7-Unit Apartment
For Sale
$784,000
2863 Hull Street, Richmond, VA 23224
Six studio residences and a guest suite provide a compact multifamily configuration in a B-3-zoned building.
Property Size3,218 SF
Price / SF$243.63
Days on Market68
Property Features for 2863 Hull Street
General Information
Standard status
Active
Size
3,218 SF
Property subtype
Residential Income
Zoning
B-3
Site & Location
Neighborhood
Mcg
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
6 x studio, 1 x guest suite
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$3,744
Building Details
Building Size
3,218 SF
Year Built
1928
Year Renovated
2020
Buildings
1
Stories
2
Abandoned
No
Listed By:
Mahmud Chowdhury
(804) 647-7686
Source:
Freedom1realty
Added: Aug 17
Changed: Oct 23
Last Checked: Oct 23 at 5:35PM
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 Mahmud Chowdhury
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
At 2863 Hull Street, this 3,218-square-foot apartment building contains six studio apartments, each with a full kitchen and private bathroom, plus a separate guest suite. Renovations were completed in 2020. The property was built in 1928 and is zoned B-3.
The offering also includes the adjacent lot at 2861 Hull St. Three apartments are vacant, and utilities are currently paid by the landlord.
The offering also includes the adjacent lot at 2861 Hull St. Three apartments are vacant, and utilities are currently paid by the landlord.
Key Highlights
- Seven units: six studios and one guest suite
- 3,218 SF building, renovated in 2020
- Studios have full kitchens and private bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,866
Cap Rate
5.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$797,320
$797.3K
Cap Rate 7%
$569,514
$569.5K
Cap Rate 9%
$442,956
$443.0K
Market Conditions
NOI Build-Up for 3,218 SF
Gross rent
$76.5K $23.76/SF
− Vacancy
−$4.0K −$1.24/SF
EGI
$72.5K $22.52/SF
− OpEx
−$32.6K −$10.14/SF
NOI
$39.9K $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%
$797,320
Cap Rate 7%
$569,514
Cap Rate 9%
$442,956
Alternative Uses
Best Use
Apartment 5plus
$569.5K
$498.3K – $664.4K
NOI $39,866 @ 7.0% cap · market cap 5.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$743.5K
$650.5K – $867.4K
NOI $52,043 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
7
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
905
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
Frequently Asked Questions
What type of property is this?
Apartment building - Six studio residences and a guest suite provide a compact multifamily configuration in a B-3-zoned building.
Where is this apartment building located?
The property is located at 2863 Hull Street Richmond, VA.
What is the asking price?
The asking price for this property is $784,000.
What are key features of this property?
This property features: Seven units: six studios and one guest suite; 3,218 SF building, renovated in 2020; Studios have full kitchens and private bathrooms
