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417 W Grace St 5 Unit Apartment Building $1,650,000 ($330,000/Unit) 5.83% Cap Rate Richmond, VA 23220
Investment Highlights
- 5 Fully Occupied Units
- Commercial NNN Lease
- Part Seller-Financing Available
- Just off I-64 and 300 ft to the new Costar Center
- Renovated
Executive Summary
BACK ON THE MARKET 5-Unit Investment Opportunity at VCU's newest, most innovative center now under construction, centrally located in a vibrant, pedestrian-oriented location, walking distance to campus, shops, restaurants and mass transit. The building interior was fully built out in 2015, with 1st floor restaurant and 4 apartments on the 2nd and 3rd levels, 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. 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 2.5 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 | 5.83% | 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 | 5.83% |
| 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 | $3,185 | - |
| 2+2 | 1 | $1,664 | - |
1 1
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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