Brick Duplex with Separate
New
For Sale
$624,950
3427 W Franklin Street, Richmond, VA 23221
ResidentialIncome, Richmond, VA
Property Size1,810 SF
Lot Size0.19 Acres
Price / SF$345.28
Days on Market2
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
Active
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
Amenities
in-unit stackable washer and dryer
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
Storage, Outbuilding
Listing Agency:
PARK 27
(804) 353-1250
Listed By:
Chris Small · License #0225108723
(804) 350-0879
Added: Sep 4
Changed: Sep 5
Last Checked: Sep 5 at 4:06PM
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.
Investment Insights
Based on property information with market context.
Built in 1951, this brick duplex contains two independent apartments with matching layouts. Each residence includes two bedrooms, one full bath, hardwood flooring, natural light, and an in-unit stackable washer and dryer. Kitchens include wood cabinetry, gas ranges, refrigerators, and updated flooring, while the bathrooms feature newer vanities, tiled tub surrounds, and updated flooring. Electrical, lighting, and hardwood-floor improvements have also been completed.
The property encompasses 1,810 square feet on a 0.1928-acre lot at 3427 W Franklin Street in Richmond's Museum District. Both apartments are currently rented, and each unit has separately metered utilities. Additional property features include vinyl replacement windows, a dimensional composition roof, deck improvements, a shed roof, storage space, a fenced yard, public water and sewer, and on-street parking.
The property encompasses 1,810 square feet on a 0.1928-acre lot at 3427 W Franklin Street in Richmond's Museum District. Both apartments are currently rented, and each unit has separately metered utilities. Additional property features include vinyl replacement windows, a dimensional composition roof, deck improvements, a shed roof, storage space, a fenced yard, public water and sewer, and on-street parking.
Key Highlights
- Two‑apartment duplex with matching two‑bedroom, one‑bath layouts
- 1,810 square feet on a 0.1928‑acre lot
- Built in 1951 with brick construction
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
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
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 independent apartments offer hardwood floors, in-unit laundry, updated kitchens, and established rental occupancy.
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 $624,950.
What are key features of this property?
This property features: Two‑apartment duplex with matching two‑bedroom, one‑bath layouts; 1,810 square feet on a 0.1928‑acre lot; Built in 1951 with brick construction
