Two-Unit Duplex with
For Sale
$650,000
2609 W Main Street, Richmond, VA 23220
ResidentialIncome, Richmond, VA
Property Size2,296 SF
Lot Size0.07 Acres
Price / SF$283.10
Days on Market8
Property Features for 2609 W Main Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-7
Parking features
On Street, Assigned, Alley
Patio and Porch features
Porch
Interior features
HighSpeedInternet, WiredForData
Fencing
Fenced
Appliances
ElectricWaterHeater
Elementary school
Fox
Middle school
Dogwood
High school
Thomas Jefferson
Subdivision
10 - Richmond
Standard status
Active
APN
W000-1160-008
Size
2,296 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
0025.00X0130.05 0000.000
Tax Annual Amount
6480
Legal Description
0025.00X0130.05 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
fireplaces
fenced in backyard
attic storage
basement
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Building materials
Brick, Block, Plaster, WoodSiding
Roof type
Flat
Architectural style
Other
Listing Agency:
Fathom Realty Virginia
(888) 455-6040
Listed By:
Jeff Hood · License #0225242150
(804) 402-4458
Added: Aug 31
Changed: Sep 7
Last Checked: Sep 7 at 2:06PM
MLS# 2623810
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.
Built in 1920, this 2,296-square-foot duplex contains two one-bedroom units with spacious rooms and fireplaces. The property includes attic storage, a basement, a porch, and a fenced backyard landscaped with fig trees and flowering shrubs. Brick, block, plaster, and wood siding contribute to the building’s construction profile. Electrical service was upgraded in 2010, followed by installation of a TPO roof. Public water and sewer serve the property, while high-speed internet and wired data connections are included.
Located on W Main Street in Richmond’s Fan area, the property is near shops, restaurants, parks, and museums. Parking options include assigned, alley, and on-street spaces. The duplex has been rented since 2010 and is also described as suitable for conversion to a single-family residence.
Located on W Main Street in Richmond’s Fan area, the property is near shops, restaurants, parks, and museums. Parking options include assigned, alley, and on-street spaces. The duplex has been rented since 2010 and is also described as suitable for conversion to a single-family residence.
Key Highlights
- 2,296‑square‑foot duplex with two one‑bedroom units
- 0.0746‑acre lot in Richmond’s Fan area
- Electrical system upgraded in 2010; TPO roof installed thereafter
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
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,901
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom residences offer a flexible rental configuration with off-street parking, basement space, and a fenced rear yard.
Where is this duplex located?
The property is located at 2609 W Main Street 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: 2,296‑square‑foot duplex with two one‑bedroom units; 0.0746‑acre lot in Richmond’s Fan area; Electrical system upgraded in 2010; TPO roof installed thereafter
