Fan District Quadplex
For Sale
$800,000
2607 W Grace St, Richmond, VA 23220
Classic 1910 brick quadplex in Richmond's desirable Fan District.
Property Size2,694 SF
Price / SF$296.96
Days on Market142
Property Features for 2607 W Grace St
General Information
Standard status
Active
Size
2,694 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$8,700
Building Details
Building Size
2,694 SF
Year Built
1910
Stories
2
Units
4
Listed By:
Woody Hogg
(804) 357-0969
Source:
Elliman
Added: Apr 24
Changed: Sep 9
Last Checked: Sep 12 at 6:30AM
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 Woody Hogg
Investment Insights
Based on property information with market context.
Located in the Fan District, this is a classic 1910 brick quadplex at 2607 W Grace St. The two-story building includes a partial basement and a total area of 2,694 square feet. The property features four one-bedroom apartments. Off-street parking is available for two cars. The location is near restaurants, museums, shopping, and nightlife. The property has a bike score of 65, indicating it is bikeable, a walk score of 71, indicating it is very walkable, and a transit score of 40, indicating some transit options are available. This property is suitable for a buy-and-hold strategy.
Key Highlights
- Prime Fan District location, highly walkable to restaurants, museums, shopping, and nightlife.
- Classic 1910 brick quadplex with four (4) one‑bedroom apartments.
- Off‑street parking for two cars, a rare amenity in the Fan District.
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
$35,547
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
4.44%
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%
$710,940
$710.9K
Cap Rate 7%
$507,814
$507.8K
Cap Rate 9%
$394,967
$395.0K
Market Conditions
NOI Build-Up for 2,694 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
$54.3K $20.16/SF
− Vacancy
−$3.5K −$1.31/SF
EGI
$50.8K $18.85/SF
− OpEx
−$15.2K −$5.65/SF
NOI
$35.5K $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%
$710,940
Cap Rate 7%
$507,814
Cap Rate 9%
$394,967
Alternative Uses
Best Use
Multifamily LT 5
$507.8K
$444.3K – $592.5K
NOI $35,547 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$476.8K
$417.2K – $556.3K
NOI $33,375 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$622.4K
$544.6K – $726.1K
NOI $43,568 @ 7.0% cap · market cap 5.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,489
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Classic 1910 brick quadplex in Richmond's desirable Fan District.
Where is this quadplex located?
The property is located at 2607 W Grace St Richmond, VA.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Prime Fan District location, highly walkable to restaurants, museums, shopping, and nightlife.; Classic 1910 brick quadplex with four (4) one‑bedroom apartments.; Off‑street parking for two cars, a rare amenity in the Fan District.
