Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2554 Noel St Richmond, VA 23237

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Multifamily property featuring a mix of one- and two-bedroom units.

    Property size:
    53,874 SF
    Lot size:
    15.00 Acres

    Property Features for 2554 Noel St

    General Information

    Standard status
    Active
    Size
    53,874 SF
    Lot size
    15.00 Acres

    Building Details

    Year built
    1962

    We can help!

    Listing Contact
    Ryan Rilee
    Source: Crexi

    Listing Agency: One South Commercial Listing Agent: Ryan Rilee

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Multifamily Property in Richmond, VA

    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.
    Location Intelligence

    Current Use by Public Records

    Bellwood Terrace Apartments Apartment Building

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Richmond City
    State
    Virginia
    Longitude
    -77.4354626
    Latitude
    37.4183853

    Nearby Similar for Sale

    • New
      $650,000
      6,410 SF

      Richmond Industrial Cold-Storage Facility

      6,410 SF warehouse ideal for cold storage or distribution.
      1505 Brook Rd, Richmond, VA 23220
      View Details
    • $1,100,000
      5,450 SF

      Richmond Automotive Service Property

      Commercial property ideal for automotive, contractor, or light industrial use.
      6509 Dickens Pl, Richmond, VA 23230
      View Details
    • $635,000
      Pending

      Richmond Triplex Investment Opportunity

      Triplex in The Fan with strong occupancy history.
      309 N Shields Ave, Richmond, VA 23220
      View Details
    • New
      $2,800,000
      Pending

      Downtown Richmond Redevelopment Opportunity

      Historic building ready for residential or mixed-use redevelopment.
      422 E Franklin St, Richmond, VA 23219
      View Details
    • $700,000
      2,640 SF

      Richmond Multifamily Investment Opportunity

      Two ranch-style duplexes totaling four units in Richmond, Virginia.
      1601-1607 Monteiro Ave, Richmond, VA 23222
      View Details
    • $575,000
      2,494 SF

      Historic Victorian Duplex Near VCU

      Charming Victorian duplex in Richmond, ideal for owner-occupants or investors.
      218 W Main St, Richmond, VA 23220
      View Details
    • $629,950
      3,148 SF

      Richmond Duplex Near McGuire Center

      Well-maintained duplex on a large lot near downtown Richmond.
      1400 Broad Rock Blvd, Richmond, VA 23224
      View Details
    • $675,000
      1,980 SF

      Richmond Duplex Near Carytown

      Well-appointed duplex in desirable Richmond location near VMFA and Carytown.
      3106 Hanover Ave, Richmond, VA 23221
      View Details
    • $499,900
      2,214 SF

      Colonial Duplex in Historic Richmond

      Historic Richmond duplex, renovated, with original details and modern amenities.
      613 Price St, Richmond, VA 23220
      View Details
    • $400,000
      Pending

      Richmond Duplex Near VCU Campus

      Duplex near VCU campus with flexible rental options.
      615 Idlewood Ave, Richmond, VA 23220
      View Details
    • New
      $625,000
      Pending

      Richmond Duplex with Income Potential

      Charming duplex in historic Church Hill with income potential.
      414 N 32Nd St, Richmond, VA 23223
      View Details
    • $699,000
      Pending

      New Construction Multifamily in Richmond

      New construction duplex in historic Manchester, Richmond, scheduled for completion.
      905 Bainbridge St, Richmond, VA 23224
      View Details

    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 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.
    Request Owner's contact information
    2554 Noel St Richmond, VA 23237
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2554 Noel St
    Richmond, VA 23237
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2554 Noel St Richmond, VA 23237
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Ryan Rilee
    Real Estate License ID: 0225187102
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!