Colonial Quadplex with
For Sale
$589,900
Pending
4915 Chamberlayne Avenue, Richmond, VA 23227
MULTI_FAMILY - Colonial - Richmond, VA
Property Size3,540 SF
Lot Size0.17 Acres
Days on Market50
Property Features for 4915 Chamberlayne Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R-48
Parking features
Off Street
Patio and Porch features
Deck
Fencing
Fenced
Appliances
ElectricWaterHeater
Subdivision
North Ginter Park
Lot features
Level
Elementary school
Frances W. McClenney
Middle school
Henderson
High school
John Marshall
Directions
On Chamberlayne
Standard status
Pending
APN
N017-0191-002
Size
3,540 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PAR A 0068.27X0110.43 0000.000
Tax Annual Amount
3504
Legal Description
PAR A 0068.27X0110.43 0000.000
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1946
Floors in Building
2
Number of units
4
Building materials
Brick, Drywall
Roof type
Asphalt, Shingle
Architectural style
Colonial
Listing Agency:
EXP Realty, LLC
(804) 729-5188
Listed By:
Nico Ericksen-Deriso · License #0225261653
(303) 502-6658
Added: Jul 5
Changed: Aug 18
Last Checked: Aug 23 at 1:06PM
MLS# 2618150
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 Colonial quadplex includes four units in a single residential building. The property underwent a full gut renovation in 2020. Three units are occupied by tenants on long-term leases, and the 4th unit is month-to-month.
Additional on-site improvements and site features include a deck and fenced yard, with off-street parking available. The home is built with brick and drywall construction, and it has an asphalt shingle roof. Utilities are provided via public water and public sewer, and the property includes an electric water heater.
With three long-term leases in place and one unit on a month-to-month basis, the building offers an operating mix designed to support both stability and flexibility for an incoming owner.
Additional on-site improvements and site features include a deck and fenced yard, with off-street parking available. The home is built with brick and drywall construction, and it has an asphalt shingle roof. Utilities are provided via public water and public sewer, and the property includes an electric water heater.
With three long-term leases in place and one unit on a month-to-month basis, the building offers an operating mix designed to support both stability and flexibility for an incoming owner.
Key Highlights
- Full gut renovation completed in 2020
- Four‑unit Colonial quadplex with three long‑term leases and one month‑to‑month unit
- 0.1731‑acre lot with fenced yard and deck
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 quadplex with Colonial architecture, a deck, fenced yard, and public water and sewer service.
Where is this quadplex located?
The property is located at 4915 Chamberlayne Avenue 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: Full gut renovation completed in 2020; Four‑unit Colonial quadplex with three long‑term leases and one month‑to‑month unit; 0.1731‑acre lot with fenced yard and deck
