First-Floor Residential Income
For Sale
$525,000
6161 River Road, Henrico, VA 23226
Residential, Henrico, VA
Property Size1,826 SF
Lot Size10.12 Acres
Price / SF$287.51
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
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bathroom 1, Basement, Bedroom 1, Dining Room, Bedroom 3, Laundry Room, Laundry Room
Parking features
On Street
Patio and Porch features
Patio, Porch
Interior features
Bookcases, BuiltInFeatures, BedroomOnMainLevel, EnSuiteBathroom, FullBathOnMainLevel, Fireplace, GraniteCounters, MainLevelPrimary, Pantry, RecessedLighting
Fireplace
1
Appliances
WasherDryerStacked, Dishwasher, Disposal, IceMaker, Microwave, Refrigerator, SmoothCooktop, Stove
Elementary school
Tuckahoe
Middle school
Tuckahoe
High school
Freeman
Directions
From River Road shopping Center, east on River Road and entrance to Chatham Square is on the right
Subdivision
22 - Henrico
Standard status
Active
APN
763-731-0250
Size
1,826 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
$1,611 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
Building Details
Year built
1967
Floors in Building
1
Flooring type
Tile, Wood
Building materials
Brick, Clapboard, WoodSiding
Roof type
Concrete
Architectural style
Colonial
Listing Agency:
The Steele Group · Sotheby's International Realty
(804) 282-3136
Listed By:
Betsy Dotterer · License #0225075877
(804) 839-5907
Added: Jun 17
Changed: Sep 15
Last Checked: Sep 19 at 3:06AM
MLS# 2615543
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 first-floor residential income property at 6161 River Road includes 1,826 square feet with three bedrooms, two baths, and a private rear terrace. The interior combines hardwood and tile flooring with a gas fireplace, built-in cabinetry, an eat-in kitchen, granite counters, stainless appliances, and a dining room with serving bar. A sun room overlooks the rear yard, while the primary suite includes a double-door closet and en-suite bath with shower. Additional features include newer sun room windows, plantation shutters, renovated baths, and a dedicated laundry closet.
The property is served by public water and public sewer, with forced-air natural-gas heat, central air, and on-street parking. River Road Shopping Center and Gambles Mill Trail at the University of Richmond are nearby. The building was constructed in 1967 and features Colonial architecture with brick, clapboard, and wood siding elements.
The property is served by public water and public sewer, with forced-air natural-gas heat, central air, and on-street parking. River Road Shopping Center and Gambles Mill Trail at the University of Richmond are nearby. The building was constructed in 1967 and features Colonial architecture with brick, clapboard, and wood siding elements.
Key Highlights
- 1,826‑square‑foot first‑floor residence with three bedrooms and two baths
- Private rear terrace plus a sun room with views of the rear yard
- Gas fireplace, hardwood floors, plantation shutters, and built‑in cabinetry
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
$17,657
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
3.36%
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%
$353,140
$353.1K
Cap Rate 7%
$252,243
$252.2K
Cap Rate 9%
$196,189
$196.2K
Market Conditions
NOI Build-Up for 1,826 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
$35.3K $19.32/SF
− Vacancy
−$3.2K −$1.74/SF
EGI
$32.1K $17.58/SF
− OpEx
−$14.4K −$7.91/SF
NOI
$17.7K $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%
$353,140
Cap Rate 7%
$252,243
Cap Rate 9%
$196,189
Alternative Uses
Best Use
Apartment 5plus
$252.2K
$220.7K – $294.3K
NOI $17,657 @ 7.0% cap · market cap 3.36%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$316.9K
$277.3K – $369.8K
NOI $22,186 @ 7.0% cap · market cap 4.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated first-floor residence with a private rear terrace, sun room, fireplace, and dedicated laundry closet.
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 $525,000.
What are key features of this property?
This property features: 1,826‑square‑foot first‑floor residence with three bedrooms and two baths; Private rear terrace plus a sun room with views of the rear yard; Gas fireplace, hardwood floors, plantation shutters, and built‑in cabinetry
