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8-10 E Main St
Richmond, VA 23219
Multifamily Property For Sale
·
6 Units
Investment Highlights
- Fully legal six-unit Downtown Richmond multifamily asset with one one-bedroom and five two-bedroom apartments, updated interiors, updated water heater
- Premier walkable location with parking — Walk Score 97 — steps from Downtown, VCU, VCU Medical Center, the Arts District, The Jefferson Hotel, The Com
- Rare short-term rental zoning approval for all six units, creating an uncommon barrier-to-entry investment opportunity with multiple income strategies
Executive Summary
8-10 E. Main St is a fully legal six-unit building in the heart of Downtown Richmond. The property carries a special zoning designation permitting six short-term rental units—an uncommon approval in the City of Richmond and a meaningful barrier to entry. Currently configured as one one-bedroom apartment and 5 two bedroom apartments, the building includes five designated parking spaces, a distinct advantage in this location. It offers updated water heaters and interiors. Energy-efficient replacement windows were installed in 2024, enhancing performance and comfort. A monitored fire sprinkler system meets current code requirements. With a Walk Score of 97, the property is steps from Downtown, VCU, VCU Medical Center (MCV), the Arts District, The Jefferson Hotel, The Commonwealth Club, and The Common House. Dining, employment, and cultural venues are within easy reach. **Investment Profiles** **1. Legal Short-Term Rental Asset** Compliant, income-producing property in a market where approvals are limited. Proximity to VCU, state government, and Downtown employers supports consistent occupancy from business travelers, visiting faculty, and medical professionals. Recent improvements support efficient operations with minimal near-term capital needs. **2. Long-Term Multifamily Investment** The location supports steady demand from professionals, graduate students, and hospital staff. One and two-bedroom units in a walkable Downtown setting with dedicated parking remain highly desirable. Updated interiors and systems reduce turnover and maintenance exposure. **3. Condominium Conversion Opportunity** The layout and location support a boutique condominium conversion. Demand for centrally located one and two bedroom residences remains strong among first-time buyers, professionals, and downsizing owners seeking proximity to work and amenities. Existing renovations and window upgrades position the property closer to condominium-grade standards.
Comments: Send offers to chris@park27.re. Seller prefers to receive Purchase contracts and not LOIs. Please avoid escalation clauses and do not use CVRMLS "as is" addendum number 120. Pre-approval letter/POF and minimum deposit of 5% or more should accompany the offer. Please add "although no known defects, fireplaces, flue & chimney convey as is" in writing in the offer. Schedule all showings thru Jo Anne Beers with 48 hour notice. Listing agent must be present for all Showings.
Comments: Send offers to chris@park27.re. Seller prefers to receive Purchase contracts and not LOIs. Please avoid escalation clauses and do not use CVRMLS "as is" addendum number 120. Pre-approval letter/POF and minimum deposit of 5% or more should accompany the offer. Please add "although no known defects, fireplaces, flue & chimney convey as is" in writing in the offer. Schedule all showings thru Jo Anne Beers with 48 hour notice. Listing agent must be present for all Showings.
Property Facts
| Price Per Unit | $249,167 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| No. Units | 6 | Building Size | 7,182 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1910 |
| Apartment Style | Low-Rise | Parking Ratio | 0.7/1,000 SF |
| Zoning | R-3 - RO-3 w/SUP for 6-unit Tourist Home (STR) – Flexible residential/office potential per zoning | ||
| Price Per Unit | $249,167 |
| Sale Type | Investment |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 7,182 SF |
| No. Stories | 3 |
| Year Built | 1910 |
| Parking Ratio | 0.7/1,000 SF |
| Zoning | R-3 - RO-3 w/SUP for 6-unit Tourist Home (STR) – Flexible residential/office potential per zoning |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Washer/Dryer
- Bay Window
- Kitchen
- Hardwood Floors
- Refrigerator
- Sprinkler System
- Range
- Tub/Shower
- Wi-Fi
- Breakfast Nook
- Coffee System
- Window Coverings
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Security System
- Tenant Controlled HVAC
- Furnished Units Available
- Smoke Free
- Vintage Building
- Public Transportation
- Private Bathroom
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | - | - |
| 2+1 | 1 | - | - |
| 2+2 | 4 | - | - |
Property Taxes
| Parcel Number | W000-0082-020 | Improvements Assessment | $660,000 |
| Land Assessment | $355,000 | Total Assessment | $1,015,000 |
Property Taxes
Parcel Number
W000-0082-020
Land Assessment
$355,000
Improvements Assessment
$660,000
Total Assessment
$1,015,000
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