Triplex with In-Unit
New
For Sale
$749,999
620 Chimborazo Blvd, Richmond, VA 23223
Three apartments offer a one-, two-, and three-bedroom mix, with separate heat-pump HVAC systems.
Property Size3,546 SF
Price / SF$211.51
Days on Market3
Property Features for 620 Chimborazo Blvd
General Information
Standard status
Active
Size
3,546 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Chbz
Units
Unit Mix
1 x 1BR, 1 x 2BR, 1 x 3BR
Multifamily Units
3
Additional Details
Gross Income
$57,900
Tenant in Place
Yes
Amenities
covered porches and balconies
in-unit laundry
heat-pump HVAC system
Building Details
Year Built
1915
Tenancy
Multi
Listing Agency:
Lake Anna Island Realty
(540) 894-4400
Listed By:
The Elliott Real Estate Team
(804) 404-5566
Source:
Elliottreteam
Added: Oct 24
Changed: Oct 25
Last Checked: Oct 25 at 2:47AM
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 Lake Anna Island Realty
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Investment Insights
Based on property information with market context.
At 620 Chimborazo Blvd, this 1915 triplex contains three updated apartments: one with a bedroom, one with two bedrooms, and one with three. Each unit has an updated kitchen and bath, in-unit laundry, and its own heat-pump HVAC system. Covered porches and balconies add outdoor space to the building.
The two- and three-bedroom apartments are leased; the one-bedroom unit is month-to-month. Chimborazo Park, neighborhood restaurants, bakeries, and other local parks are nearby.
The two- and three-bedroom apartments are leased; the one-bedroom unit is month-to-month. Chimborazo Park, neighborhood restaurants, bakeries, and other local parks are nearby.
Key Highlights
- Three apartments with one-, two-, and three‑bedroom layouts
- Separate heat‑pump HVAC system in each apartment
- In‑unit laundry in all three apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,788
Cap Rate
6.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$935,760
$935.8K
Cap Rate 7%
$668,400
$668.4K
Cap Rate 9%
$519,867
$519.9K
Market Conditions
NOI Build-Up for 3,546 SF
Gross rent
$71.5K $20.16/SF
− Vacancy
−$4.6K −$1.31/SF
EGI
$66.8K $18.85/SF
− OpEx
−$20.1K −$5.65/SF
NOI
$46.8K $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%
$935,760
Cap Rate 7%
$668,400
Cap Rate 9%
$519,867
Alternative Uses
Best Use
Multifamily LT 5
$668.4K
$584.9K – $779.8K
NOI $46,788 @ 7.0% cap · market cap 6.24%
Second Best
Apartment 5plus
$627.6K
$549.1K – $732.2K
NOI $43,929 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$819.2K
$716.8K – $955.8K
NOI $57,347 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
545
Businesses Nearby
Explore this area
Business Placement
Demographics for 23223, VA
51,960
Population
27,141
Households
1.9
Avg Household Size
35
Median Age
32%
College-Educated
90%
High-School Grad
16.7 sq mi
ZIP Area
3,111
Density / Sq Mi
$56,518
Median Household Income
$39,828
Median Earnings
$1,224
Median Rent
$236,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three apartments offer a one-, two-, and three-bedroom mix, with separate heat-pump HVAC systems.
Where is this triplex located?
The property is located at 620 Chimborazo Blvd Richmond, VA.
What is the asking price?
The asking price for this property is $749,999.
What are key features of this property?
This property features: Three apartments with one-, two-, and three‑bedroom layouts; Separate heat‑pump HVAC system in each apartment; In‑unit laundry in all three apartments
