Brick Colonial Duplex with
For Sale
$989,900
4207 W Grace Street, Richmond, VA 23230
MULTI_FAMILY - Colonial - Richmond, VA
Property Size3,552 SF
Lot Size0.17 Acres
Price / SF$278.69
Days on Market9
Property Features for 4207 W Grace Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-5
Parking features
Covered, Garage, Off Street
Window features
Screens
Patio and Porch features
Porch
Interior features
BedroomOnMainLevel
Exterior features
OutBuildings
Appliances
ElectricWaterHeater, GasWaterHeater
Subdivision
Monument Avenue Gardens
Lot features
Level
Elementary school
Munford
Middle school
Albert Hill
High school
Thomas Jefferson
Directions
Monument Avenue West to Antrim Avenue, then right on West Grace Street. House is on the left.
Standard status
Active
APN
W000-1919-004
Size
3,552 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
C F SAUERS L13-14 BE 0056.00X0129.60 0000.000
Tax Annual Amount
7716
Legal Description
C F SAUERS L13-14 BE 0056.00X0129.60 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
in-unit laundry
patio
garden
Building Details
Year built
1940
Floors in Building
2
Number of units
2
Building materials
Brick, Plaster
Roof type
Slate
Architectural style
Colonial
Additional Structures
Outbuilding
Listing Agency:
PARK 27
(804) 353-1250
Listed By:
Chris Small · License #0225108723
(804) 350-0879
Added: Aug 1
Changed: Aug 9
Last Checked: Aug 9 at 11:06PM
MLS# 2620887
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 1940 brick Colonial duplex includes two separately configured residences. The main-level unit has two bedrooms, two full bathrooms, a study, and dedicated laundry. The upper unit offers two bedrooms, one full bathroom, a study, and its own laundry, with a second bath roughed-in for future conversion. The current owner occupies the lower residence, while the upper unit is operated as a short-term rental with a stated minimum stay of two months.
Exterior improvements include a newly built detached garage with two full bays and a finished storage level above, plus an additional off-street parking space. A bluestone patio and landscaped hardscape provide a finished outdoor setting. The property has brick and plaster construction, a slate roof, public water, and public sewer, and is located at 4207 W Grace Street in Richmond’s Sauer’s Gardens neighborhood.
Exterior improvements include a newly built detached garage with two full bays and a finished storage level above, plus an additional off-street parking space. A bluestone patio and landscaped hardscape provide a finished outdoor setting. The property has brick and plaster construction, a slate roof, public water, and public sewer, and is located at 4207 W Grace Street in Richmond’s Sauer’s Gardens neighborhood.
Key Highlights
- Duplex with two independent residences and separate laundry for each unit
- Main level includes 2 bedrooms, 2 full baths, a study, and first‑floor living
- Upper unit has 2 bedrooms, 1 full bath, a study, and a roughed‑in second bath
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 23230, VA
8,263
Population
5,066
Households
1.6
Avg Household Size
35
Median Age
52%
College-Educated
89%
High-School Grad
4.3 sq mi
ZIP Area
1,922
Density / Sq Mi
$71,189
Median Household Income
$55,121
Median Earnings
$1,608
Median Rent
$343,500
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?
Duplex - Two independent residences offer first-floor living, separate laundry, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 4207 W Grace Street 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: Duplex with two independent residences and separate laundry for each unit; Main level includes 2 bedrooms, 2 full baths, a study, and first‑floor living; Upper unit has 2 bedrooms, 1 full bath, a study, and a roughed‑in second bath
