Brick Duplex with Separate
For Sale
$599,950
Pending
3427 W Franklin St, Richmond, VA 23221
Two independently metered apartments offer hardwood floors, updated kitchens, and in-unit laundry.
Property Size1,810 SF
Days on Market51
Property Features for 3427 W Franklin St
General Information
Standard status
Pending
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 1
Changed: Oct 19
Last Checked: Oct 20 at 9:05PM
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
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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 / Yr
$23,882
Cap Rate
3.98%
Suggested Prices Based on Cap Rates
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
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 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 3.98%
Second Best
Apartment 5plus
$320.3K
$280.3K – $373.7K
NOI $22,423 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$418.2K
$365.9K – $487.9K
NOI $29,272 @ 7.0% cap · market cap 4.88%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,802
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 - 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 $599,950.
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
