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

    2607 W Grace Street Richmond, VA 23220

    View on Map
    Claim this Listing
    For Sale
    $800,000

    MULTI_FAMILY - Other - Richmond, VA

    Property size:
    2,694 SF
    Lot size:
    0.08 Acres
    Price / SF:
    $296/SF
    Added:
    Jan 21, 2026
    Days on Market:
    98
    Last Refresh:
    Apr 29 at 6:06 am

    Property Features for 2607 W Grace Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Rooms
    Basement
    Parking features
    On Street, Off Street
    Patio and Porch features
    Porch
    Interior features
    BedroomOnMainLevel
    Appliances
    GasWaterHeater
    Standard status
    Active
    APN
    W000-1169-011
    Size
    2,694 SF
    Lot size
    0.08 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    0025.00X0145.00 0000.000
    Tax Annual Amount
    8700

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1910
    Floors in Building
    2
    Number of units
    4
    Building materials
    Brick, Block, Drywall, Plaster
    Roof type
    Slate, Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Bryan Boykin

    Listing agent Bryan Boykin License #0225099053

    Listing office ERA Woody Hogg & Assoc 9137 Chamberlayne Road, Mechanicsville, VA

    Listing date Jan 21, 2026

    MLS# 2601771 Listing URL

    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.

    Overview

    Fan District Quadplex Investment

    Located in Richmond's Fan District, the property at 2607 W Grace St is a 1910 brick quadplex. This multifamily property contains four one-bedroom apartments. The building has 2,694 square feet of space across two stories, plus a partial basement. The property is situated on a 0.0832-acre lot and includes off-street parking for two cars. The property's location provides access to restaurants, museums, shopping, and nightlife. This location-driven asset is suitable for investors seeking stable cash flow potential and appreciation.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness 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
    -77.468352
    Latitude
    37.559749

    Nearby Similar for Sale

    • $650,000

      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

      Richmond Automotive Service Property

      Commercial property ideal for automotive, contractor, or light industrial use.
      6509 Dickens Pl, Richmond, VA 23230
      View Details
    • $699,000
      2,669 SF

      New Construction Multifamily in Richmond

      New construction duplex in historic Manchester, near downtown Richmond.
      115 W 10th Street, Richmond, VA 23224
      View Details
    • $599,950
      3,148 SF

      Richmond Duplex Near McGuire Center

      Well-maintained duplex on a spacious lot near McGuire VA.
      1400 Broad Rock Boulevard, Richmond, VA 23224
      View Details
    • $499,900
      2,214 SF

      Colonial Duplex in Historic Richmond

      Charming, renovated duplex in the heart of Jackson Ward.
      613 Price Street, Richmond, VA 23220
      View Details
    • $895,000
      3,156 SF

      Victorian Multifamily Property in Richmond

      Victorian multifamily property with renovation potential in Richmond, Virginia.
      1815 Grove Avenue, Richmond, VA 23220
      View Details
    • $2,800,000

      Downtown Richmond Redevelopment Opportunity

      Historic building ready for residential or mixed-use redevelopment.
      422 E Franklin St, Richmond, VA 23219
      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 Street, Richmond, VA 23220
      View Details
    • $325,000
      1,320 SF

      Richmond Duplex: Turnkey Investment

      Barton Heights duplex with two units, a cashflowing opportunity.
      1601 - 1603 Monteiro Avenue, Richmond, VA 23222
      View Details
    • $400,000
      2,322 SF

      Richmond Duplex Ready For Renovation

      Duplex in Richmond, needs full renovation, sold as-is.
      10 N Lombardy Street, Richmond, VA 23220
      View Details
    • $545,000

      Fan Storefront with Apartment Above

      Mixed-use property in Richmond's Fan District with income potential.
      2227 Park Ave, Richmond, VA 23220
      View Details
    • $625,000

      Museum District Duplex Investment

      Classic duplex in Richmond's desirable Museum District.
      3216 W Franklin St, Richmond, VA 23221
      View Details

    FAQs

    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 Street 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: A highly desirable, walkable area close to restaurants, museums, shopping, and nightlife.; Four 1‑bedroom apartments: Classic quadplex offering immediate rental income potential.; Off‑street parking: Rare amenity in the Fan District, providing added tenant value.
    (804) 467-8637
    We can help!
    Listing Contact
    Bryan Boykin
    Real Estate License ID: 0225099053
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!