Building Details

Buildings 1

Construction Tudor Revival

Listing Agency: Joyner Fine Properties i***@joynerfineproperties.com Show Phone

Listed By: Jim Dunn · License #0225003317 Show Phone

Source: Exprealty

Added: Oct 2 Changed: Oct 12 Last Checked: Oct 16 at 11:23AM

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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 Joyner Fine Properties

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Investment Insights

Based on property information with market context.

This four-unit quadplex contains four separate two-bedroom, one-bathroom apartments. Each unit has hardwood flooring, appliances, a washer and dryer, and designated porch space. Central air conditioning is installed in three of the four units. The building totals 3,375 square feet.

The property is on a quiet side street in Richmond’s Museum District, an area described as pedestrian-friendly. Tenants pay their own utilities.

Key Highlights

• Four apartments, each with 2 bedrooms and 1 bathroom
• 3,375‑square‑foot building
• Hardwood floors, appliances, washer and dryer in each unit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$44,532

Cap Rate

4.98%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$890,640 $890.6K

Cap Rate 7%

$636,171 $636.2K

Cap Rate 9%

$494,800 $494.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,375 SF

Gross rent

$68.0K $20.16/SF

− Vacancy

−$4.4K −$1.31/SF

EGI

$63.6K $18.85/SF

− OpEx

−$19.1K −$5.65/SF

NOI

$44.5K $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 Rate 5%

$890,640

Cap Rate 7%

$636,171

Cap Rate 9%

$494,800

Alternative Uses

Best Use

Multifamily LT 5

$636.2K

$556.7K – $742.2K (±1% cap)

NOI $44,532 @ 7.0% cap · market cap 4.98%

Second Best

Apartment 5plus

$597.3K

$522.6K – $696.9K (±1% cap)

NOI $41,811 @ 7.0% cap · market cap 4.67%

Theoretical Best

Office A

$779.7K

$682.3K – $909.7K (±1% cap)

NOI $54,582 @ 7.0% cap · market cap 6.10%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Daycare Center (Bike/Boat/Book/etc) Store Catering Service Mobile Phone Store Locksmith Travel Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

Location Intelligence

Trade Area within ½ mile

2,065

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

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Quadplex - Four separate two-bedroom apartments feature hardwood floors, appliances, laundry equipment, and individual porch areas.

Where is this quadplex located?

The property is located at 609 Tilden St Richmond, VA.

What is the asking price?

The asking price for this property is $895,000.

What are key features of this property?

This property features: Four apartments, each with 2 bedrooms and 1 bathroom; 3,375‑square‑foot building; Hardwood floors, appliances, washer and dryer in each unit