Brick Duplex with Two
New
For Sale
$695,000
4303 Park Ave, Richmond, VA 23221
Two-bedroom units feature separate utilities, distinct living areas, and additional porch or sunroom space.
Property Size2,411 SF
Price / SF$288.26
Days on Market2
Property Features for 4303 Park Ave
General Information
Standard status
Active
Size
2,411 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1941
Listing Agency:
Real Broker LLC
Listed By:
The Elliott Real Estate Team · License #1999023818
(804) 404-5566
Source:
Elliottreteam
Added: Sep 13
Changed: Sep 14
Last Checked: Sep 14 at 8:02AM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
This two-unit residential income property is a brick-and-slate duplex built in 1941. The building contains 2,411 square feet, with each residence offering two bedrooms, a full bathroom, living and dining areas, and a kitchen. The lower residence also includes an office and sunroom, while the upper residence provides a screened side porch and covered rear porch.
Located at 4303 Park Ave in Richmond, VA 23221, the property has separate utilities with payments handled by the tenants. The two-level configuration provides distinct living spaces within a single duplex structure, with additional interior and exterior areas that distinguish the individual units.
Located at 4303 Park Ave in Richmond, VA 23221, the property has separate utilities with payments handled by the tenants. The two-level configuration provides distinct living spaces within a single duplex structure, with additional interior and exterior areas that distinguish the individual units.
Key Highlights
- 2,411‑square‑foot duplex built in 1941
- Two residential units, each with 2 bedrooms and 1 full bathroom
- Separate utilities paid by the tenants
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
$31,812
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
4.58%
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%
$636,240
$636.2K
Cap Rate 7%
$454,457
$454.5K
Cap Rate 9%
$353,467
$353.5K
Market Conditions
NOI Build-Up for 2,411 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
$48.6K $20.16/SF
− Vacancy
−$3.2K −$1.31/SF
EGI
$45.4K $18.85/SF
− OpEx
−$13.6K −$5.65/SF
NOI
$31.8K $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%
$636,240
Cap Rate 7%
$454,457
Cap Rate 9%
$353,467
Alternative Uses
Best Use
Multifamily LT 5
$454.5K
$397.7K – $530.2K
NOI $31,812 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$426.7K
$373.4K – $497.8K
NOI $29,869 @ 7.0% cap · market cap 4.30%
Theoretical Best
Office A
$557.0K
$487.4K – $649.9K
NOI $38,992 @ 7.0% cap · market cap 5.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
510
Businesses Nearby
Explore this area
Business Placement
Demographics for 23221, VA
14,841
Population
7,776
Households
1.9
Avg Household Size
35
Median Age
76%
College-Educated
98%
High-School Grad
3.3 sq mi
ZIP Area
4,497
Density / Sq Mi
$97,006
Median Household Income
$61,616
Median Earnings
$1,480
Median Rent
$544,400
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?
Duplex - Two-bedroom units feature separate utilities, distinct living areas, and additional porch or sunroom space.
Where is this duplex located?
The property is located at 4303 Park Ave Richmond, VA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 2,411‑square‑foot duplex built in 1941; Two residential units, each with 2 bedrooms and 1 full bathroom; Separate utilities paid by the tenants
