Multifamily Property in Richmond,
2554 Noel St, Richmond, VA 23237
Multifamily property featuring a mix of one- and two-bedroom units.
Type:Multifamily
Property size:
53,874 SFPrice / SF:
$143/SF- Added:
- Aug 14, 2025
- Days on Market:
- 277
- Last Refresh:
- Mar 16 at 1:23 pm
Property Features for 2554 Noel St
General Information
- Standard status
- Active
- Size
- 53,874 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1962
Listing agent Ryan Rilee License #VA 0225187102
Listing office One South Commercial
Listing date Aug 14, 2025
Source Crexi
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
HighLights
- Significant rental upside: Current average in‑place rent is substantially below market rent, indicating a strong opportunity to increase revenue.
- Diverse unit mix: Features a mix of 1‑bedroom and 2‑bedroom units, catering to a broader range of potential tenants.
- High unit count: The property offers a substantial income‑generating potential with a total of 105 units.
- Established property: Built in 1962.
- Per‑door cost: The price per door is $73,800.
- Proforma expenses: Proforma expenses are $5,163 per unit per year.
Overview
This multifamily property contains 105 units. The unit mix includes 82 one-bedroom, one-bathroom units, 22 two-bedroom, one-bathroom units, and one two-bedroom house. The average square footage per unit is 513 square feet. The average in-place rent is $619, which equates to $1.21 per square foot. The average market rent is $921, or $1.80 per square foot. Proforma expenses are $5,163 per unit per year, totaling $73,800 per year for the entire property. The property size is 53874 square feet.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$7.42M
NOI $667,416 @ 9.00% cap · cautious / downside scenario
Moderate
$9.53M
NOI $667,416 @ 7.00% cap · market / base-case scenario
Aggressive
$13.35M
NOI $667,416 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.28M | $23.76 |
| − Vacancy | −$66.6k | −$1.24 |
| EGI | $1.21M | $22.52 |
| − OpEx | −$546.1k | −$10.14 |
| NOI | $667.4k | $12.39 |
53,874 SF · lease $23.76/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$9.53M
$8.34M – $11.12M
NOI $667,416 @ 7.0% cap · market cap 8.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.45M
$10.89M – $14.52M
NOI $871,269 @ 7.0% cap · market cap 11.24%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Bellwood Terrace Apartments
Apartment Building
Location Insight
- Map
- Local Demand
- City
- Richmond
- County
- Richmond City
- State
- Virginia
- Longitude
- -77.4354626
- Latitude
- 37.4183853
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Multifamily property featuring a mix of one- and two-bedroom units.
Where is this apartment building located?
The property is located at 2554 Noel St Richmond, VA.
What is the asking price?
The asking price for this property is $7,750,000.
What are key features of this property?
This property features: Significant rental upside: Current average in‑place rent is substantially below market rent, indicating a strong opportunity to increase revenue.; Diverse unit mix: Features a mix of 1‑bedroom and 2‑bedroom units, catering to a broader range of potential tenants.; High unit count: The property offers a substantial income‑generating potential with a total of 105 units.
