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.
Deal Highlights
Justin Ferguson is a Multifamily Specialist in Marcus & Millichap's Southern Virginia Office. He prides himself in helping corporate professionals, private investors, REITS, developers, and syndicators strategize and maximize their returns to grow their portfolios at faster, more efficient rates.