Fully Renovated Four-Unit
3203 Ellwood Avenue Richmond, VA 23221
3203 Ellwood Avenue, Richmond, VA, 23221
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For Sale
Contact for pricing
Four fully renovated one-bedroom units are separately metered and currently fully leased.
Property Size2,384 SF
Price / SF$392.20
Days on Market25
Property Features for 3203 Ellwood Avenue
General Information
- Standard status
- Active
- Size
- 2,384 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1923
Listing agency
One South Commercial
(804) 353-0009
Listed by
Tom Rosman · License #VA 0225030879
Source
Crexi
Added: Jun 28 Updated: Jul 21 at 3:07AM Checked: Jul 21 at 3:07AM
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
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $48.1k | $20.16 |
| − Vacancy | −$3.1k | −$1.31 |
| EGI | $44.9k | $18.85 |
| − OpEx | −$13.5k | −$5.65 |
| NOI | $31.5k | $13.19 |
2,384 SF · lease $20.16/SF/yr · vacancy 6.50% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
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
