Two-Unit Duplex with
New
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 Market7
Property Features for 2609 W Main St
General Information
Standard status
Active
Size
2,296 SF
Property subtype
Multi-Family
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: Sep 12
Last Checked: Sep 14 at 5:27PM
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
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 = 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
$30,295
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
4.66%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,512
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?
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
