Two-Unit Duplex with Fenced
New
For Sale
$294,900
3243 Woodrow Ave, Richmond, VA 23222
Two-unit residential property with separate living areas, basements, and a spacious enclosed rear yard.
Property Size2,185 SF
Price / SF$134.97
Days on Market4
Property Features for 3243 Woodrow Ave
General Information
Standard status
Active
Size
2,185 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
do a little renovation
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1938
Buildings
1
Listing Agency:
Profound Property Group LLC
(804) 294-0049
Listed By:
The Elliott Real Estate Team · License #1999023818
(804) 404-5566
Source:
Elliottreteam
Added: Sep 5
Changed: Sep 7
Last Checked: Sep 8 at 5:16AM
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 Profound Property Group LLC
Investment Insights
Based on property information with market context.
Built in 1938, this duplex contains 2,185 square feet arranged as two residential units. Each unit includes 2 bedrooms, 1 full bath, a kitchen, living room, dining room, and basement, providing a defined layout for residential occupancy. The property also includes a large fenced yard behind the building.
Located at 3243 Woodrow Ave in Richmond, VA 23222, the property is offered strictly as-is/where-is. Its two-unit configuration, individual living spaces, and outdoor area provide a straightforward residential asset profile.
Located at 3243 Woodrow Ave in Richmond, VA 23222, the property is offered strictly as-is/where-is. Its two-unit configuration, individual living spaces, and outdoor area provide a straightforward residential asset profile.
Key Highlights
- Two‑unit duplex with 2,185 square feet
- Each unit includes 2 bedrooms and 1 full bath
- Separate kitchens, living rooms, and dining rooms in both units
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
$27,069
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
9.18%
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%
$541,380
$541.4K
Cap Rate 7%
$386,700
$386.7K
Cap Rate 9%
$300,767
$300.8K
Market Conditions
NOI Build-Up for 2,185 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
$51.9K $23.76/SF
− Vacancy
−$2.7K −$1.24/SF
EGI
$49.2K $22.52/SF
− OpEx
−$22.1K −$10.14/SF
NOI
$27.1K $12.39/SF
Area
Richmond, VA
Vacancy
5.20%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
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%
$541,380
Cap Rate 7%
$386,700
Cap Rate 9%
$300,767
Alternative Uses
Best Use
Multifamily LT 5
$411.9K
$360.4K – $480.5K
NOI $28,830 @ 7.0% cap · market cap 9.78%
Second Best
Apartment 5plus
$386.7K
$338.4K – $451.2K
NOI $27,069 @ 7.0% cap · market cap 9.18%
Theoretical Best
Office A
$504.8K
$441.7K – $589.0K
NOI $35,337 @ 7.0% cap · market cap 11.98%
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
380
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 - Two-unit residential property with separate living areas, basements, and a spacious enclosed rear yard.
Where is this duplex located?
The property is located at 3243 Woodrow Ave Richmond, VA.
What is the asking price?
The asking price for this property is $294,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,185 square feet; Each unit includes 2 bedrooms and 1 full bath; Separate kitchens, living rooms, and dining rooms in both units
