6-Unit Brick Apartment
For Sale
$1,495,000
2800 Park Ave, Richmond, VA 23221
Fully occupied multifamily asset with two-bedroom units, central HVAC, and shared basement laundry access.
Property Size5,154 SF
Days on Market130
Property Features for 2800 Park Ave
General Information
Standard status
Active
Size
5,154 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$12,576
Amenities
central heating and air conditioning
washer and dryer access in the basement
Building Details
Building Size
5,154 SF
Year Built
1922
Buildings
1
Stories
3
Construction
brick
Listing Agency:
One South Commercial
(804) 307-4060
Listed By:
Justin Sledd · License #0225191850
(804) 307-4060
Source:
Elliman
Added: Apr 24
Changed: Aug 29
Last Checked: Aug 30 at 5:10PM
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 One South Commercial
Investment Insights
Based on property information with market context.
Built in 1922, this six-unit brick apartment property contains spacious two-bedroom residences with central heating and air conditioning. Washer and dryer access is provided in the basement, adding a practical shared amenity for occupants. The building is fully occupied and has an established rental history, with below-market rents identified in the property information.
The property is located at 2800 Park Ave in Richmond, Virginia, one block from Monument Avenue. The surrounding area includes the Virginia Museum of Fine Arts, restaurants, local retailers, and coffee shops within walking distance. A Walk Score of 97, Bike Score of 82, and Transit Score of 44 reflect the property's pedestrian, bicycle, and transit access.
The property is located at 2800 Park Ave in Richmond, Virginia, one block from Monument Avenue. The surrounding area includes the Virginia Museum of Fine Arts, restaurants, local retailers, and coffee shops within walking distance. A Walk Score of 97, Bike Score of 82, and Transit Score of 44 reflect the property's pedestrian, bicycle, and transit access.
Key Highlights
- Six‑unit brick apartment building constructed in 1922
- Spacious two‑bedroom units with central heating and air conditioning
- Fully occupied with an established rental history
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
$63,850
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
4.27%
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%
$1,277,000
$1.3M
Cap Rate 7%
$912,143
$912.1K
Cap Rate 9%
$709,444
$709.4K
Market Conditions
NOI Build-Up for 5,154 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
$122.5K $23.76/SF
− Vacancy
−$6.4K −$1.24/SF
EGI
$116.1K $22.52/SF
− OpEx
−$52.2K −$10.14/SF
NOI
$63.9K $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 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%
$1,277,000
Cap Rate 7%
$912,143
Cap Rate 9%
$709,444
Alternative Uses
Best Use
Apartment 5plus
$912.1K
$798.1K – $1.06M
NOI $63,850 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,352 @ 7.0% cap · market cap 5.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,292
Businesses Nearby
Explore this area
Business Placement
Demographics for 23221, VA
14,841
Population
7,776
Households
1.9
Avg Household Size
35
Median Age
76%
College-Educated
98%
High-School Grad
3.3 sq mi
ZIP Area
4,497
Density / Sq Mi
$97,006
Median Household Income
$61,616
Median Earnings
$1,480
Median Rent
$544,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily asset with two-bedroom units, central HVAC, and shared basement laundry access.
Where is this apartment building located?
The property is located at 2800 Park Ave Richmond, VA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Six‑unit brick apartment building constructed in 1922; Spacious two‑bedroom units with central heating and air conditioning; Fully occupied with an established rental history
