Gated Residential Income
For Sale
$485,000
Pending
6161 River Road, Henrico, VA 23226
Residential, Henrico, VA
Property Size1,799 SF
Lot Size10.12 Acres
Days on Market95
Property Features for 6161 River Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R5
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 2, Dining Room, Bathroom 2, Bedroom 1, Bathroom 3, Bedroom 3, Bathroom 1
Parking features
Driveway, On Street
Patio and Porch features
Porch
Interior features
Bookcases, BuiltInFeatures, BayWindow, SeparateFormalDiningRoom, Fireplace, GraniteCounters, Pantry, RecessedLighting, CableTv
Exterior features
SprinklerIrrigation, Lighting, Porch, PavedDriveway
Fireplace
1
Appliances
Dishwasher, ElectricCooking, Disposal, GasWaterHeater, Microwave, Range, Refrigerator
Lot features
Level
Elementary school
Tuckahoe
Middle school
Tuckahoe
High school
Freeman
Directions
west on river Road left into Chatham Square
Subdivision
22 - Henrico
Standard status
Pending
APN
763-731-0250
Size
1,799 SF
Lot size
10.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
RIVER RD AC 10.12 95A B1 8
Tax Annual Amount
235179
HOA Fee
$1,433 Monthly
Legal Description
RIVER RD AC 10.12 95A B1 8
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
gated community
covered front porch
24-hour gated security
Building Details
Year built
1967
Floors in Building
1
Flooring type
Wood
Building materials
Brick, Plaster
Roof type
Slate
Architectural style
Colonial
Listing Agency:
The Steele Group · Sotheby's International Realty
(804) 282-3136
Listed By:
Debbie Gibbs · License #0225121703
(804) 402-2024
Added: May 20
Changed: Aug 22
Last Checked: Aug 22 at 6:06PM
MLS# 2612397
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 1,799-square-foot second-floor residence offers three bedrooms, 2.1 baths, and a Colonial-style interior built in 1967. The floor plan includes a living room with hardwood flooring, a gas fireplace, picture window, and built-in trim details, along with a formal dining room and a bright sunroom with parquet flooring. The updated kitchen features quartz counters, stainless steel appliances, a pantry, and checkered flooring. Custom built-ins in the third bedroom support den or office use, while the primary suite includes a private bath. Brick and plaster construction, slate roofing, forced-air natural gas heat, central air, public water, and public sewer complete the property profile.
The residence is located within a gated community with 24-hour security. A covered porch, landscaped surroundings, mature trees, paved driveway, and on-street parking provide additional exterior features. The monthly fee covers county taxes, exterior and grounds maintenance, natural gas for heat and hot water, trash and snow removal, and management. The property is near the University of Richmond, CCV, shopping, and the Downtown Expressway.
The residence is located within a gated community with 24-hour security. A covered porch, landscaped surroundings, mature trees, paved driveway, and on-street parking provide additional exterior features. The monthly fee covers county taxes, exterior and grounds maintenance, natural gas for heat and hot water, trash and snow removal, and management. The property is near the University of Richmond, CCV, shopping, and the Downtown Expressway.
Key Highlights
- 1,799 SF second‑floor residence with 3 bedrooms and 2.1 baths
- Updated kitchen with quartz counters, stainless steel appliances, pantry, and tile backsplash
- Sunroom with parquet flooring and three walls of windows
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
$17,396
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
3.59%
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%
$347,920
$347.9K
Cap Rate 7%
$248,514
$248.5K
Cap Rate 9%
$193,289
$193.3K
Market Conditions
NOI Build-Up for 1,799 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
$34.8K $19.32/SF
− Vacancy
−$3.1K −$1.74/SF
EGI
$31.6K $17.58/SF
− OpEx
−$14.2K −$7.91/SF
NOI
$17.4K $9.67/SF
Area
Richmond City County, VA
Vacancy
9.00%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
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%
$347,920
Cap Rate 7%
$248,514
Cap Rate 9%
$193,289
Alternative Uses
Best Use
Apartment 5plus
$248.5K
$217.5K – $289.9K
NOI $17,396 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$312.3K
$273.2K – $364.3K
NOI $21,858 @ 7.0% cap · market cap 4.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
277
Businesses Nearby
Explore this area
Business Placement
Demographics for 23226, VA
16,955
Population
7,827
Households
2.2
Avg Household Size
38
Median Age
75%
College-Educated
95%
High-School Grad
5.6 sq mi
ZIP Area
3,028
Density / Sq Mi
$126,554
Median Household Income
$70,786
Median Earnings
$1,725
Median Rent
$496,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor residence with an updated kitchen, sunroom, fireplace, and 24-hour gated community access.
Where is this residential income property located?
The property is located at 6161 River Road Henrico, VA.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: 1,799 SF second‑floor residence with 3 bedrooms and 2.1 baths; Updated kitchen with quartz counters, stainless steel appliances, pantry, and tile backsplash; Sunroom with parquet flooring and three walls of windows
