Duplex with Two-Car
New
For Sale
$750,000
3106 W Grace St, Richmond, VA 23221
Two-unit residential property with private front and rear access, covered porches, and shared basement storage.
Property Size2,420 SF
Price / SF$309.92
Days on Market6
Property Features for 3106 W Grace St
General Information
Standard status
Active
Size
2,420 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
covered front porch
covered seating areas
rear covered porch
patio
shared basement with washer and dryer
half bath
flower and herb garden
Building Details
Year Built
1925
Buildings
1
Listing Agency:
The Greene Realty Group
(804) 404-5566
Listed By:
The Elliott Real Estate Team
(804) 404-5566
Source:
Elliottreteam
Added: Aug 26
Changed: Aug 30
Last Checked: Aug 30 at 4:13PM
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 The Greene Realty Group
Investment Insights
Based on property information with market context.
Built in 1925, this duplex contains approximately 2,420 square feet across two residential units. Each unit offers two bedrooms, one bathroom, a living room, formal dining room, kitchen with a gas stove, and access from both the front and rear. Covered porch areas provide additional outdoor space for residents and guests.
The property includes a two-car garage reached from the alley, along with a rear yard featuring a patio and flower and herb garden. A shared basement adds practical support space with a washer and dryer, half bath, and ample storage. The address is in Richmond’s Museum District, near Carytown, Scott’s Addition, VCU, restaurants, museums, and everyday conveniences, with sidewalks connecting the surrounding areas.
The property includes a two-car garage reached from the alley, along with a rear yard featuring a patio and flower and herb garden. A shared basement adds practical support space with a washer and dryer, half bath, and ample storage. The address is in Richmond’s Museum District, near Carytown, Scott’s Addition, VCU, restaurants, museums, and everyday conveniences, with sidewalks connecting the surrounding areas.
Key Highlights
- Two‑unit duplex totaling approximately 2,420 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Built in 1925
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
$31,931
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
4.26%
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%
$638,620
$638.6K
Cap Rate 7%
$456,157
$456.2K
Cap Rate 9%
$354,789
$354.8K
Market Conditions
NOI Build-Up for 2,420 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
$48.8K $20.16/SF
− Vacancy
−$3.2K −$1.31/SF
EGI
$45.6K $18.85/SF
− OpEx
−$13.7K −$5.65/SF
NOI
$31.9K $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%
$638,620
Cap Rate 7%
$456,157
Cap Rate 9%
$354,789
Alternative Uses
Best Use
Multifamily LT 5
$456.2K
$399.1K – $532.2K
NOI $31,931 @ 7.0% cap · market cap 4.26%
Second Best
Apartment 5plus
$428.3K
$374.8K – $499.7K
NOI $29,980 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$559.1K
$489.2K – $652.3K
NOI $39,137 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,965
Businesses Nearby
Explore this area
Business Placement
Demographics for 23221, VA
14,841
Population
7,776
Households
1.9
Avg Household Size
35
Median Age
76%
College-Educated
98%
High-School Grad
3.3 sq mi
ZIP Area
4,497
Density / Sq Mi
$97,006
Median Household Income
$61,616
Median Earnings
$1,480
Median Rent
$544,400
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-unit residential property with private front and rear access, covered porches, and shared basement storage.
Where is this duplex located?
The property is located at 3106 W Grace St Richmond, VA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two‑unit duplex totaling approximately 2,420 square feet; Each unit includes 2 bedrooms and 1 bathroom; Built in 1925
