Mixed-Use Triplex with Office
For Sale
$599,950
2603 W Grace Street, Richmond, VA 23220
ResidentialIncome, Richmond, VA
Property Size1,518 SF
Lot Size0.11 Acres
Price / SF$395.22
Days on Market226
Property Features for 2603 W Grace Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
R-48
Parking features
Alley, Off Street
Patio and Porch features
Porch
Interior features
BedroomOnMainLevel
Exterior features
Awnings, Lighting, Storage, Shed
Appliances
GasWaterHeater
Elementary school
Fox
Middle school
Dogwood
High school
Thomas Jefferson
Subdivision
10 - Richmond
Standard status
Active
APN
W000-1169-012
Size
1,518 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
0033.83X0145.00 0000.000
Tax Annual Amount
6168
Legal Description
0033.83X0145.00 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1958
Floors in Building
1
Number of units
3
Building materials
Brick, Drywall, Frame, Plaster
Roof type
Metal, Shingle
Additional Structures
Storage
Listing Agency:
ERA Woody Hogg & Assoc · ERA Real Estate
(804) 559-4644
Listed By:
Bryan Boykin · License #0225099053
(804) 467-8637
Added: Jan 19
Changed: Sep 2
Last Checked: Sep 2 at 1:06PM
MLS# 2601767
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.
Investment Insights
Based on property information with market context.
This 1,518-square-foot mixed-use triplex property, built in 1958, includes two efficiency apartments of approximately 380 square feet each and a separate office area measuring around 760 square feet. The office contains six rooms and two half bathrooms and was formerly used as a dentist office. Brick, frame, drywall, and plaster construction are complemented by metal and shingle roofing, a porch, awnings, lighting, storage, and a shed.
The 0.1126-acre property is located at 2603 W Grace Street in Richmond, near the intersection of Boulevard and Broad Street. R-48 zoning is identified for the site. A rear parking lot provides space for six vehicles, with additional off-street and alley parking features. Public water and public sewer serve the property. Showings require 24 hours' notice.
The 0.1126-acre property is located at 2603 W Grace Street in Richmond, near the intersection of Boulevard and Broad Street. R-48 zoning is identified for the site. A rear parking lot provides space for six vehicles, with additional off-street and alley parking features. Public water and public sewer serve the property. Showings require 24 hours' notice.
Key Highlights
- 1,518‑square‑foot mixed‑use triplex property on a 0.1126‑acre lot
- Two efficiency apartments, each approximately 380 sqft
- Separate 760 sqft office with six rooms and 2 half bathrooms
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
$20,409
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
3.40%
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%
$408,180
$408.2K
Cap Rate 7%
$291,557
$291.6K
Cap Rate 9%
$226,767
$226.8K
Market Conditions
NOI Build-Up for 1,518 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
$32.2K $21.24/SF
− Vacancy
−$5.0K −$3.31/SF
EGI
$27.2K $17.93/SF
− OpEx
−$6.8K −$4.48/SF
NOI
$20.4K $13.44/SF
Area
Richmond, VA
Vacancy
15.60%
Lease Rate
$21.24 /SF/Yr
Expense Ratio
25.00%
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%
$408,180
Cap Rate 7%
$291,557
Cap Rate 9%
$226,767
Alternative Uses
Best Use
Office B
$291.6K
$255.1K – $340.2K
NOI $20,409 @ 7.0% cap · market cap 3.40%
Second Best
Multifamily LT 5
$286.1K
$250.4K – $333.8K
NOI $20,030 @ 7.0% cap · market cap 3.34%
Theoretical Best
Office A
$350.7K
$306.9K – $409.2K
NOI $24,550 @ 7.0% cap · market cap 4.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
2,046
Businesses Nearby
Explore this area
Business Placement
Demographics for 23220, VA
36,942
Population
16,561
Households
2.2
Avg Household Size
27
Median Age
59%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
7,696
Density / Sq Mi
$56,681
Median Household Income
$33,249
Median Earnings
$1,354
Median Rent
$468,900
Median Home Value
Market
Vacancy Rate% for Office in Richmond, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - The property combines two efficiency apartments with a separate office area and public water and sewer service.
Where is this triplex located?
The property is located at 2603 W Grace Street Richmond, VA.
What is the asking price?
The asking price for this property is $599,950.
What are key features of this property?
This property features: 1,518‑square‑foot mixed‑use triplex property on a 0.1126‑acre lot; Two efficiency apartments, each approximately 380 sqft; Separate 760 sqft office with six rooms and 2 half bathrooms
