Brick Four-Unit
For Sale
$800,000
2607 W Grace Street, Richmond, VA 23220
ResidentialIncome, Richmond, VA
Property Size2,694 SF
Lot Size0.08 Acres
Price / SF$296.96
Days on Market234
Property Features for 2607 W Grace Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-48
Rooms
Basement
Parking features
On Street, Off Street
Patio and Porch features
Porch
Interior features
BedroomOnMainLevel
Appliances
GasWaterHeater
Elementary school
Fox
Middle school
Albert Hill
High school
Thomas Jefferson
Subdivision
10 - Richmond
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
Legal Description
0025.00X0145.00 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
front porch
Building Details
Year built
1910
Floors in Building
2
Number of units
4
Building materials
Brick, Block, Drywall, Plaster
Roof type
Metal, Slate
Architectural style
Other
Listing Agency:
ERA Woody Hogg & Assoc · ERA Real Estate
(804) 559-4644
Listed By:
Bryan Boykin · License #0225099053
(804) 467-8637
Added: Jan 21
Changed: Sep 12
Last Checked: Sep 12 at 6:06PM
MLS# 2601771
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 1910 brick quadplex contains four one-bedroom apartments within 2,694 square feet across two stories. A partial basement adds secondary utility space, while the building also features a front porch, metal and slate roofing, and construction elements including brick, block, drywall, and plaster. Each residence includes bedroom space on the main level, and the property is served by public water and public sewer.
The property is located at 2607 W Grace Street in Richmond, with off-street parking for two cars and additional on-street parking. Its Fan District setting places the building near restaurants, museums, shopping, and nightlife. The 0.0832-acre parcel provides a compact urban footprint for the four-unit configuration.
The property is located at 2607 W Grace Street in Richmond, with off-street parking for two cars and additional on-street parking. Its Fan District setting places the building near restaurants, museums, shopping, and nightlife. The 0.0832-acre parcel provides a compact urban footprint for the four-unit configuration.
Key Highlights
- Four one‑bedroom apartments in a quadplex
- 2,694 square feet across two stories
- 1910 construction with brick exterior
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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Current Use
Lease Details
4
Residential 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
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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 - Four one-bedroom apartments occupy a two-story brick building with a partial basement and porch.
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: Four one‑bedroom apartments in a quadplex; 2,694 square feet across two stories; 1910 construction with brick exterior
