Detached Two-Unit
New
For Sale
$959,000
3422 Kensington Avenue, Richmond, VA 23221
ResidentialIncome, Richmond, VA
Property Size3,360 SF
Lot Size0.11 Acres
Price / SF$285.42
Days on Market4
Property Features for 3422 Kensington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-48
Rooms
Basement
Parking features
Driveway, Off Street
Appliances
ElectricWaterHeater
Lot features
Corner Lot, Level
View
City
Elementary school
Lois-Harrison Jones
Middle school
Albert Hill
High school
Thomas Jefferson
Subdivision
10 - Richmond
Standard status
Active
APN
W000-1614-001
Size
3,360 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
L191-192 0076.00X0069.70 IRG0000.000
Tax Annual Amount
8640
Legal Description
L191-192 0076.00X0069.70 IRG0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1948
Floors in Building
2
Number of units
2
Building materials
Brick, Concrete, Plaster
Roof type
Slate
Architectural style
Colonial
Buildings
1
Listing Agency:
The Steele Group · Sotheby's International Realty
(804) 282-3136
Listed By:
Wythe Shockley · License #0225101204
(804) 874-0579
Added: Nov 3
Changed: Nov 5
Last Checked: Nov 6 at 5:06AM
MLS# 2629614
Copyright © 2026 Central Virginia Regional Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This freestanding brick duplex contains two residences, each with three bedrooms, one and a half baths, a formal dining room, and a 23-by-15-foot family room with a fireplace. The building totals 3,360 square feet on a 0.1064-acre lot. Refinished hardwood floors serve the living areas and bedrooms, while renovated kitchens have granite counters, updated cabinetry, and stainless steel appliances. Electrical, plumbing, soffits, gutters, and HVAC systems with ductwork were improved in 2017. Both units have thermal windows, and the building has a slate roof. Driveway and off-street parking are provided.
The property is in Richmond’s Museum District beside a neighborhood park. Nearby destinations named for the area include Carytown, Scott’s Addition, museums, restaurants, coffee shops, parks, and several grocery stores. Public water and sewer serve the property. The residences may be rented individually or together, subject to applicable regulations.
The property is in Richmond’s Museum District beside a neighborhood park. Nearby destinations named for the area include Carytown, Scott’s Addition, museums, restaurants, coffee shops, parks, and several grocery stores. Public water and sewer serve the property. The residences may be rented individually or together, subject to applicable regulations.
Key Highlights
- Two residences in a detached duplex; 3,360 square feet total
- Each residence has 3 bedrooms, 1.5 baths, a formal dining room, and a 23' x 15' family room
- Renovated kitchens with granite countertops, updated cabinetry, and stainless steel appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,334
Cap Rate
4.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$886,680
$886.7K
Cap Rate 7%
$633,343
$633.3K
Cap Rate 9%
$492,600
$492.6K
Market Conditions
NOI Build-Up for 3,360 SF
Gross rent
$67.7K $20.16/SF
− Vacancy
−$4.4K −$1.31/SF
EGI
$63.3K $18.85/SF
− OpEx
−$19.0K −$5.65/SF
NOI
$44.3K $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 Rate 5%
$886,680
Cap Rate 7%
$633,343
Cap Rate 9%
$492,600
Alternative Uses
Best Use
Multifamily LT 5
$633.3K
$554.2K – $738.9K
NOI $44,334 @ 7.0% cap · market cap 4.62%
Second Best
Apartment 5plus
$594.6K
$520.3K – $693.8K
NOI $41,625 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$776.3K
$679.2K – $905.7K
NOI $54,339 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,649
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Each residence has three bedrooms, a formal dining room, and a renovated kitchen.
Where is this duplex located?
The property is located at 3422 Kensington Avenue Richmond, VA.
What is the asking price?
The asking price for this property is $959,000.
What are key features of this property?
This property features: Two residences in a detached duplex; 3,360 square feet total; Each residence has 3 bedrooms, 1.5 baths, a formal dining room, and a 23' x 15' family room; Renovated kitchens with granite countertops, updated cabinetry, and stainless steel appliances
