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 Market187
Property Features for 2607 W Grace St
General Information
Standard status
Active
Size
2,694 SF
Property subtype
Investment
Site & Location
Neighborhood
Shkb
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: Oct 27
Last Checked: Oct 26 at 6:22PM
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
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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 / Yr
$35,547
Cap Rate
4.44%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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.
