Apartment Buildings for Sale in Henrico County: Where They Are, What They Sell For, and What to Check

Most apartment buildings for sale in Henrico County fall into two groups: newer complexes in the West End, along West Broad Street and in Innsbrook, which have recently sold for roughly $230,000 to $285,000 per unit, and older garden-style properties in eastern Henrico and Varina, which trade at a fraction of that. Before you buy, confirm the 83-cent real estate tax rate against your purchase price, check whether the property sits in one of the county’s two rental inspection districts, and read the zoning case before planning any added units.

This post covers Henrico specifically: where the inventory is, what recent deals looked like, and the local rules that affect underwriting. For region-wide context on financing, cap rates and how Henrico compares with the city and Chesterfield, see our Richmond multifamily investment guide. Here, “apartment building” means five or more units bought with commercial financing, not a duplex or fourplex.

Where are the apartment buildings for sale in Henrico County?

Henrico’s multifamily stock clusters in three areas, and each behaves differently for an investor.

• Western Henrico and the West Broad Street corridor. Largely bigger, newer garden and mid-rise complexes, such as the 420-unit Marshall Springs at Gayton West (completed 2015). New supply keeps arriving: in March 2026 Middleburg Communities and Harbor Group International paid $11.5 million for a 5.75-acre site at 4400 W. Broad St. for Scottwood, a planned 299-unit complex, per Richmond BizSense.
• Innsbrook. Apartments have been built on land in the former single-use office park since Henrico loosened its mixed-use zoning there. BizSense reported in March 2026 that every recently completed complex in the park has sold, and that more units are under construction or approved. The zoning background is in our Innsbrook redevelopment post.
• Eastern Henrico and Varina. Older garden stock from the 1960s through the 1990s, including income-restricted properties. When Capital Square bought two Varina complexes in 2025, its acquisitions head cited “the lack of new supply in eastern Henrico” as the draw, per BizSense.

Smaller buildings (five to 50 units) come up less often, and in the deals reported over the past year they were older properties in eastern Henrico or near the Richmond city line. A few straddle the line. Both the Scottwood site and the Westmere complex on Delmont Street sit partly in Henrico and partly in the City of Richmond, which means two jurisdictions for zoning, permits and tax bills.

What have Henrico apartment complexes sold for recently?

Two patterns stand out. First, prices for newer product ran well above county assessments: Marshall Springs sold for $119.7 million against a $101 million assessment, and Innsbrook Square for $81.7 million against $67.4 million. Second, not every deal was a gain for the seller. Innslake Place sold for $51.2 million, about $11.8 million less than its seller paid roughly five years earlier, per BizSense. Some owners who bought around 2021 are selling for less than they paid, which matters if a seller’s price expectations are anchored to their own basis.

What is Henrico’s real estate tax rate for apartment buildings?

Henrico’s rate is 83 cents per $100 of assessed value, per the county’s approved tax rates page. The Board of Supervisors cut it by two cents the prior year and kept it at 83 cents when it adopted the FY2026-27 budget on April 14, 2026. Apartment buildings pay the same rate as other real estate; there is no separate multifamily rate.

Does Henrico require rental inspections or registration?

Not countywide. Virginia’s rental inspection statute lets a locality inspect rentals only inside districts it designates after finding the units blighted or deteriorating, and it says it does not authorize locality-wide districts. It also bars charging a registration fee for the owner notice it permits.

Henrico’s ordinance (Chapter 6, Article VIII of the county code) currently designates two districts: Glenwood Farms and St. Luke Apartments, the latter added January 28, 2025 after tenant complaints about pests, mold and security, per WWBT. Inside a district, the building official can inspect a sample of 2% to 10% of units in a complex with more than ten units, inspect no more than once a calendar year after the initial round, and exempt units that pass for at least four years. A sale can trigger a new periodic inspection. If you are buying in or near those two complexes, ask the county for the inspection history.

Can you add units to an apartment property in Henrico?

Sometimes, but zoning sets a ceiling. Henrico’s zoning district summary lists multifamily density limits of 14.5 units per acre in R-5, 19.8 units per acre in R-6, and nine units per acre in RTH, with townhouses at 12 per acre in each. Mixed-use districts such as UMU-PD and CMU allow apartments under a master plan. Many older complexes were built near their density limit, and many newer ones carry proffered conditions that fix the unit count.

Before you pay for upside, divide the acreage by the district’s density, compare that with the existing unit count, and pull the rezoning case and proffers. More units than the math or the conditions allow means a rezoning or proffer amendment, which is a public hearing process with no guaranteed outcome. Henrico Planning is the final word on what can be built.

What should be on your Henrico acquisition checklist?

1. 1Rent roll and T-12 reconciled to bank deposits, with concessions and delinquency broken out.
2. 2Tax exposure: current assessment versus your price at 83 cents per $100; for parcels on the city line, confirm how much is in Henrico and how much in Richmond.
3. 3Rental inspection status: whether the property is in a designated district, and any open building code violations with Henrico Building Inspections.
4. 4Zoning and proffers: district, density math, and every condition in the rezoning case, including any affordability or unit-mix commitments.
5. 5Income restrictions: for LIHTC or other regulated properties, the recorded use agreement, compliance period and rent limits.
6. 6Physical condition: roofs, HVAC, plumbing and electrical on older garden stock; a property condition report priced into your capital plan.
7. 7Closing costs: Virginia recordation and grantor taxes (see our guide to Virginia grantor and recordation taxes), plus lender and title costs.

Your attorney, CPA and lender should confirm the tax, legal and financing pieces. For how Henrico fits the wider regional picture, go back to our Richmond multifamily investment guide.

Looking at a Henrico apartment building?

If you are sizing up a Henrico property, or thinking about selling one, I can help you pull the comparable sales, tax and zoning questions together and figure out which ones go to the county, your lender and your attorney. See how I work on the services page, or get in touch.