$1,295,950

18 W Franklin St, Richmond, VA 23220

  • Property Icon Town Home
  • Property Year Built Icon Built in 1895
  • Property Lot Size Icon3,986sqft lot
  • Property Parking Icon —— car garage
  • Property Price Per Square Feet Icon $——/sqft
  • Property List Date Icon Listed 1 month ago

Property Description

18 W Franklin St is a fully legal five-unit building in the heart of Downtown Richmond. The property carries a special zoning designation permitting five short-term rental units—an uncommon approval in the City of Richmond and a meaningful barrier to entry. Currently configured as five one-bedroom apartments, the building includes five designated parking spaces, a distinct advantage in this location. Renovated in 2020, it offers updated systems and interiors. Energy-efficient replacement windows were installed in 2022, enhancing performance and comfort. A monitored fire sprinkler system meets current code requirements. With a Walk Score of 97, the property is steps from Downtown, VCU, VCU Medical Center (MCV), the Arts District, The Commonwealth Club, and The Common House. Dining, employment, and cultural venues are within easy reach. **Investment Profiles** **1. Legal Short-Term Rental Asset** Compliant, income-producing property in a market where approvals are limited. Proximity to VCU, state government, and Downtown employers supports consistent occupancy from business travelers, visiting faculty, and medical professionals. Recent improvements support efficient operations with minimal near-term capital needs. **2. Long-Term Multifamily Investment** The location supports steady demand from professionals, graduate students, and hospital staff. One-bedroom units in a walkable Downtown setting with dedicated parking remain highly desirable. Updated interiors and systems reduce turnover and maintenance exposure. **3. Condominium Conversion Opportunity** The layout and location support a boutique condominium conversion. Demand for centrally located one-bedroom residences remains strong among first-time buyers, professionals, and downsizing owners seeking proximity to work and amenities. Existing renovations and window upgrades position the property closer to condominium-grade standards.

Listing Status:
Active
Data Last Updated:
April 4, 2026 at 2:15PM
Listing Office:
Small & Associates : (804) 353-1250
Listing Agent:
Chris Small : (804) 350-0879
MLS ID:
2603466
  • A/C: Central Air
  • Heating: Zoned
  • Style: Garden Home
  • Parking: Parking spaces: 5
  • Roofing: MetalRubber
  • General: Brick3
  • Road/Access: City Street
  • Originating MLS: CVR
  • County: Richmond City
  • Topography: Level
  • Zoning: 0024.47X0161.75 IRG0000.000W000-0104-022
  • Water: Community/Coop
  • Sewer: Other
  • Source: CVR
  • Ownership: Investment

This listing courtesy of Chris Small , Small & Associates

Monthly Payment

$Est. Payment
  • Principal & Interest $
  • Property Taxes $
  • Home Insurance $
  • VA Funding Fee $

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Location

Schools Nearby

G

George W. Carver Elementary School

1110 W Leigh St, Richmond, VA, 23220

Grades KG-5

0.73 miles away

R

Richmond Alternative

119 W Leigh St, Richmond, VA, 23220

Grades 6-12

0.36 miles away

R

Richmond Alternative

119 W Leigh St, Richmond, VA, 23220

Grades 6-12

0.36 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.