.56%
Theoretical Best
Office A
$1.41M
$1.23M – $1.64M
NOI $98,441 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Richmond
- County
- Richmond City
- State
- Virginia
- Longitude
- -77.471813
- Latitude
- 37.553642
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Fully leased-feeling rental property with separate electric meters, owner-paid water, and four off-street parking spaces in Richmond.
Where is this quadplex located?
The property is located at 2517 Grove Avenue Richmond, VA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Multifamily building with four units: three 2BR/1BA apartments and one 1BR/1BA apartment; Central air and heat pump systems in each unit with individual thermostat controls; Separately metered for electricity; owner provides water
