Offering Highlights
Located in Richmond’s Fan District
Positioned in one of Richmond’s most desirable and walkable neighborhoods, just steps from Carytown, VCU, and Whole Foods
Significant Value-Add Potential
Current rents average $1.21/SF, well below the submarket average of $2.13/SF, offering immediate upside through rent optimization.
Diverse Unit Mix + Strong Tenant Demand
4 fully leased units including studio, 3BR, and 4BR layouts—ideal for student and workforce housing in a high-demand rental corridor.
Stable Cash Flow with 5.87% Cap Rate
Turnkey asset generating over $66,000 in NOI, with additional upside through improved operations and renewals
Prime Connectivity and Transit Access
Quick access to I-195, Broad Street, and GRTC bus lines, ensuring strong appeal to renters and long-term tenant retention.

For Sale: 2338 W Grace Street – Prime Multifamily Investment in Richmond’s Fan District

This four-unit property, located in the heart of Richmond’s iconic Fan District, offers immediate cash flow and long-term upside. The unit mix includes one 3-bedroom, one 4-bedroom, and two studios across 6,400 rentable square feet. Current rents are significantly below market, creating a compelling value-add opportunity for investors seeking to optimize returns.

Built in 1982, this well-maintained asset sits on a rare 0.83-acre lot and is walkable to Whole Foods, Starbucks, VCU, and the shops and restaurants of Carytown. The location offers unbeatable connectivity to downtown Richmond, Broad Street, I-195, and multiple GRTC bus lines—making it ideal for students, professionals, and families alike.

With a current cap rate of 5.87%, this property provides stable income and clear rent growth upside. Recent comps in the area rent at $2.13/SF vs. the subject’s average $1.21/SF, highlighting the room for repositioning. Whether you're a seasoned investor or entering Richmond’s multifamily market, 2338 W Grace Street is a strategic asset with built-in demand and long-term appreciation potential.

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