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417 W Grace St 5 Unit Apartment Building $1,650,000 ($330,000/Unit) 5% Cap Rate Richmond, VA 23220
INVESTMENT HIGHLIGHTS
- Seller-Financing Available
- Just off I-64 within steps of VCU campus
- Fully Renovated
- 5 Fully Occupied Units
- 4-Years Remaining on Commercial NNN Lease
EXECUTIVE SUMMARY
5-Unit Investment Opportunity at VCU's most prominent and innovative hub, and centrally located in a vibrant, pedestrian-oriented location, walking distance to campus, shops, restaurants and mass transit. The building was completely renovated in 2015, blending historic charm with modern upgrades, making for comfortable and durable living spaces, that feature large windows, tall ceilings, granite countertops, stainless-steel appliances, exposed brick and beautiful hardwood floors throughout. There is opportunity to add value and increase rental income, as this location continues to grow. The commercial restaurant space is in excellent condition and equipped with a 15' stainless hood, exhaust system, gas stove, large walk-in refrigerator, grease trap, and sprinkler system. The restaurant lease has 4 years remaining and the property is sold 'As Is"
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$108,840
|
$17.75
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$108,840
|
$17.75
|
| Taxes |
$8,029
|
$1.31
|
| Operating Expenses |
$17,686
|
$2.88
|
| Total Expenses |
$25,715
|
$4.19
|
| Net Operating Income |
$83,125
|
$13.56
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $108,840 |
| Annual Per SF | $17.75 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $108,840 |
| Annual Per SF | $17.75 |
| Taxes | |
|---|---|
| Annual | $8,029 |
| Annual Per SF | $1.31 |
| Operating Expenses | |
|---|---|
| Annual | $17,686 |
| Annual Per SF | $2.88 |
| Total Expenses | |
|---|---|
| Annual | $25,715 |
| Annual Per SF | $4.19 |
| Net Operating Income | |
|---|---|
| Annual | $83,125 |
| Annual Per SF | $13.56 |
PROPERTY FACTS
| Price | $1,650,000 | Apartment Style | Low-Rise |
| Price Per Unit | $330,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.07 AC |
| Cap Rate | 5% | Building Size | 6,132 SF |
| No. Units | 5 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 5 |
| Property Subtype | Apartment | Year Built | 1921 |
| Zoning | B-4 - B4 Zoning allos for Vibrant, Dense, Pedestrian and Transit -Oriented Mixed-Use Development, relaxed parking requirements and height limits. | ||
| Price | $1,650,000 |
| Price Per Unit | $330,000 |
| Sale Type | Investment |
| Cap Rate | 5% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 6,132 SF |
| Average Occupancy | 100% |
| No. Stories | 5 |
| Year Built | 1921 |
| Zoning | B-4 - B4 Zoning allos for Vibrant, Dense, Pedestrian and Transit -Oriented Mixed-Use Development, relaxed parking requirements and height limits. |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- Granite Countertops
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Oven
- Sprinkler System
- Stainless Steel Appliances
- Tub/Shower
- Views
- Deck
- Handrails
SITE AMENITIES
- 24 Hour Access
- Security System
- Bicycle Storage
- Private Bathroom
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | $2,860 | - |
| 2+2 | 1 | $1,664 | - |
Walk Score®
Walker's Paradise (94)
Bike Score®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | W000-0214-004 | Total Assessment | $1,134,000 |
| Land Assessment | $188,000 | Annual Taxes | $8,029 ($1.31/SF) |
| Improvements Assessment | $946,000 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
W000-0214-004
Land Assessment
$188,000
Improvements Assessment
$946,000
Total Assessment
$1,134,000
Annual Taxes
$8,029 ($1.31/SF)
Tax Year
2025
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417 W Grace St
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