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    Richmond Multifamily Investment Opportunity
    Updated: May 24
    Richmond Multifamily Investment Opportunity

    2115 Phaup Street, Richmond, VA 23223

    $989,000
    6,448 sqft 0.27 AC lot
    9‑unit two‑story brick multifamily building on a 0.27‑acre parcel
    Unit mix: nine 2‑bedroom/1‑bath apartments, each about 700 SF; total building size about 6,448 SF
    Average rent reported at $1,200 per unit; tenant‑occupied with a strong rent roll
    Cap rate reported as approximately 8.5% (appraisal‑supported) and close to a 9.5% cap rate (seller‑provided operating figures)
    Recent updates noted: newer roof and newer exterior access; fenced property with a courtyard‑style exterior
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    This listing looks promising.

    Here's a quick look at some key insights for

    2115 Phaup Street, Richmond, VA 23223

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    • Est. Cap Rate

      8.1%
      Above avg (5.9%)

    • Est. NOI

      $80K
      Annual

    • Mortgage

      $749K
      Apr 2026

    • Last Sold

      Mar 2024
      $810K

    • Property Type

      Apartment House
      Built 1950
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    Six-Unit Multi-Family with Updates
    Updated: Jul 9
    Six-Unit Multi-Family with Updates

    2677-& 2689 Old Richmond Road, Danville, VA 24540

    $599,900
    5,312 sqft 0.95 AC lot
    Two adjacent multifamily properties: 2677 & 2689 Old Richmond Rd, totaling 6 units
    2677 Old Richmond Rd features 2 units: 2BR/2BA and 2BR/1BA
    2689 Old Richmond Rd features 4 units: three 2BR/1.5BA and one 2BR/1BA
    Recent updates: new roof, updated windows, and new HVAC systems within the last 5 years
    Utilities: units share one water meter; landlord pays water, trash, and lawn care; tenants pay electric
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    Brick Multifamily Apartment Building
    Brick Multifamily Apartment Building

    600 & 620 NORWOOD ST, Harrisonburg, VA 22801

    $1,574,800
    8,256 sqft 0.42 AC lot

    Two brick apartment buildings totaling 15 one-bedroom units, fully leased, with an upcoming new roof for one address.

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    Brick Quadplex Apartment Community
    Brick Quadplex Apartment Community

    193-221 Cedar Cove Lane, Spout Spring, VA 24593

    $1,200,000
    13,200 sqft 2.00 AC lot

    Twelve-unit multifamily community with private entrances, all-electric heating and air, and separately metered electricity.

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    Turn a Listing Into an Investment Snapshot Cap Rate, Potential NOI, Demand score for every listing. Go To Analytics Center
    Historic Apartment Building with Coin Laundry
    Historic Apartment Building with Coin Laundry

    508 Logan Street, South Boston, VA 24592

    $775,000
    9,056 sqft 0.77 AC lot

    Historic apartment building zoned B2 with coin laundry, heat pump heating, and public water and sewer service.

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    Six-Unit Townhome Investment Property
    Six-Unit Townhome Investment Property

    1206 MASSANUTTEN Avenue, Front Royal, VA 22630

    $990,000
    4,896 sqft 0.45 AC lot

    Six 2-bedroom, 1-bath townhomes with front-door parking set on shared parcels in Front Royal, VA.

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    Two-Home Residential Income Property
    Two-Home Residential Income Property

    148/158 Vaughns Mill Rd, Indian Valley, VA 24105

    $699,900
    5,327 sqft 5.00 AC lot

    Two updated homes on 5 acres, each with heat pumps, including screened and fenced outdoor space.

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    Multifamily Property with Additional Land
    Multifamily Property with Additional Land

    2978 Valley Ave, Winchester, VA 22601

    $650,000
    2,358 sqft 1.15 AC lot

    Site includes five rental units plus an adjacent 0.429-acre parcel with public water and sewer access.

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    Mixed-Use Building with Elevator Access
    Mixed-Use Building with Elevator Access

    126 W BEVERLEY ST, Staunton, VA 24401

    $995,000
    7,875 sqft 0.08 AC lot

    Updated mixed-use property features a fully leased retail store and four residential apartments with elevator service to every floor.

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    Quadplex with In-Unit Washer and Dryer
    Quadplex with In-Unit Washer and Dryer

    840 W Ocean View Avenue, Norfolk, VA 23503

    $1,850,000
    4,020 sqft

    Four-unit quadplex zoned R-12 with each unit featuring its own washer and dryer.

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    Triplex With Three-Bay Garage
    Triplex With Three-Bay Garage

    108 HOMESTEAD LANE, Maurertown, VA 22644

    $899,900
    6,042 sqft

    Triplex combines a four-bedroom home with two rented upstairs apartments plus a three-bay garage with space for up to six vehicles.

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    Rambler Triplex with Accessible Ramp
    Rambler Triplex with Accessible Ramp

    20530 BICKERS Lane, Orange, VA 22960

    $650,000
    2,430 sqft 2.77 AC lot

    Well-maintained three-unit rambler with two 2-bedroom units, one 3-bedroom unit, wheelchair-accessible ramp, and fenced backyard.

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    Residential Income Triplex with Garage
    Residential Income Triplex with Garage

    108 HOMESTEAD Lane, Maurertown, VA 22644

    $899,900
    6,042 sqft 1.93 AC lot

    A remodeled main home plus two rented apartments above a three-bay garage, set on nearly two private acres.

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    Assisted Living Conversion Property
    Assisted Living Conversion Property

    8 RAINBOW LN, Waynesboro, VA 22980

    $749,000
    8,556 sqft 4.48 AC lot

    Former assisted living facility with four buildings and 14 residential units, on 4.48 acres in Augusta County.

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    Fully Occupied Triplex with Mini-Splits
    Fully Occupied Triplex with Mini-Splits

    1341 MT CLINTON PIKE, Harrisonburg, VA 22801

    $519,000
    4,048 sqft 0.42 AC lot

    Fully occupied triplex featuring three rental units and energy-efficient mini-split heating and cooling.

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    Contemporary Duplex With Two Residences
    Contemporary Duplex With Two Residences

    206 W 14th Street, Richmond, VA 23224

    $720,000
    2,996 sqft 0.08 AC lot

    Duplex offering two contemporary residences with open-concept living spaces and abundant natural light.

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    Turnkey Duplex Investment Property
    Turnkey Duplex Investment Property

    2618-2638 Sunnymeade Road, Unit A&B, Rustburg, VA 24588

    $979,900
    5,300 sqft

    Two side-by-side duplexes offer four 3-bedroom, 2.5-bath units with open-concept living, in-unit laundry, and private back decks.

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    Multi-Family Income Property
    Multi-Family Income Property

    108 Kitten Lane, Rural Retreat, VA 24368

    $650,000
    10,000 sqft 3.68 AC lot

    Multi-family property with two duplexes and three mobile homes, plus tenant-owned mobile homes generating lot rent.

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    Mixed-Use Restaurant and Apartments
    Mixed-Use Restaurant and Apartments

    9108 Center St, Manassas, VA 20110

    $4,000,000
    11,108 sqft

    Corner property includes a built-out ground-floor restaurant, three upstairs apartments, and additional storage space.

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    Lynchburg Multifamily Investment Opportunity
    Lynchburg Multifamily Investment Opportunity

    1664 Graves Mill Road, Lynchburg, VA 24502

    $899,000
    6,792 sqft 0.70 AC lot

    Income-producing 8-plex near restaurants, businesses, and local colleges.

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    Three-Unit Residential Income Property
    Three-Unit Residential Income Property

    3812 13th Street North, Arlington, VA 22201

    $2,090,000
    3,072 sqft 0.25 AC lot

    Three-unit rental with 2021 renovations, multiple bedroom configurations, and substantial off-street parking on a large lot.

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    Side-by-Side Duplex with Private Entrances
    Side-by-Side Duplex with Private Entrances

    2218 WAYNE AVE, Charlottesville, VA 22901

    $550,000
    1,544 sqft 0.37 AC lot

    Side-by-side duplex with two private entrances per unit, off-street parking, and two bedrooms and one full bath each.

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    Historic Petersburg Apartment Building For Sale
    Historic Petersburg Apartment Building For Sale

    23 W Old St, Petersburg, VA 23803

    $1,100,000
    11,000 sqft

    Five-unit apartment building with historic charm and modern upgrades.

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    Triplex with Three Detached Homes
    Triplex with Three Detached Homes

    437, 441, 445 STEPHENSON RD, Stephenson, VA 22656

    $550,000
    1,221 sqft 0.69 AC lot

    Three detached homes on one parcel with central air heat pumps, newer roofs, and driveway parking.

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    Virginia Multifamily Properties Market Trends and Statistics

    Explore 569 multifamily properties for sale in Virginia, showcased through 569 active listings on our real estate platform. These investment opportunities span a total of 3,859,121 square feet of properties for sale, with an estimated market value of $336,857,859.

    Sale prices for multifamily properties in Virginia start at $34,900, averaging $751,914, and reaching up to $9,950,000 — offering options for a variety of budgets and business needs. Daily updated analytics ensure you stay ahead with the latest data and market trends.

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