Brick
2617 W Grace Street, Richmond, VA 23220
For Sale
$889,000
Three separate residential units offer distinct layouts within a historic Richmond building.
Property Size2,548 SF
Price / SF$348.90
Days on Market49
Property Features for 2617 W Grace Street
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Neighborhood
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
Breakfast Area
Dining Area
Granite Counters
Building Details
Building Size
Year Built
Stories
Units
Construction
Listing Agency:
Compass
(804) 567-9250
Listed By:
Jenny Maraghy · License #0225161742
(804) 405-7337
Source:
Freedom1realty
Added: Sep 22
Changed: Nov 8
Last Checked: Nov 8 at 8:47PM
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 Compass
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Investment Insights
Based on property information with market context.
This brick residential property contains three units with individual layouts. The building dates to 1907 and encompasses 2,548 square feet, with high ceilings and large windows. The property is zoned R-48.
Located in Richmond’s Fan District, the building is near cafes, restaurants, and boutiques along West Grace Street.
Located in Richmond’s Fan District, the building is near cafes, restaurants, and boutiques along West Grace Street.
Key Highlights
- Three residential units with distinct layouts
- 2,548 square feet in a brick building
- Built in 1907
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,620
Cap Rate
3.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$672,400
$672.4K
Cap Rate 7%
$480,286
$480.3K
Cap Rate 9%
$373,556
$373.6K
Market Conditions
NOI Build-Up for 2,548 SF
Gross rent
$51.4K $20.16/SF
− Vacancy
−$3.3K −$1.31/SF
EGI
$48.0K $18.85/SF
− OpEx
−$14.4K −$5.65/SF
NOI
$33.6K $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%
$672,400
Cap Rate 7%
$480,286
Cap Rate 9%
$373,556
Alternative Uses
Best Use
Multifamily LT 5
$480.3K
$420.3K – $560.3K
NOI $33,620 @ 7.0% cap · market cap 3.78%
Second Best
Apartment 5plus
$450.9K
$394.6K – $526.1K
NOI $31,566 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$588.7K
$515.1K – $686.8K
NOI $41,207 @ 7.0% cap · market cap 4.64%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,353
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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three separate residential units offer distinct layouts within a historic Richmond building.
Where is this triplex located?
The property is located at 2617 W Grace Street Richmond, VA.
What is the asking price?
The asking price for this property is $889,000.
What are key features of this property?
This property features: Three residential units with distinct layouts; 2,548 square feet in a brick building; Built in 1907
