Duplex With Separate Electric
For Sale
$275,000
3204 Fendall Ave, Richmond, VA 23222
Each unit has its own electric meter, while water and hot water are served through one shared meter.
Property Size1,720 SF
Price / SF$159.88
Days on Market33
Property Features for 3204 Fendall Ave
General Information
Standard status
Active
Size
1,720 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1921
Listing Agency:
The Greene Realty Group
(804) 404-5566
Listed By:
The Elliott Real Estate Team
(804) 404-5566
Source:
Elliottreteam
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 28 at 10:15AM
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 1921, this as-is residential property is configured as a duplex and can also be converted back to a single-family residence. The building includes separate electric meters for the two units, with water and hot water supplied through a single meter and paid by the landlord.
Roof improvements include a 2021 installation of 50-year dimensional shingles along with a rubber flat roof. The gas water heater has also been replaced recently. Located at 3204 Fendall Ave in Richmond’s Northside, the property is positioned among nearby homes that have undergone renovation.
Roof improvements include a 2021 installation of 50-year dimensional shingles along with a rubber flat roof. The gas water heater has also been replaced recently. Located at 3204 Fendall Ave in Richmond’s Northside, the property is positioned among nearby homes that have undergone renovation.
Key Highlights
- Duplex configuration with option to convert back to a single‑family residence
- Separate electric meter for each unit
- Water and hot water served through a single meter
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
$22,695
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
8.25%
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%
$453,900
$453.9K
Cap Rate 7%
$324,214
$324.2K
Cap Rate 9%
$252,167
$252.2K
Market Conditions
NOI Build-Up for 1,720 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
$34.7K $20.16/SF
− Vacancy
−$2.3K −$1.31/SF
EGI
$32.4K $18.85/SF
− OpEx
−$9.7K −$5.65/SF
NOI
$22.7K $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%
$453,900
Cap Rate 7%
$324,214
Cap Rate 9%
$252,167
Alternative Uses
Best Use
Multifamily LT 5
$324.2K
$283.7K – $378.3K
NOI $22,695 @ 7.0% cap · market cap 8.25%
Second Best
Apartment 5plus
$304.4K
$266.4K – $355.1K
NOI $21,308 @ 7.0% cap · market cap 7.75%
Theoretical Best
Office A
$397.4K
$347.7K – $463.6K
NOI $27,816 @ 7.0% cap · market cap 10.11%
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
449
Businesses Nearby
Explore this area
Business Placement
Demographics for 23222, VA
24,337
Population
11,762
Households
2.1
Avg Household Size
37
Median Age
32%
College-Educated
90%
High-School Grad
8.2 sq mi
ZIP Area
2,968
Density / Sq Mi
$58,105
Median Household Income
$37,137
Median Earnings
$1,181
Median Rent
$252,000
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 unit has its own electric meter, while water and hot water are served through one shared meter.
Where is this duplex located?
The property is located at 3204 Fendall Ave Richmond, VA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Duplex configuration with option to convert back to a single‑family residence; Separate electric meter for each unit; Water and hot water served through a single meter
