Renovated
For Sale
$589,900
4915 Chamberlayne Ave, Richmond, VA 23227
Four-unit multifamily property with three leased units and one month-to-month tenancy.
Property Size3,540 SF
Price / SF$166.64
Days on Market37
Property Features for 4915 Chamberlayne Ave
General Information
Standard status
Active
Size
3,540 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,504
Building Details
Year Renovated
2020
Listing Agency:
EXP Realty, LLC
(303) 502-6658
Listed By:
Nico Ericksen-Deriso · License #0225261653
(303) 502-6658
Source:
Exprealty
Added: Jul 6
Changed: Aug 11
Last Checked: Aug 11 at 9:46AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This 3,540-square-foot quadplex received a full gut renovation in 2020. The property includes four residential units, with three currently occupied under long-term leases and the remaining unit leased month to month.
A property manager is already in place and willing to continue managing the asset. Located in Richmond, Virginia, the configuration combines established tenancy with one unit offering a shorter lease arrangement.
A property manager is already in place and willing to continue managing the asset. Located in Richmond, Virginia, the configuration combines established tenancy with one unit offering a shorter lease arrangement.
Key Highlights
- 3,540‑square‑foot quadplex with four residential units
- Full gut renovation completed in 2020
- Three units occupied under long‑term leases
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
$46,709
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
7.92%
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%
$934,180
$934.2K
Cap Rate 7%
$667,271
$667.3K
Cap Rate 9%
$518,989
$519.0K
Market Conditions
NOI Build-Up for 3,540 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
$71.4K $20.16/SF
− Vacancy
−$4.6K −$1.31/SF
EGI
$66.7K $18.85/SF
− OpEx
−$20.0K −$5.65/SF
NOI
$46.7K $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%
$934,180
Cap Rate 7%
$667,271
Cap Rate 9%
$518,989
Alternative Uses
Best Use
Multifamily LT 5
$667.3K
$583.9K – $778.5K
NOI $46,709 @ 7.0% cap · market cap 7.92%
Second Best
Apartment 5plus
$626.5K
$548.2K – $730.9K
NOI $43,855 @ 7.0% cap · market cap 7.43%
Theoretical Best
Office A
$817.9K
$715.6K – $954.2K
NOI $57,250 @ 7.0% cap · market cap 9.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
378
Businesses Nearby
Explore this area
Business Placement
Demographics for 23227, VA
25,283
Population
13,351
Households
1.9
Avg Household Size
45
Median Age
47%
College-Educated
93%
High-School Grad
11.5 sq mi
ZIP Area
2,199
Density / Sq Mi
$70,537
Median Household Income
$45,315
Median Earnings
$1,306
Median Rent
$329,700
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?
Quadplex - Four-unit multifamily property with three leased units and one month-to-month tenancy.
Where is this quadplex located?
The property is located at 4915 Chamberlayne Ave Richmond, VA.
What is the asking price?
The asking price for this property is $589,900.
What are key features of this property?
This property features: 3,540‑square‑foot quadplex with four residential units; Full gut renovation completed in 2020; Three units occupied under long‑term leases
