Renovated Multifamily Building with Development
For Sale
$884,000
2863 Hull St, Richmond, VA 23224
Fully renovated 7-unit building with development potential in Richmond, VA.
Property Size3,218 SF
Price / SF$274.70
Days on Market104
Property Features for 2863 Hull St
General Information
Standard status
Active
Size
3,218 SF
Property subtype
Investment
Building Details
Year Built
1928
Listing Agency:
Hardesty Homes
(804) 651-2157
Listed By:
Amanda Hardesty · License #0225203718
(804) 651-2157
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Aug 5 at 8:58AM
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 is a rare value-add opportunity to acquire a fully renovated 7-unit multifamily building strategically positioned on the high-visibility Hull Street commercial corridor. The property is zoned B-3 and totals approximately 3,218 square feet. It features six studio apartments with full kitchens and private bathrooms, plus one additional guest suite. All units were updated in 2020. With a stabilized gross potential income of approximately $98,856 annually, investors can realize immediate upside by leasing the three current vacancies at market rates. The offering is uniquely enhanced by the inclusion of the adjacent lot at 2861 Hull St, providing significant potential for future subdivision or ground-up development. Currently operated with landlord-paid utilities, there is a clear path to further increasing Net Operating Income through the implementation of sub-metering or a RUBS billing program, making this a premier multifaceted asset in a rapidly growing Richmond corridor. The property is bikeable with a score of 50, car-dependent with a score of 28, and has some transit options with a score of 36.
Key Highlights
- Fully renovated 7‑unit multifamily building (updated in 2020) on high‑visibility Hull Street commercial corridor.
- Stabilized gross potential income of approximately $98,856 annually with immediate upside by leasing current vacancies at market rates.
- Includes adjacent lot at 2861 Hull St, offering potential for future subdivision or ground‑up development.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $76.5k | $23.76 |
| − Vacancy | −$4.0k | −$1.24 |
| EGI | $72.5k | $22.52 |
| − OpEx | −$32.6k | −$10.14 |
| NOI | $39.9k | $12.39 |
3,218 SF · lease $23.76/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$569.5K
$498.3K – $664.4K
NOI $39,866 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$743.5K
$650.5K – $867.4K
NOI $52,043 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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?
Apartment building - Fully renovated 7-unit building with development potential in Richmond, VA.
Where is this apartment building located?
The property is located at 2863 Hull St Richmond, VA.
What is the asking price?
The asking price for this property is $884,000.
What are key features of this property?
This property features: Fully renovated 7‑unit multifamily building (updated in 2020) on high‑visibility Hull Street commercial corridor.; Stabilized gross potential income of approximately $98,856 annually with immediate upside by leasing current vacancies at market rates.; Includes adjacent lot at 2861 Hull St, offering potential for future subdivision or ground‑up development.
