18 W Franklin St 5 Unit Apartment Building $1,295,950 ($259,190/Unit) Richmond, VA 23220

18 W Franklin Street
Historic 5-Unit Multifamily | STR Approved | Across from The Jefferson Hotel
18 W Franklin Street presents a rare opportunity to acquire a fully renovated, income-producing historic brownstone in the heart of Downtown Richmond. Located directly across from The Jefferson Hotel and adjacent to the Downtown YMCA, this late-1800s three-story brick building blends irreplaceable architectural character with modernized systems and multiple viable investment strategies.
Originally constructed in the 1880s as a private residence for a prominent Richmond family, the building retains the defining features that make historic Downtown assets so desirable: tall ceilings, ornate woodwork, beautiful original floors, and large windows that fill each unit with natural light.
The property has been extensively renovated, with major updates completed in 2020 including electrical, plumbing, and HVAC systems. Designer kitchens, updated tile baths, and energy-efficient heating and cooling systems were integrated within the historic framework. Additional capital improvements include:
• Roof replacement on the third-story front section (2017/2018)
• Rear roof sections serving Units 2 and 4 replaced (2020)
• Energy-efficient replacement windows (2023)
• Monitored fire sprinkler system meeting current code requirements
The building contains approximately 7,075 square feet on a 3,986 square foot lot and is zoned R-03 (Residential Office). It carries a Special Use Permit allowing operation as a five-unit tourist home (short-term rental), a designation that is increasingly difficult to obtain within the City of Richmond.
Currently configured as five spacious one-bedroom units, the property includes:
• Five electric meters plus separate house meter
• One water meter
• Three electric water heaters (two in basement, one lowboy in attic)
• Units 1, 4, and 5 with furnace heat and electric AC (Unit 1 gas furnace on first floor)
• Units 2 and 3 with mini-splits and heat pumps
• Rooftop AC condensers (Unit 1 condenser on side of building)
• Five off-street parking spaces
The property is currently operating with forward bookings approximately two months in advance, demonstrating sustained demand.
Investment Strategies:
Legal Short-Term Rental Asset
Operate as a fully compliant five-unit STR property in a premier Downtown location serving business travelers, medical professionals, visiting faculty, and state government employees.
Traditional Multifamily Hold
Transition to long-term leases. One-bedroom units with dedicated parking in this walkable corridor remain highly desirable to professionals, graduate students, and hospital staff.
Boutique Condominium Conversion
The existing unit layout, separate electric metering, parking, and substantial renovations position the property as a strong candidate for condominium conversion. Demand for well-located one-bedroom residences across from The Jefferson and within walking distance to VCU and Downtown amenities remains consistent among professionals, downsizers, and first-time urban buyers.
Hybrid Strategy
Utilize a mix of short-term, mid-term, and traditional leases to optimize yield based on seasonality and market conditions.
Positioned steps from VCU, VCU Medical Center (MCV), state offices, dining, and cultural venues, the property sits in one of Richmond’s most supply-constrained and walkable urban corridors.
18 W Franklin Street offers historic character, strong infrastructure, parking, legal STR approval, condominium conversion potential, and long-term flexibility — a compelling acquisition for a local investor seeking both immediate income and future optionality.