Updated Two-Unit
For Sale
$499,999
704 Chimborazo Blvd, Richmond, VA 23223
Separate apartment layouts are complemented by private rear decks, central air, and off-street parking.
Property Size1,992 SF
Price / SF$251
Days on Market14
Property Features for 704 Chimborazo Blvd
General Information
Standard status
Active
Size
1,992 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$4,188
Listing Agency:
Samson Properties
(804) 353-0009
Listed By:
Luke Catron
(804) 339-8603
Source:
Exprealty
Added: Sep 23
Changed: Sep 28
Last Checked: Oct 5 at 7:11PM
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 Samson Properties
Investment Insights
Based on property information with market context.
This 1,992-square-foot duplex contains two updated apartments: an upper-level unit with 2 bedrooms and 1 bath, and a lower-level unit with 1 bedroom and 1 bath. Kitchens and bathrooms were renovated in 2020. Both apartments have central air and private rear decks overlooking a fenced backyard, and replacement windows serve the building. The lower unit also features hardwood floors, a stained-glass transom, detailed trim, a decorative fireplace, and abundant natural light.
Off-street parking is provided. The property is at 704 Chimborazo Blvd in Richmond’s Church Hill neighborhood, with Chimborazo Park a short walk away and neighborhood restaurants and bakeries nearby.
Off-street parking is provided. The property is at 704 Chimborazo Blvd in Richmond’s Church Hill neighborhood, with Chimborazo Park a short walk away and neighborhood restaurants and bakeries nearby.
Key Highlights
- 1,992‑square‑foot duplex with two apartments
- Upper apartment: 2 bedrooms and 1 bath; lower apartment: 1 bedroom and 1 bath
- Kitchens and bathrooms renovated in 2020
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,284
Cap Rate
5.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$525,680
$525.7K
Cap Rate 7%
$375,486
$375.5K
Cap Rate 9%
$292,044
$292.0K
Market Conditions
NOI Build-Up for 1,992 SF
Gross rent
$40.2K $20.16/SF
− Vacancy
−$2.6K −$1.31/SF
EGI
$37.5K $18.85/SF
− OpEx
−$11.3K −$5.65/SF
NOI
$26.3K $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%
$525,680
Cap Rate 7%
$375,486
Cap Rate 9%
$292,044
Alternative Uses
Best Use
Multifamily LT 5
$375.5K
$328.6K – $438.1K
NOI $26,284 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$352.5K
$308.5K – $411.3K
NOI $24,678 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$460.2K
$402.7K – $536.9K
NOI $32,215 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate apartment layouts are complemented by private rear decks, central air, and off-street parking.
Where is this duplex located?
The property is located at 704 Chimborazo Blvd Richmond, VA.
What is the asking price?
The asking price for this property is $499,999.
What are key features of this property?
This property features: 1,992‑square‑foot duplex with two apartments; Upper apartment: 2 bedrooms and 1 bath; lower apartment: 1 bedroom and 1 bath; Kitchens and bathrooms renovated in 2020
