Two-Unit Duplex with
For Sale
$650,000
2609 W Main St, Richmond, VA 23220
Two one-bedroom residences offer flexible rental use with off-street parking and a fenced rear yard.
Property Size2,296 SF
Price / SF$283.10
Days on Market53
Property Features for 2609 W Main St
General Information
Standard status
Active
Size
2,296 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Shkb
Units
Unit Mix
2 x 1BR
Multifamily Units
2
Amenities
fireplaces
fenced backyard
attic storage
basement
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Fathom Realty Virginia
Listed By:
Jeff Hood · License #0225242150
(804) 402-4458
Source:
Onedreamrealty
Added: Sep 9
Changed: Oct 25
Last Checked: Oct 7 at 5:37PM
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 Fathom Realty Virginia
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Investment Insights
Based on property information with market context.
This duplex contains two one-bedroom units within a 2296-square-foot property. Interior features include spacious rooms and fireplaces, while a basement and attic provide additional storage. Electrical service was upgraded in 2010, followed by installation of a TPO roof. The property also includes off-street parking and a fenced backyard landscaped with fig trees and flowering shrubs.
Situated on W Main St in Richmond, the home is near shops, restaurants, parks, and museums. The existing two-unit layout supports continued rental use, and the property information also identifies potential conversion to a single-family residence. Its location in the Fan area and established residential configuration provide a practical fit for an owner-occupant or rental-property buyer.
Situated on W Main St in Richmond, the home is near shops, restaurants, parks, and museums. The existing two-unit layout supports continued rental use, and the property information also identifies potential conversion to a single-family residence. Its location in the Fan area and established residential configuration provide a practical fit for an owner-occupant or rental-property buyer.
Key Highlights
- Two one‑bedroom units within a duplex
- 2296 SF property with spacious rooms and fireplaces
- Electrical system upgraded in 2010
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,295
Cap Rate
4.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$605,900
$605.9K
Cap Rate 7%
$432,786
$432.8K
Cap Rate 9%
$336,611
$336.6K
Market Conditions
NOI Build-Up for 2,296 SF
Gross rent
$46.3K $20.16/SF
− Vacancy
−$3.0K −$1.31/SF
EGI
$43.3K $18.85/SF
− OpEx
−$13.0K −$5.65/SF
NOI
$30.3K $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%
$605,900
Cap Rate 7%
$432,786
Cap Rate 9%
$336,611
Alternative Uses
Best Use
Multifamily LT 5
$432.8K
$378.7K – $504.9K
NOI $30,295 @ 7.0% cap · market cap 4.66%
Second Best
Apartment 5plus
$406.3K
$355.6K – $474.1K
NOI $28,444 @ 7.0% cap · market cap 4.38%
Theoretical Best
Office A
$530.5K
$464.2K – $618.9K
NOI $37,132 @ 7.0% cap · market cap 5.71%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,512
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom residences offer flexible rental use with off-street parking and a fenced rear yard.
Where is this duplex located?
The property is located at 2609 W Main St Richmond, VA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two one‑bedroom units within a duplex; 2296 SF property with spacious rooms and fireplaces; Electrical system upgraded in 2010
