Two-Unit Duplex
For Sale
$579,000
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$214.68
Days on Market25
Property Features for 2859 Hull St
General Information
Standard status
Active
Size
2,697 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,216
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Hardesty Homes
(804) 651-2157
Listed By:
Amanda Hardesty · License #0225203718
(804) 651-2157
Source:
Exprealty
Added: Jul 30
Changed: Aug 20
Last Checked: Aug 22 at 1:24PM
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
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 = 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
$35,586
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
6.15%
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%
$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
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
$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 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%
$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 6.15%
Second Best
Apartment 5plus
$477.3K
$417.7K – $556.9K
NOI $33,412 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$623.1K
$545.2K – $727.0K
NOI $43,617 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
582
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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 $579,000.
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
