2115 Phaup Street, Richmond, VA 23223
- $989,000
- 6,448
- SqFt
- List Price
- $989,000
- Days on Market
- 65
- MLS#
- CVR-2614044
- Status
- ACTIVE
- Type
- Multifamily
- Style
- Two Story
- Year Built
- 1950
- County
- Richmond City
- Region
- 10 - Richmond
- Neighborhood
- Woodville
- Subdivision
- Woodville
Property Description
Outstanding opportunity to acquire an investor friendly 9-unit multifamily asset with stabilized rental income and an appraisal-supported cap rate of approximately 8.5% and current seller-provided operating figures close to a 9.5% cap rate. With average rent at $1200 per unit this investment opportunity is strong and reliable. The two-story brick apartment building offers a practical and consistent unit mix with nine (9) 2-bedroom, 1-bath residences, each approximately 700 square feet, for a total building size of approximately 6,448 square feet on a 0.27-acre parcel. The property features a NEWER roof, NEW exterior access, durable brick construction, multiple unit entrances, and functional interior layouts that support long-term rental operations. The property offers a courtyard-style exterior, low-maintenance brick façade, and bright interior spaces. Select units feature hardwood or plank-style flooring, white kitchen cabinetry, electric range appliances, and neutral wall colors. The interiors provide simple, efficient layouts that allow for continued rental use while also presenting potential for future cosmetic updates or operational improvements. Tenants are responsible for heat and electric, while the landlord pays for water and trash removal. The property also offers some off-street parking, along with convenient access to nearby public transportation and Interstate 64. All units are tenant occupied with a strong rent roll. Recent improvements and area growth suggest potential upside through lease-up, rent optimization, or future improvements, subject to market conditions and applicable lease terms. With a consistent tenant base, low maintenance, and strong rental income this apartment building presents a compelling opportunity for investors seeking a multifamily property in the Richmond market. Reach out today!
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Additional Information
- Acres
- 0.27
- Living Area
- 6,448
- Elementary School
- Fairfield
- Middle School
- Martin Luther King Jr.
- High School
- Armstrong
- Appliances
- Electric Water Heater
- Basement
- Crawl Space
- Taxes
- $7,332
- Stories
- 2
- Style
- Two Story
- Construction Materials
- Brick, Drywall
- Fencing
- Fenced, Partial
- Parking Features
- Off Street, On Street
- Appliances
- Electric Water Heater
- Water
- Public
- Sewer
- Public Sewer
- Taxes
- $7,332
Mortgage Calculator
Listing courtesy of Hometown Realty.
All or a portion of the multiple listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of listings. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of listings and each individual listing are © 2026 Central Virginia Regional Multiple Listing Service, LLC. All rights reserved. Real estate properties marked with the Central Virginia MLS (CVRMLS) icon are provided courtesy of the CVRMLS IDX database. The information being provided is for a consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties for purchasing. IDX information updated .