Two-Unit Duplex with Off-Street
New
For Sale
$399,950
8 S Robinson St, Richmond, VA 23220
Two separately metered units offer open living areas, gas service, central air, and off-street parking.
Property Size1,789 SF
Price / SF$223.56
Days on Market1
Property Features for 8 S Robinson St
General Information
Standard status
Active
Size
1,789 SF
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1920
Listing Agency:
Keller Williams Realty
Listed By:
Michael Ryan · License #0225045605
(804) 282-5901
Source:
Onedreamrealty
Added: Sep 19
Last Checked: Sep 19 at 9:58AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This two-unit duplex was built in 1920 and includes two-bedroom, one-bath layouts. Each residence features an open connection between the living room and kitchen, along with gas cooking, gas heat, and central air conditioning. Off-street parking is also provided.
The property is located in Richmond’s Fan District at 8 S Robinson St. Electric and gas service are separately metered for the units. Water and sewer are paid by the owner or billed to tenants, according to the operating arrangement.
The property is located in Richmond’s Fan District at 8 S Robinson St. Electric and gas service are separately metered for the units. Water and sewer are paid by the owner or billed to tenants, according to the operating arrangement.
Key Highlights
- Two‑unit duplex with two bedrooms and one bath per unit
- Open living room and kitchen layouts
- Gas cooking and heating with central air
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
$23,605
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
5.90%
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%
$472,100
$472.1K
Cap Rate 7%
$337,214
$337.2K
Cap Rate 9%
$262,278
$262.3K
Market Conditions
NOI Build-Up for 1,789 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
$36.1K $20.16/SF
− Vacancy
−$2.3K −$1.31/SF
EGI
$33.7K $18.85/SF
− OpEx
−$10.1K −$5.65/SF
NOI
$23.6K $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%
$472,100
Cap Rate 7%
$337,214
Cap Rate 9%
$262,278
Alternative Uses
Best Use
Multifamily LT 5
$337.2K
$295.1K – $393.4K
NOI $23,605 @ 7.0% cap · market cap 5.90%
Second Best
Apartment 5plus
$316.6K
$277.0K – $369.4K
NOI $22,163 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$413.3K
$361.7K – $482.2K
NOI $28,932 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,901
Businesses Nearby
Explore this area
Business Placement
Demographics for 23220, VA
36,942
Population
16,561
Households
2.2
Avg Household Size
27
Median Age
59%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
7,696
Density / Sq Mi
$56,681
Median Household Income
$33,249
Median Earnings
$1,354
Median Rent
$468,900
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 - Two separately metered units offer open living areas, gas service, central air, and off-street parking.
Where is this duplex located?
The property is located at 8 S Robinson St Richmond, VA.
What is the asking price?
The asking price for this property is $399,950.
What are key features of this property?
This property features: Two‑unit duplex with two bedrooms and one bath per unit; Open living room and kitchen layouts; Gas cooking and heating with central air
