15-Unit Apartment Building with
New
For Sale
$3,100,000
412 N 3rd St, Richmond, VA 23219
Historic multifamily property with solar panels, custom kitchens, an attached garage, and proximity to Richmond’s major civic destinations.
Property Size18,336 SF
Price / SF$169.07
Days on Market4
Property Features for 412 N 3rd St
General Information
Standard status
Active
Size
18,336 SF
Property subtype
Multi-Family
Units
Unit Mix
10 x 1BR, 5 x 2BR
Multifamily Units
15
Additional Details
Opportunity Zone
Yes
Highway Access
Yes
Amenities
outdoor patio
solar panels
attached garage
Building Details
Year Built
1930
Year Renovated
2011
Buildings
1
Construction
brownstone
Listing Agency:
HAAS Realty Group
Listed By:
Susan Haas · License #0225083094
(804) 349-5788
Source:
Onedreamrealty
Added: Sep 12
Last Checked: Sep 14 at 6:51PM
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 HAAS Realty Group
Investment Insights
Based on property information with market context.
Built in 1930 and redeveloped in 2011, this Richmond multifamily property contains 15 brownstone apartments within an 18,336-square-foot building. The unit mix includes 10 one-bedroom apartments and 5 two-bedroom apartments. Original architectural elements are combined with updated systems, custom kitchens, tall ceilings, large windows, and open interior areas that bring substantial natural light to the residences. An attached garage and outdoor patio are also part of the property.
Located at 412 N 3rd St in Richmond’s Jackson Ward, the property is near the Richmond Convention Center, Coliseum Mixed-Use Project, Transfer Station, and MCV, with interstate access nearby. It is designated as a Federally Designated Opportunity Zone. Solar panels support the building’s energy-efficient systems, and the property includes the potential to increase rentable square footage.
Located at 412 N 3rd St in Richmond’s Jackson Ward, the property is near the Richmond Convention Center, Coliseum Mixed-Use Project, Transfer Station, and MCV, with interstate access nearby. It is designated as a Federally Designated Opportunity Zone. Solar panels support the building’s energy-efficient systems, and the property includes the potential to increase rentable square footage.
Key Highlights
- 15 apartments: 10 one‑bedroom units and 5 two‑bedroom units
- 18,336‑square‑foot building constructed in 1930 and redeveloped in 2011
- Attached garage and outdoor patio included
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
$227,155
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
7.33%
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%
$4,543,100
$4.5M
Cap Rate 7%
$3,245,071
$3.2M
Cap Rate 9%
$2,523,944
$2.5M
Market Conditions
NOI Build-Up for 18,336 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
$435.7K $23.76/SF
− Vacancy
−$22.7K −$1.24/SF
EGI
$413.0K $22.52/SF
− OpEx
−$185.9K −$10.14/SF
NOI
$227.2K $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%
$4,543,100
Cap Rate 7%
$3,245,071
Cap Rate 9%
$2,523,944
Alternative Uses
Best Use
Apartment 5plus
$3.25M
$2.84M – $3.79M
NOI $227,155 @ 7.0% cap · market cap 7.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.24M
$3.71M – $4.94M
NOI $296,536 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
15
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
6,885
Businesses Nearby
Explore this area
Business Placement
Demographics for 23219, VA
5,307
Population
3,488
Households
1.5
Avg Household Size
29
Median Age
62%
College-Educated
91%
High-School Grad
1.3 sq mi
ZIP Area
4,082
Density / Sq Mi
$62,533
Median Household Income
$46,509
Median Earnings
$1,439
Median Rent
$287,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic multifamily property with solar panels, custom kitchens, an attached garage, and proximity to Richmond’s major civic destinations.
Where is this apartment building located?
The property is located at 412 N 3rd St Richmond, VA.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: 15 apartments: 10 one‑bedroom units and 5 two‑bedroom units; 18,336‑square‑foot building constructed in 1930 and redeveloped in 2011; Attached garage and outdoor patio included
