Fully Renovated Four-Unit
For Sale
Contact for pricing
Pending
3203 Ellwood Avenue, Richmond, VA 23221
Four fully renovated one-bedroom units are separately metered and currently fully leased.
Property Size2,384 SF
Days on Market70
Property Features for 3203 Ellwood Avenue
General Information
Standard status
Pending
Size
2,384 SF
Property subtype
Multifamily
Zoning
R-48
Occupancy
100%
Investment Type
Core
Additional Details
Business Included
Yes
Multifamily Units
4
Building Details
Year Built
1923
Buildings
1
Units
4
Tenancy
Multi
Listing Agency:
One South Commercial
Listed By:
Tom Rosman · License #VA 0225030879
(804) 266-8831
Source:
Crexi
Added: Jun 28
Changed: Aug 8
Last Checked: Aug 5 at 1:39PM
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 One South Commercial
Investment Insights
Based on property information with market context.
3203 Ellwood Avenue is a fully renovated four-unit apartment building featuring four one-bedroom residences. The property has been updated with modern finishes while maintaining the building’s classic character. All four apartments are separately metered, with tenants responsible for utilities.
The building is located in Richmond’s Carytown neighborhood, positioned within walking distance of dining, boutiques, coffee shops, and entertainment.
This is a turn-key, in-place rental configuration with the building fully leased.
The building is located in Richmond’s Carytown neighborhood, positioned within walking distance of dining, boutiques, coffee shops, and entertainment.
This is a turn-key, in-place rental configuration with the building fully leased.
Key Highlights
- Four‑unit apartment building built in 1923 with four fully renovated 1‑bedroom apartments
- Fully leased with all four units rented at $1,499 per month total
- Each unit is separately metered, with tenants responsible for all utilities
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
$31,456
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
3.36%
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%
$629,120
$629.1K
Cap Rate 7%
$449,371
$449.4K
Cap Rate 9%
$349,511
$349.5K
Market Conditions
NOI Build-Up for 2,384 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
$48.1K $20.16/SF
− Vacancy
−$3.1K −$1.31/SF
EGI
$44.9K $18.85/SF
− OpEx
−$13.5K −$5.65/SF
NOI
$31.5K $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%
$629,120
Cap Rate 7%
$449,371
Cap Rate 9%
$349,511
Alternative Uses
Best Use
Multifamily LT 5
$449.4K
$393.2K – $524.3K
NOI $31,456 @ 7.0% cap · market cap 3.36%
Second Best
Apartment 5plus
$421.9K
$369.2K – $492.2K
NOI $29,534 @ 7.0% cap · market cap 3.16%
Theoretical Best
Office A
$550.8K
$481.9K – $642.6K
NOI $38,555 @ 7.0% cap · market cap 4.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,622
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four fully renovated one-bedroom units are separately metered and currently fully leased.
Where is this quadplex located?
The property is located at 3203 Ellwood Avenue Richmond, VA.
What is the asking price?
The asking price for this property is $935,000.
What are key features of this property?
This property features: Four‑unit apartment building built in 1923 with four fully renovated 1‑bedroom apartments; Fully leased with all four units rented at $1,499 per month total; Each unit is separately metered, with tenants responsible for all utilities
