2115 Phaup ST, Richmond, VA 23223
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2115 Phaup ST, Richmond, VA 23223
2115 Phaup ST, Richmond, VA 23223
2115 Phaup ST, Richmond, VA 23223
2115 Phaup ST, Richmond, VA 23223
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Beth Baldwin

Beth Baldwin

+1(804) 337-6728
$ 989,000
Est. payment /mo
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Active

2115 Phaup ST Richmond, VA 23223

6,448 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 6,448 sqft

Price per Sqft $153

Subdivision Woodville

MLS Listing ID 2614044

Style Two Story

Construction Status Approximate

HOA Y/N No

Year Built 1950

Annual Tax Amount $7,332

Tax Year 2025

Lot Size 0.268 Acres

Acres 0.2677

Property Sub-Type Multi Family

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!

Location

State VA

County Richmond City

Community Woodville

Area 10 - Richmond

Rooms

Basement Crawl Space

Interior

Appliance Electric Water Heater

Exterior

Fence Fenced, Partial

Garage No

Building

Story 2

Sewer Public Sewer

Water Public

Architectural Style Two Story

Level or Stories Two

Structure Type Brick,Drywall

Construction Status Approximate

Schools

Elementary Schools Fairfield

Middle Schools Martin Luther King Jr.

High Schools Armstrong

Others

Tax ID E012-0259-008

Ownership Individuals

Central Virginia Regional MLS (CVR MLS)
Listed by Hometown Realty

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2115 Phaup ST

Beth Baldwin

Beth Baldwin

Associate Broker, REALTOR® | License ID: 0225076137

+1(804) 337-6728

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