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417 W Grace St 5 Unit Apartment Building $1,650,000 ($330,000/Unit) 6.98% Cap Rate Richmond, VA 23220
Investment Highlights
- 5 Fully Occupied Units
- Commercial NNN Lease with 3 years remaining
- Part Seller-Financing Available
- Located near the VCU/Costar Innovation Center
- Fully Renovated and Well Maintained
Executive Summary
Fully Occupied 5 Units at VCU's new Costar Innovation Center, recently stabilized with rent increases and sound income. There is opportunity for at least two apartments designated as short-term rentals, centrally located in a vibrant, pedestrian-oriented location, walking distance to campus, shops, restaurants and mass transit. The building was completely built out in 2015, blending historic charm with modern upgrades, making for comfortable and durable living spaces, that feature large windows, tall ceilings, exposed brick and beautiful hardwood floors throughout All kitchens feature granite countertops, stainless-steel appliances and washers and dryers in all units. There is opportunity to add smart features to increase rental income, as this location continues to grow. The commercial restaurant space is in excellent condition and equipped with a 17' stainless hood, exhaust system, gas stove, large walk-in refrigerator, grease trap, and sprinkler system. The restaurant lease is NNN and has 3 years remaining. Up to 60% Seller Financing is Available.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$165,591
|
$27.00
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$165,591
|
$27.00
|
| Taxes |
$17,010
|
$2.77
|
| Operating Expenses |
$33,449
|
$5.45
|
| Total Expenses |
$50,459
|
$8.23
|
| Net Operating Income |
$115,132
|
$18.78
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $165,591 |
| Annual Per SF | $27.00 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $165,591 |
| Annual Per SF | $27.00 |
| Taxes | |
|---|---|
| Annual | $17,010 |
| Annual Per SF | $2.77 |
| Operating Expenses | |
|---|---|
| Annual | $33,449 |
| Annual Per SF | $5.45 |
| Total Expenses | |
|---|---|
| Annual | $50,459 |
| Annual Per SF | $8.23 |
| Net Operating Income | |
|---|---|
| Annual | $115,132 |
| Annual Per SF | $18.78 |
Property Facts
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 | $1,300 | 875 - 950 |
| 2+2 | 1 | $1,700 | 950 - 1,150 |
1 1
Very walkable
80/100
Moderately drivable
60/100
Good public transit
60/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | W000-0214-004 | Total Assessment | $1,153,000 |
| Land Assessment | $207,000 | Annual Taxes | $17,010 ($2.77/SF) |
| Improvements Assessment | $946,000 | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
W000-0214-004
Land Assessment
$207,000
Improvements Assessment
$946,000
Total Assessment
$1,153,000
Annual Taxes
$17,010 ($2.77/SF)
Tax Year
2026 Payable 2026
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Contact the Sale Advisor
417 W Grace St