Corner One-Bedroom Apartment
For Sale
$2,600,000
3618 Chamberlayne Avenue, Richmond, VA 23227
Well-maintained one-bedroom units with updated common areas, in-unit kitchen and flooring improvements, plus a shared laundry room.
Property Size13,212 SF
Price / SF$196.79
Days on Market287
Property Features for 3618 Chamberlayne Avenue
General Information
Standard status
Active
Size
13,212 SF
Property subtype
General Commercial
Amenities
common laundry room
Central Air
3
Level
City Road, Level.
Building Details
Year Built
1963
Tenancy
Multi
Listing Agency:
One South Commercial LLC
(804) 266-8831
Listed By:
Isaac Weintz · License #0225250413
(804) 404-3161
Source:
Xome
Added: Nov 24, 2025
Changed: Sep 1
Last Checked: Sep 7 at 5:29AM
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 One South Commercial LLC
Investment Insights
Based on property information with market context.
This multifamily apartment building offers spacious one-bedroom floor plans that have been well maintained. Recent improvements include upgraded common area finishes and kitchen and flooring updates in select units. Residents also have access to a common laundry room.
The property is located on the corner of Chamberlayne Ave & Laburnum Ave, providing street visibility and convenient access to the building’s parking lot. The surrounding area includes supermarkets, schools, and public transportation, supporting everyday resident needs.
As presented, the building is positioned for continued updates and income improvement, with current rents described as an opportunity for investors to increase potential returns.
The property is located on the corner of Chamberlayne Ave & Laburnum Ave, providing street visibility and convenient access to the building’s parking lot. The surrounding area includes supermarkets, schools, and public transportation, supporting everyday resident needs.
As presented, the building is positioned for continued updates and income improvement, with current rents described as an opportunity for investors to increase potential returns.
Key Highlights
- 1963‑built multifamily with one‑bedroom unit floor plans
- Central air cooling
- Upgraded common area finishes plus kitchen and flooring updates in select units
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
$163,676
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
6.30%
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%
$3,273,520
$3.3M
Cap Rate 7%
$2,338,229
$2.3M
Cap Rate 9%
$1,818,622
$1.8M
Market Conditions
NOI Build-Up for 13,212 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
$313.9K $23.76/SF
− Vacancy
−$16.3K −$1.24/SF
EGI
$297.6K $22.52/SF
− OpEx
−$133.9K −$10.14/SF
NOI
$163.7K $12.39/SF
Area
Richmond, VA
Vacancy
5.20%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
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%
$3,273,520
Cap Rate 7%
$2,338,229
Cap Rate 9%
$1,818,622
Alternative Uses
Best Use
Apartment 5plus
$2.34M
$2.05M – $2.73M
NOI $163,676 @ 7.0% cap · market cap 6.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.05M
$2.67M – $3.56M
NOI $213,669 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Explore this area
Business Placement
Demographics for 23227, VA
25,283
Population
13,351
Households
1.9
Avg Household Size
45
Median Age
47%
College-Educated
93%
High-School Grad
11.5 sq mi
ZIP Area
2,199
Density / Sq Mi
$70,537
Median Household Income
$45,315
Median Earnings
$1,306
Median Rent
$329,700
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?
Apartment building - Well-maintained one-bedroom units with updated common areas, in-unit kitchen and flooring improvements, plus a shared laundry room.
Where is this apartment building located?
The property is located at 3618 Chamberlayne Avenue Richmond, VA.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 1963‑built multifamily with one‑bedroom unit floor plans; Central air cooling; Upgraded common area finishes plus kitchen and flooring updates in select units
