Brick Duplex with Separate
New
For Sale
$624,950
3427 W Franklin St, Richmond, VA 23221
Two independently metered apartments offer hardwood floors, updated kitchens, and in-unit laundry.
Property Size1,810 SF
Price / SF$345.28
Days on Market3
Property Features for 3427 W Franklin St
General Information
Standard status
Active
Size
1,810 SF
Property subtype
Multi-Family
Building Details
Year Built
1951
Listing Agency:
PARK 27
Listed By:
Chris Small · License #0225108723
(804) 350-0879
Source:
Findahomewithus
Added: Sep 3
Changed: Sep 5
Last Checked: Sep 5 at 2:46PM
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 PARK 27
Investment Insights
Based on property information with market context.
Built in 1951, this 1,810-square-foot brick duplex contains two independent apartments with identical layouts. Each residence includes two bedrooms, one full bath, hardwood flooring, well-proportioned rooms, natural light, and a stackable washer and dryer. Kitchens are equipped with wood cabinetry, gas ranges, refrigerators, and updated flooring, while the bathrooms feature newer vanities, tiled tub surrounds, and updated flooring. Electrical and lighting improvements, refinished hardwood floors, replacement windows, a dimensional roof, and deck updates add to the property’s improvements.
Both apartments are currently rented, and each unit has separately metered utilities. The property occupies a large lot with potential for off-street parking or a garage. Located at 3427 W Franklin St in Richmond’s Museum District, the duplex is positioned one block from the Gas Light block along an established residential corridor.
Both apartments are currently rented, and each unit has separately metered utilities. The property occupies a large lot with potential for off-street parking or a garage. Located at 3427 W Franklin St in Richmond’s Museum District, the duplex is positioned one block from the Gas Light block along an established residential corridor.
Key Highlights
- Two separately rented apartments with identical floor plans
- 1,810 SF brick duplex built in 1951
- Each unit has 2 bedrooms and 1 full bath
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
$23,882
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
3.82%
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%
$477,640
$477.6K
Cap Rate 7%
$341,171
$341.2K
Cap Rate 9%
$265,356
$265.4K
Market Conditions
NOI Build-Up for 1,810 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
$36.5K $20.16/SF
− Vacancy
−$2.4K −$1.31/SF
EGI
$34.1K $18.85/SF
− OpEx
−$10.2K −$5.65/SF
NOI
$23.9K $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%
$477,640
Cap Rate 7%
$341,171
Cap Rate 9%
$265,356
Alternative Uses
Best Use
Multifamily LT 5
$341.2K
$298.5K – $398.0K
NOI $23,882 @ 7.0% cap · market cap 3.82%
Second Best
Apartment 5plus
$320.3K
$280.3K – $373.7K
NOI $22,423 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$418.2K
$365.9K – $487.9K
NOI $29,272 @ 7.0% cap · market cap 4.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,802
Businesses Nearby
Explore this area
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
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 independently metered apartments offer hardwood floors, updated kitchens, and in-unit laundry.
Where is this duplex located?
The property is located at 3427 W Franklin St Richmond, VA.
What is the asking price?
The asking price for this property is $624,950.
What are key features of this property?
This property features: Two separately rented apartments with identical floor plans; 1,810 SF brick duplex built in 1951; Each unit has 2 bedrooms and 1 full bath
