Two-Unit Brick
New
For Sale
$750,000
3106 W Grace Street, Richmond, VA 23221
ResidentialIncome, Richmond, VA
Property Size2,420 SF
Lot Size0.07 Acres
Price / SF$309.92
Days on Market1
Property Features for 3106 W Grace Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-6
Rooms
Dining Room, Basement
Parking features
On Street, Garage
Window features
Screens
Patio and Porch features
Porch, Patio
Interior features
Bookcases, BuiltInFeatures, BedroomOnMainLevel, CeilingFans, DiningArea, SeparateFormalDiningRoom, EatInKitchen, Fireplace, HighCeilings, LaminateCounters, MainLevelPrimary, CableTv, WindowTreatments
Fencing
Fenced
Fireplace
1
Appliances
GasWaterHeater
Subdivision
Sheppard Estates
Elementary school
Lois-Harrison Jones
Middle school
Albert Hill
High school
Thomas Jefferson
Standard status
Active
APN
W000-1417-021
Size
2,420 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SHEPPARD J F EST L4 BD 0025.00X0130.00 0000.000
Tax Annual Amount
7812
Legal Description
SHEPPARD J F EST L4 BD 0025.00X0130.00 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
front porch
rear covered porch
patio
shared laundry
basement half bath
basement storage
garden
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Building materials
Brick, Plaster
Roof type
Metal, Composition
Architectural style
Other
Listing Agency:
Virginia Capital Realty
(804) 545-6300
Listed By:
Dee Carter · License #0225108509
(804) 380-5925
Added: Aug 24
Last Checked: Aug 24 at 7:06PM
MLS# 2622979
Copyright © 2026 Central Virginia Regional Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1925, this brick duplex contains approximately 2,420 square feet across two residential units. Each unit includes two bedrooms, one bathroom, a living room, formal dining room, kitchen with gas stove, and front and rear access. Covered porches provide additional outdoor space, while the property also includes a concrete front porch, rear patio, fenced yard, and flower and herb garden.
The shared basement provides a washer and dryer, half bath, and storage. A two-car garage is accessed from the alley, with additional on-street parking available. Public water and sewer serve the property. The building is located at 3106 W Grace Street in Richmond's Museum District, near Carytown, Scott's Addition, VCU, restaurants, museums, and everyday conveniences.
The shared basement provides a washer and dryer, half bath, and storage. A two-car garage is accessed from the alley, with additional on-street parking available. Public water and sewer serve the property. The building is located at 3106 W Grace Street in Richmond's Museum District, near Carytown, Scott's Addition, VCU, restaurants, museums, and everyday conveniences.
Key Highlights
- Two‑unit duplex with 2420 square feet of building area
- Each unit has 2 bedrooms and 1 bathroom
- Two‑car garage with alley access, plus on‑street parking
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
Yes
Paved road access
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 - Each residence offers separate front and rear access, formal dining, gas cooking, and covered outdoor space.
Where is this duplex located?
The property is located at 3106 W Grace Street 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 with 2420 square feet of building area; Each unit has 2 bedrooms and 1 bathroom; Two‑car garage with alley access, plus on‑street parking
