15-Unit Apartment
New
For Sale
$3,100,000
412 N 3rd Street, Richmond, VA 23219
ResidentialIncome, Richmond, VA
Property Size18,336 SF
Lot Size0.30 Acres
Price / SF$169.07
Days on Market5
Property Features for 412 N 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
B-4
Parking features
Assigned, Paved or Surfaced, Driveway, Garage, Open, Off Street
Patio and Porch features
Patio
Interior features
BedroomOnMainLevel, EnSuiteBathroom, FullBathOnMainLevel, HighCeilings
Exterior features
UnpavedDriveway
Fencing
Fenced
Accessibility
Accessible Approach with Ramp
Appliances
ElectricWaterHeater
View
City
Elementary school
Carver
Middle school
Albert Hill
High school
Thomas Jefferson
Subdivision
10 - Richmond
Standard status
Active
APN
N000-0038-015
Size
18,336 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
0105.51X0130.53 IRG0000.300 AC
Tax Annual Amount
28704
Legal Description
0105.51X0130.53 IRG0000.300 AC
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
outdoor patio
attached garage
solar panels
Building Details
Year built
1930
Floors in Building
2
Number of units
2
Building materials
Brick, Drywall
Roof type
Rubber, Flat
Listing Agency:
HAAS Realty Group
Listed By:
Susan Haas · License #0225083094
(804) 349-5788
Added: Sep 3
Changed: Sep 7
Last Checked: Sep 7 at 7:06PM
MLS# 2624403
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.
This 18,336-square-foot apartment property occupies 0.2998 acres at 412 N 3rd Street in Richmond. Constructed in 1930 and redeveloped in 2011, the building contains 15 brownstone apartments, including 10 one-bedroom units and 5 two-bedroom units. Brick construction, tall ceilings, large windows, custom kitchens, an outdoor patio, and an attached garage combine historic character with updated residential functionality.
The property is near the Richmond Convention Center, the Coliseum Mixed-Use Project, Transfer Station, and MCV, with interstate access nearby. It is located in Jackson Ward and within a Federally Designated Opportunity Zone. Designated solar panels support reduced carbon emissions and lower tenant costs. Public water and public sewer serve the property, which also includes paved and off-street parking, assigned spaces, a fenced area, and an accessible ramp approach.
The property is near the Richmond Convention Center, the Coliseum Mixed-Use Project, Transfer Station, and MCV, with interstate access nearby. It is located in Jackson Ward and within a Federally Designated Opportunity Zone. Designated solar panels support reduced carbon emissions and lower tenant costs. Public water and public sewer serve the property, which also includes paved and off-street parking, assigned spaces, a fenced area, and an accessible ramp approach.
Key Highlights
- 15 apartments with 10 one‑bedroom units and 5 two‑bedroom units
- 18,336 square feet on a 0.2998‑acre site
- Built in 1930 and redeveloped in 2011
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
Property Profile
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
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 - Redeveloped historic property with solar panels, attached garage parking, patio space, and energy-efficient building systems.
Where is this apartment building located?
The property is located at 412 N 3rd Street 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 with 10 one‑bedroom units and 5 two‑bedroom units; 18,336 square feet on a 0.2998‑acre site; Built in 1930 and redeveloped in 2011
