Two-Unit
New
For Sale
$460,000
714 Chimborazo Blvd, Richmond, VA 23223
Upper and lower residences provide separate entrances within one duplex property.
Property Size2,276 SF
Price / SF$202.11
Days on Market2
Property Features for 714 Chimborazo Blvd
General Information
Standard status
Active
Size
2,276 SF
Property subtype
Multi-Family
Building Details
Year Built
1920
Listing Agency:
Lake Anna Island Realty
(540) 894-4400
Listed By:
The Elliott Real Estate Team
(804) 404-5566
Source:
Elliottreteam
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:16AM
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
Investment Insights
Based on property information with market context.
This two-unit duplex contains an upper residence and a lower residence, each accessed through its own entrance. The property includes 2,276 square feet and was built in 1920. Both residences are described as bright and equipped with appliances and other features for everyday living.
Located at 714 Chimborazo Blvd in Richmond, Virginia, the property can accommodate an owner-occupant arrangement or continued use as a two-unit residential property.
Located at 714 Chimborazo Blvd in Richmond, Virginia, the property can accommodate an owner-occupant arrangement or continued use as a two-unit residential property.
Key Highlights
- Two‑unit duplex with upper and lower residences
- Separate entrance for each unit
- 2,276 square feet of total property size
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
$30,031
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
6.53%
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%
$600,620
$600.6K
Cap Rate 7%
$429,014
$429.0K
Cap Rate 9%
$333,678
$333.7K
Market Conditions
NOI Build-Up for 2,276 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
$45.9K $20.16/SF
− Vacancy
−$3.0K −$1.31/SF
EGI
$42.9K $18.85/SF
− OpEx
−$12.9K −$5.65/SF
NOI
$30.0K $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 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%
$600,620
Cap Rate 7%
$429,014
Cap Rate 9%
$333,678
Alternative Uses
Best Use
Multifamily LT 5
$429.0K
$375.4K – $500.5K
NOI $30,031 @ 7.0% cap · market cap 6.53%
Second Best
Apartment 5plus
$402.8K
$352.5K – $469.9K
NOI $28,196 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$525.8K
$460.1K – $613.5K
NOI $36,808 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
417
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Upper and lower residences provide separate entrances within one duplex property.
Where is this duplex located?
The property is located at 714 Chimborazo Blvd Richmond, VA.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Two‑unit duplex with upper and lower residences; Separate entrance for each unit; 2,276 square feet of total property size
