Renovated Duplex with Off-Street
New
For Sale
$349,000
3314 3rd Ave, Richmond, VA 23222
Two separately metered residences feature updated interiors, private laundry, central HVAC, and on-site parking.
Property Size1,683 SF
Price / SF$207.37
Days on Market5
Property Features for 3314 3rd Ave
General Information
Standard status
Active
Size
1,683 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 3BR, 1 x 2BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
renovated kitchens and bathrooms
in-unit washer/dryer
central HVAC
off-street parking
Building Details
Year Built
1920
Buildings
1
Tenancy
Multi
Listing Agency:
Hometown Realty
(804) 730-7195
Listed By:
The Elliott Real Estate Team
(804) 404-5566
Source:
Elliottreteam
Added: Sep 20
Changed: Sep 23
Last Checked: Sep 24 at 10:02AM
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 Hometown Realty
Investment Insights
Based on property information with market context.
This 1,683-square-foot duplex, built in 1920, contains two residential units: a three-bedroom upper apartment and a two-bedroom lower apartment. Both units include renovated kitchens and bathrooms, in-unit washers and dryers, and central heating and air conditioning. Separate metering places utility responsibility with the residents, while off-street parking is provided on the property.
The building is located on Third Avenue in Richmond’s Northside, near neighborhood retail, restaurants, parks, major roadways, and Downtown Richmond. The two-unit layout and distinct bedroom configurations provide a practical setup for residential income use.
The building is located on Third Avenue in Richmond’s Northside, near neighborhood retail, restaurants, parks, major roadways, and Downtown Richmond. The two-unit layout and distinct bedroom configurations provide a practical setup for residential income use.
Key Highlights
- Two‑unit duplex with 1,683 square feet, built in 1920
- Three‑bedroom upper apartment and two‑bedroom lower apartment
- Renovated kitchens and bathrooms in both residences
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
$22,207
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
6.36%
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%
$444,140
$444.1K
Cap Rate 7%
$317,243
$317.2K
Cap Rate 9%
$246,744
$246.7K
Market Conditions
NOI Build-Up for 1,683 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
$33.9K $20.16/SF
− Vacancy
−$2.2K −$1.31/SF
EGI
$31.7K $18.85/SF
− OpEx
−$9.5K −$5.65/SF
NOI
$22.2K $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%
$444,140
Cap Rate 7%
$317,243
Cap Rate 9%
$246,744
Alternative Uses
Best Use
Multifamily LT 5
$317.2K
$277.6K – $370.1K
NOI $22,207 @ 7.0% cap · market cap 6.36%
Second Best
Apartment 5plus
$297.9K
$260.6K – $347.5K
NOI $20,850 @ 7.0% cap · market cap 5.97%
Theoretical Best
Office A
$388.8K
$340.2K – $453.6K
NOI $27,218 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
245
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences feature updated interiors, private laundry, central HVAC, and on-site parking.
Where is this duplex located?
The property is located at 3314 3rd Ave Richmond, VA.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,683 square feet, built in 1920; Three‑bedroom upper apartment and two‑bedroom lower apartment; Renovated kitchens and bathrooms in both residences
