Brick Duplex with Separate
For Sale
$599,950
Pending
3427 W Franklin Street, Richmond, VA 23221
ResidentialIncome, Richmond, VA
Property Size1,810 SF
Lot Size0.19 Acres
Days on Market48
Property Features for 3427 W Franklin Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-6
Parking features
On Street
Patio and Porch features
Deck, Porch
Interior features
BedroomOnMainLevel, EnSuiteBathroom, FullBathOnMainLevel, LaminateCounters, MainLevelPrimary
Exterior features
OutBuildings, Storage, Shed
Fencing
Fenced
Appliances
GasWaterHeater
View
City
Elementary school
Fox
Middle school
Albert Hill
High school
Thomas Jefferson
Directions
Head west on Monument Avenue. Turn right onto N. Rosenheath Rd. Turn right onto W. Franklin Street. 3427 W. Franklin Street will be on your right
Subdivision
10 - Richmond
Standard status
Pending
APN
W000-1620-004
Size
1,810 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
0060.00X0140.00 0000.193 AC
Tax Annual Amount
6384
Legal Description
0060.00X0140.00 0000.193 AC
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1951
Floors in Building
2
Number of units
2
Building materials
Brick, Drywall
Roof type
Composition
Architectural style
Other
Additional Structures
Outbuilding, Storage
Listing Agency:
PARK 27
(804) 353-1250
Listed By:
Chris Small · License #0225108723
(804) 350-0879
Added: Sep 4
Changed: Oct 16
Last Checked: Oct 21 at 9:06PM
MLS# 2624045
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.
Built in 1951, this 1,810-square-foot brick duplex contains two independent apartments with matching layouts. Each residence includes two bedrooms, one full bath, hardwood flooring, natural light, a kitchen with wood cabinetry and a gas range, plus updated bath and kitchen finishes. The first-floor unit also has an in-unit stackable washer and dryer. Utilities are separately metered for each apartment, and both units are currently rented.
The property occupies 0.1928 acres at 3427 W Franklin Street in Richmond’s Museum District, one block from the Gas Light block. Exterior improvements include vinyl replacement windows, a dimensional composition roof, deck upgrades, a shed roof, fencing, and a storage shed. The lot offers potential for off-street parking or a garage, while public water and public sewer serve the property.
The property occupies 0.1928 acres at 3427 W Franklin Street in Richmond’s Museum District, one block from the Gas Light block. Exterior improvements include vinyl replacement windows, a dimensional composition roof, deck upgrades, a shed roof, fencing, and a storage shed. The lot offers potential for off-street parking or a garage, while public water and public sewer serve the property.
Key Highlights
- 1,810 SF brick duplex built in 1951
- Two apartments, each with 2 bedrooms and 1 full bath
- Utilities separately metered for each residence
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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Property Analytics
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Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,398
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two independently rented residences feature hardwood floors, updated kitchens, and individually metered utilities.
Where is this duplex located?
The property is located at 3427 W Franklin Street 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: 1,810 SF brick duplex built in 1951; Two apartments, each with 2 bedrooms and 1 full bath; Utilities separately metered for each residence
