Historic Brick
New
For Sale
$675,000
30 S Davis Ave, Richmond, VA 23220
Two occupied units have leases in place through August 31, 2027.
Property Size2,572 SF
Price / SF$262.44
Days on Market5
Property Features for 30 S Davis Ave
General Information
Standard status
Active
Size
2,572 SF
Property subtype
Multi-Family
Building Details
Year Built
1920
Listing Agency:
Hometown Realty
(804) 730-7195
Listed By:
The Elliott Real Estate Team
(804) 404-5566
Source:
Elliottreteam
Added: Sep 20
Changed: Sep 23
Last Checked: Sep 24 at 9:31AM
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 Hometown Realty
Investment Insights
Based on property information with market context.
Built in 1920, this approximately 2,572-square-foot duplex contains two residential units, each with 2 bedrooms, 1 full bath, a kitchen, living areas, laundry, and separate heating and cooling. Original features include wood floors, high ceilings, exposed brick, fireplaces, large windows, and spacious rooms. The lower unit also has updated appliances and laminate flooring in one bedroom. A rear deck serves the lower unit, while a private parking area provides 2 spaces. The roof was replaced in 2018.
Located at 30 S Davis Ave in Richmond’s Fan/VCU area, the property is near VCU, Carytown, Maymont, and the Museum District. Both units are occupied by long-term tenants, with leases extending through August 31, 2027.
Located at 30 S Davis Ave in Richmond’s Fan/VCU area, the property is near VCU, Carytown, Maymont, and the Museum District. Both units are occupied by long-term tenants, with leases extending through August 31, 2027.
Key Highlights
- Two‑unit duplex with approximately 2,572 square feet
- Each unit includes 2 bedrooms and 1 full bath
- Both units occupied; leases run through August 31, 2027
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
$33,937
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
5.03%
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%
$678,740
$678.7K
Cap Rate 7%
$484,814
$484.8K
Cap Rate 9%
$377,078
$377.1K
Market Conditions
NOI Build-Up for 2,572 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
$51.9K $20.16/SF
− Vacancy
−$3.4K −$1.31/SF
EGI
$48.5K $18.85/SF
− OpEx
−$14.5K −$5.65/SF
NOI
$33.9K $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%
$678,740
Cap Rate 7%
$484,814
Cap Rate 9%
$377,078
Alternative Uses
Best Use
Multifamily LT 5
$484.8K
$424.2K – $565.6K
NOI $33,937 @ 7.0% cap · market cap 5.03%
Second Best
Apartment 5plus
$455.2K
$398.3K – $531.1K
NOI $31,863 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$594.2K
$519.9K – $693.3K
NOI $41,595 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,740
Businesses Nearby
Explore this area
Business Placement
Demographics for 23220, VA
36,942
Population
16,561
Households
2.2
Avg Household Size
27
Median Age
59%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
7,696
Density / Sq Mi
$56,681
Median Household Income
$33,249
Median Earnings
$1,354
Median Rent
$468,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied units have leases in place through August 31, 2027.
Where is this duplex located?
The property is located at 30 S Davis Ave Richmond, VA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Two‑unit duplex with approximately 2,572 square feet; Each unit includes 2 bedrooms and 1 full bath; Both units occupied; leases run through August 31, 2027
