2712 E Leigh Street Richmond, Richmond, VA 23223

Building Details

Year Built 1971 More

Year Renovated 2019 More

Stories 2 More

Tenancy Multi More

Listing Agency: Virginia Capital Realty

Listed By: Susanne Gibson · License VA #0225192688 Show Phone

Source: Onesouthrealty

Added: Jul 15 Changed: Nov 13 Last Checked: Oct 7 at 9:29AM

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Investment Insights

Based on property information with market context.

This fully occupied mixed-use property offers eight units total, including seven apartments and one retail space. The building was totally rehabbed in 2019. Each loft-style one-bedroom apartment includes a designated parking space, located in the paved side lot.

The property is located in Richmond’s Church Hill district. The area is known for historic character and walkability, with dining and nightlife nearby, and VCU is just minutes away.

For tenants and buyers seeking an income-producing configuration, this is a straightforward 7-apartment/1-retail setup with on-site, assigned parking for the residential units.

Key Highlights

• Fully occupied 8‑unit mixed‑use building with 7 apartments and 1 retail space
• Total rehab completed in 2019
• Year built: 1971

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$59,898

Cap Rate

3.42%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,197,960 $1.2M

Cap Rate 7%

$855,686 $855.7K

Cap Rate 9%

$665,533 $665.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,835 SF

Gross rent

$114.9K $23.76/SF

− Vacancy

−$6.0K −$1.24/SF

EGI

$108.9K $22.52/SF

− OpEx

−$49.0K −$10.14/SF

NOI

$59.9K $12.39/SF

Area

Richmond, VA

Vacancy

5.20%

Lease Rate

$23.76 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,197,960

Cap Rate 7%

$855,686

Cap Rate 9%

$665,533

Alternative Uses

Best Use

Apartment 5plus

$855.7K

$748.7K – $998.3K (±1% cap)

NOI $59,898 @ 7.0% cap · market cap 3.42%

Second Best

Retail

$753.9K

$659.6K – $879.5K (±1% cap)

NOI $52,770 @ 7.0% cap · market cap 3.02%

Theoretical Best

Office A

$1.12M

$977.4K – $1.30M (±1% cap)

NOI $78,193 @ 7.0% cap · market cap 4.47%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Cruse Signs (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick HVAC Service Electrical Service Furniture & Home Goods Auto Parts Store (Bike/Boat/Book/etc) Store Daycare Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

7

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,315

Businesses Nearby

Explore this area Business Placement

Demographics for 23223, VA

51,960

Population

27,141

Households

1.9

Avg Household Size

35

Median Age

32%

College-Educated

90%

High-School Grad

16.7 sq mi

ZIP Area

3,111

Density / Sq Mi

$56,518

Median Household Income

$39,828

Median Earnings

$1,224

Median Rent

$236,300

Median Home Value

Market

Properties on Market for Apartment buildings in Richmond

Jul

Aug

Sep

Oct

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Fully occupied 8-unit mixed-use building with 7 apartments and 1 retail space, recently rehabbed in 2019.

Where is this apartment building located?

The property is located at 2712 E Leigh Street Richmond Richmond, VA.

What is the asking price?

The asking price for this property is $1,750,000.

What are key features of this property?

This property features: Fully occupied 8‑unit mixed‑use building with 7 apartments and 1 retail space; Total rehab completed in 2019; Year built: 1971