Investment Overview

Marcus & Millichap is pleased to present its Broker Opinion of Value for the multifamily property located at 2338 W Grace Street in Richmond, Virginia. Situated in the heart of the Fan District, the property onsists of four well-maintained residential units, offering a diverse mix of layouts, including studio, three-bedroom, and four-bedroom configurations. Notably, current rents are below the submarket average, resenting a strong value-add opportunity for investors to increase returns through rent optimization. The Fan District is one of the largest and best-preserved collections of late 19th and early 20th-century rowhouses in the country. It extends west from the edge of Downtown Richmond toward the Museum District. This iconic neighborhood gets its name from the way its streets "fan out" from Monroe Park, and it remains a favorite among locals for its distinctive architecture. The property is ideally located within walking distance of both Starbucks and Whole Foods. It also just blocks away from Carytown, a mile-long commercial district known for its independent shops, theaters, and dining options. Additionally, the location is a short walking or biking distance to Virginia Commonwealth University (VCU), attracting students, faculty, and university staff seeking convenient off-campus housing in a more residential environment. Access to Downtown Richmond and major business and healthcare employers is quick and convenient. Public transit is readily available through nearby Greater Richmond Transit Company (GRTC) bus stops, and the property is close to major corridors such as Broad Street and I-195, providing direct connections to I-64, I-95, and Richmond International Airport (RIC).