2115 Phaup Street, Richmond, VA 23223
Woodville · Richmond City County
Key Facts
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!
Property Information
Property Type
Residential Income
Sub-Type
Multi Family
Style
Two Story
Year Built
1950
Stories
2
Living Area
6,448 sq ft
Lot Size
0.27 acres
Ownership
Individuals
Days on Market
2
MLS® Listing#
2614044
Property Features
Appliances
Basement
Parking
Fencing
Construction
Sewer
Water Source
Schools
- Elementary:
- Fairfield
- Middle:
- Martin Luther King Jr.
- High:
- Armstrong
Financial Details
Annual Taxes
$7,332
Tax year 2025
Assessed Value
$611,000
Parcel Number
E012-0259-008
Affordability Calculator
$197,800
Estimated monthly payment
$5,264/mo
Principal $791,200 · Est. interest $1,103,794 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Richmond, VA
- $409,524
- Median Listing Price
- 39
- Median Days on Market
- 1,621
- Median Sq Ft
- $248
- Median Price / Sq Ft
- 516
- Active Listings
- This home’s price is 141% above the area median.
- Its price per sq ft is 38% below the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Richmond, VA.
Location
- 2115 Phaup Street, Richmond, VA 23223
Points of Interest in Richmond, VA
Showing the Richmond area map.
Nearby Schools
Armstrong High School
Secondary · 0.2 mi away
Fairfield Court Elementary School
Elementary · 0.3 mi away
Woodville Elementary School
Elementary · 0.4 mi away
Anna Julia Cooper School
School · 0.5 mi away
Pre-School Developmental Center
School · 0.5 mi away
Martin Luther King Junior Middle School
Secondary · 0.9 mi away
Henry L Marsh III Elementary School
Elementary · 1.2 mi away
Central Montessori School
Elementary · 1.4 mi away
Virginia Treatment CTR.
School · 1.4 mi away
Overby-Sheppard Elementary School
Elementary · 1.4 mi away
Henrico County Public Schools
School · 1.4 mi away
Chimborazo Elementary School
Elementary · 1.5 mi away
Franklin Military Academy
School · 1.5 mi away
Harold Macon Ratcliffe Elementary School
Elementary · 1.5 mi away
Bellevue Elementary School
Elementary · 1.5 mi away
Educare School
School · 1.7 mi away
Richmond Alternative
Secondary · 1.9 mi away
Yvonne B. Miller High School
Secondary · 1.9 mi away
Richmond Community High School
Secondary · 1.9 mi away
A V Norrell Elementary School
Elementary · 1.9 mi away
Commute Calculator
Nearby Homes
Similar Homes Nearby
Similar Home Values
Comparable nearby listings and their asking prices.
| Address | Price | Beds | Baths | Sq Ft |
|---|---|---|---|---|
| 2317 Apple Alley, Richmond, VA | $695,000 | 3 | 4 | 1,855 |
| 600 N 25th Street, Richmond, VA | $699,000 | 3 | 3 | 2,368 |
| 4412 Cutshaw Avenue, Richmond, VA | $699,000 | — | — | 2,620 |
| 2919 Grayland Avenue, Richmond, VA | $699,000 | 2 | 3 | 1,520 |
| 115 W 10th Street, Richmond, VA | $699,000 | — | — | 2,669 |
| 3404 Floyd Avenue, Richmond, VA | $699,950 | 3 | 2 | 1,838 |
Moving Cost Estimate
EXIT Agents in Richmond
Listing Courtesy: Hometown Realty - 8043351414
Presented by: Sean Gould
Last Updated: 2026-05-24