Brick Duplex with Detached
For Sale
$989,900
Pending
4207 W Grace St, Richmond, VA 23220
Two separate residences offer first-floor living, private laundry, studies, and flexible occupancy options.
Property Size3,552 SF
Lot Size0.17 Acres
Days on Market32
Property Features for 4207 W Grace St
General Information
Standard status
Pending
Size
3,552 SF
Total Parking Spaces
3
Lot size
0.17 Acres
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,716
Amenities
patio
garden
in-unit laundry
Building Details
Year Built
1940
Buildings
1
Stories
2
Construction
brick
Listing Agency:
PARK 27
(804) 350-0879
Listed By:
Chris Small · License #0225108723
(804) 350-0879
Source:
Exprealty
Added: Aug 1
Changed: Aug 21
Last Checked: Aug 30 at 10:02PM
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 PARK 27
Investment Insights
Based on property information with market context.
This 1940 brick duplex in Richmond’s Sauer’s Gardens neighborhood features two separately arranged residences. The main-level unit includes 2 bedrooms, 2 full baths, a study, and private laundry. The upper residence offers 2 bedrooms, 1 full bath, a study, and its own laundry; a second bathroom is already roughed-in for conversion. The upper unit is currently operated as a short-term rental with a two-month minimum, while the main level is owner occupied.
A new detached garage provides two full bays and a finished storage level above. The property also includes one additional off-street parking space, a bluestone patio, and landscaped hardscape on a 7,258 sq ft lot. Located at 4207 W Grace St in Richmond’s Near West End, the duplex is positioned within Sauer’s Gardens and near Monument Avenue’s brick-and-boxwood residential setting.
A new detached garage provides two full bays and a finished storage level above. The property also includes one additional off-street parking space, a bluestone patio, and landscaped hardscape on a 7,258 sq ft lot. Located at 4207 W Grace St in Richmond’s Near West End, the duplex is positioned within Sauer’s Gardens and near Monument Avenue’s brick-and-boxwood residential setting.
Key Highlights
- Two separately arranged residences with 2 bedrooms in each unit
- Main‑level unit includes 2 full baths, a study, and private laundry
- Upper unit includes a study, private laundry, and a second bath roughed‑in for conversion
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
$46,868
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
4.73%
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%
$937,360
$937.4K
Cap Rate 7%
$669,543
$669.5K
Cap Rate 9%
$520,756
$520.8K
Market Conditions
NOI Build-Up for 3,552 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
$71.6K $20.16/SF
− Vacancy
−$4.7K −$1.31/SF
EGI
$67.0K $18.85/SF
− OpEx
−$20.1K −$5.65/SF
NOI
$46.9K $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%
$937,360
Cap Rate 7%
$669,543
Cap Rate 9%
$520,756
Alternative Uses
Best Use
Multifamily LT 5
$669.5K
$585.9K – $781.1K
NOI $46,868 @ 7.0% cap · market cap 4.73%
Second Best
Apartment 5plus
$628.6K
$550.1K – $733.4K
NOI $44,004 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$820.6K
$718.1K – $957.4K
NOI $57,444 @ 7.0% cap · market cap 5.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,178
Businesses Nearby
Explore this area
Business Placement
Demographics for 23220, VA
36,942
Population
16,561
Households
2.2
Avg Household Size
27
Median Age
59%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
7,696
Density / Sq Mi
$56,681
Median Household Income
$33,249
Median Earnings
$1,354
Median Rent
$468,900
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 separate residences offer first-floor living, private laundry, studies, and flexible occupancy options.
Where is this duplex located?
The property is located at 4207 W Grace St Richmond, VA.
What is the asking price?
The asking price for this property is $989,900.
What are key features of this property?
This property features: Two separately arranged residences with 2 bedrooms in each unit; Main‑level unit includes 2 full baths, a study, and private laundry; Upper unit includes a study, private laundry, and a second bath roughed‑in for conversion
