Two-Unit Duplex
For Sale
$569,000
2859 Hull St, Richmond, VA 23224
Two spacious residential units offer flexible occupancy and renovation potential in Richmond’s Hull Street Corridor.
Property Size2,697 SF
Price / SF$210.98
Days on Market98
Property Features for 2859 Hull St
General Information
Standard status
Active
Size
2,697 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Swno
Building Details
Year Built
1920
Buildings
1
Tenancy
Multi
Listing Agency:
Hardesty Homes
Listed By:
Amanda Hardesty · License #0225203718
(804) 651-2157
Source:
Ruckartre
Added: Jul 30
Changed: Oct 25
Last Checked: Oct 7 at 3:48PM
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 Hardesty Homes
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Investment Insights
Based on property information with market context.
This duplex at 2859 Hull St is configured as two distinct residential units totaling 2,697 square feet. The upper level includes a 3-bedroom, 1-bathroom floor plan, while the lower level offers a 3-bedroom, 3-bathroom layout. The property is being sold AS-IS, WHERE-IS, with approved plans and permits on file and available upon request.
The property is located in the Burfoot Addition along the Hull Street Corridor, near the Manchester neighborhood in Richmond, Virginia. Its two-unit configuration supports residential income use or owner occupancy, subject to buyer due diligence and applicable approvals.
The property is located in the Burfoot Addition along the Hull Street Corridor, near the Manchester neighborhood in Richmond, Virginia. Its two-unit configuration supports residential income use or owner occupancy, subject to buyer due diligence and applicable approvals.
Key Highlights
- Two‑unit duplex totaling 2,697 square feet
- Upper unit includes 3 bedrooms and 1 bathroom
- Lower unit includes 3 bedrooms and 3 bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,586
Cap Rate
6.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$711,720
$711.7K
Cap Rate 7%
$508,371
$508.4K
Cap Rate 9%
$395,400
$395.4K
Market Conditions
NOI Build-Up for 2,697 SF
Gross rent
$54.4K $20.16/SF
− Vacancy
−$3.5K −$1.31/SF
EGI
$50.8K $18.85/SF
− OpEx
−$15.3K −$5.65/SF
NOI
$35.6K $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%
$711,720
Cap Rate 7%
$508,371
Cap Rate 9%
$395,400
Alternative Uses
Best Use
Multifamily LT 5
$508.4K
$444.8K – $593.1K
NOI $35,586 @ 7.0% cap · market cap 6.25%
Second Best
Apartment 5plus
$477.3K
$417.7K – $556.9K
NOI $33,412 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$623.1K
$545.2K – $727.0K
NOI $43,617 @ 7.0% cap · market cap 7.67%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
582
Businesses Nearby
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Business Placement
Demographics for 23224, VA
39,468
Population
18,201
Households
2.2
Avg Household Size
33
Median Age
19%
College-Educated
80%
High-School Grad
11.6 sq mi
ZIP Area
3,402
Density / Sq Mi
$49,263
Median Household Income
$36,275
Median Earnings
$1,268
Median Rent
$189,200
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 spacious residential units offer flexible occupancy and renovation potential in Richmond’s Hull Street Corridor.
Where is this duplex located?
The property is located at 2859 Hull St Richmond, VA.
What is the asking price?
The asking price for this property is $569,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,697 square feet; Upper unit includes 3 bedrooms and 1 bathroom; Lower unit includes 3 bedrooms and 3 bathrooms
