Two-Flat Brick
New
For Sale
$999,999
2614 Hanover Avenue, Richmond, VA 23220
ResidentialIncome, Richmond, VA
Property Size4,008 SF
Lot Size0.12 Acres
Price / SF$249.50
Days on Market4
Property Features for 2614 Hanover Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-48
Rooms
Basement
Parking features
Off Street, On Street, Garage
Window features
Skylight(s)
Patio and Porch features
Porch
Interior features
BayWindow, CeilingFans, SeparateFormalDiningRoom, Fireplace, HighCeilings, SolidSurfaceCounters, Skylights
Fencing
Fenced, Privacy
Fireplace
1
Appliances
GasWaterHeater
Elementary school
Fox
Middle school
Albert Hill
High school
Thomas Jefferson
Subdivision
10 - Richmond
Standard status
Active
APN
W000-1165-021
Size
4,008 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
0028.33X0179.75 0000.000
Tax Annual Amount
9084
Legal Description
0028.33X0179.75 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
front porch
hardwood floors
high ceilings
decorative brick fireplaces
updated kitchen
stainless steel appliances
pantry/laundry rooms
double height porches
tankless water heater
unfinished basement
fully fenced backyard
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Building materials
Brick, Drywall, Frame, Plaster
Roof type
Slate
Architectural style
Other
Listing Agency:
The Steele Group · Sotheby's International Realty
(804) 282-3136
Listed By:
Lisa Caperton · License #0225088604
(804) 690-8863
Added: Nov 3
Changed: Nov 5
Last Checked: Nov 6 at 5:06AM
MLS# 2629495
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.
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Investment Insights
Based on property information with market context.
At 2614 Hanover Avenue, this 1910 brick duplex contains two independent flats, each with three bedrooms and approximately 2,000 square feet. The combined finished area is 4,008 square feet on a 5,092-square-foot lot. Interior details include hardwood floors, high ceilings, decorative fireplaces, and updated bathrooms. Both kitchens have gas cooking, stainless appliances, quartz counters, and adjoining pantry-laundry rooms. The property also includes a full front porch, double-height rear porches, a fenced yard, and a brick two-car garage. A large unfinished basement adds substantial interior space. The main and garage roofs were installed in 2024; the front roof is slate, and the porch roof is TPO.
The property is two blocks from the Virginia Museum of Fine Arts and within walking distance of cafes and shops along Main and Robinson Streets. Public water and sewer serve the property. Heating is by natural-gas hot-water radiators; cooling is provided by central air in the upper flat and individual wall units in the lower flat.
The property is two blocks from the Virginia Museum of Fine Arts and within walking distance of cafes and shops along Main and Robinson Streets. Public water and sewer serve the property. Heating is by natural-gas hot-water radiators; cooling is provided by central air in the upper flat and individual wall units in the lower flat.
Key Highlights
- Two independent three‑bedroom flats; 4,008 square feet of finished area
- 5,092‑square‑foot lot, with a fenced backyard and street‑side entrance
- 1910 brick building with a brick two‑car garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,884
Cap Rate
5.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,057,680
$1.1M
Cap Rate 7%
$755,486
$755.5K
Cap Rate 9%
$587,600
$587.6K
Market Conditions
NOI Build-Up for 4,008 SF
Gross rent
$80.8K $20.16/SF
− Vacancy
−$5.3K −$1.31/SF
EGI
$75.5K $18.85/SF
− OpEx
−$22.7K −$5.65/SF
NOI
$52.9K $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%
$1,057,680
Cap Rate 7%
$755,486
Cap Rate 9%
$587,600
Alternative Uses
Best Use
Multifamily LT 5
$755.5K
$661.1K – $881.4K
NOI $52,884 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$709.3K
$620.7K – $827.6K
NOI $49,653 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$926.0K
$810.2K – $1.08M
NOI $64,819 @ 7.0% cap · market cap 6.48%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,122
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 self-contained three-bedroom residences feature separate kitchens, porches, and access to a fenced backyard.
Where is this duplex located?
The property is located at 2614 Hanover Avenue Richmond, VA.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: Two independent three‑bedroom flats; 4,008 square feet of finished area; 5,092‑square‑foot lot, with a fenced backyard and street‑side entrance; 1910 brick building with a brick two‑car garage
