Wondering whether Monument Square is the right fit for your next move? If you are comparing condo and townhome options in the Near West End, this community stands out for its newer construction, shared amenities, and range of floor plans, but the details matter more here than in many one-size-fits-all developments. This guide will help you understand what you are really buying at Monument Square, from amenities and monthly fees to parking, accessibility, and resale patterns. Let’s dive in.
Monument Square at a Glance
Monument Square is a mixed condominium and townhome community on Monument Avenue between Byrd and Willow Lawn Drive in Henrico County. Community materials describe it as a shared association with 190 units at build-out, along with an on-site manager in the clubhouse office and management through Associa.
The housing mix is one reason buyers keep this community on their short list. You will find single-level luxury condominiums alongside multi-level townhome-style residences, which gives you more choice than many West End communities with a narrower product type.
Amenities That Shape Daily Life
Amenities are a major part of Monument Square’s appeal. The official community materials highlight a clubhouse, gym, pool, outdoor grills, fire pits, landscaped common areas, and monthly socials.
For many buyers, that creates a middle ground between a traditional low-maintenance condo and a more service-oriented building. You get shared amenities that support a lock-and-leave lifestyle, but the experience can still feel residential rather than tower-like.
The community portal also points to practical benefits that matter once you move in. Owners can pay dues online, submit service and architectural requests, reserve common spaces, and access association documents through TownSq.
What the association appears to handle
Based on community materials and recent listings, association support may include items such as:
- Clubhouse and pool access
- Fitness room access
- Common area and grounds maintenance
- Snow removal
- Trash service
- Some shared utility support in certain buildings or amenity areas
- Building or common-area insurance components noted in listing descriptions
Because listing descriptions vary, you should confirm the exact inclusions for the unit you are considering rather than assume every address carries the same package.
HOA Fees Vary More Than You Might Expect
One of the biggest buyer mistakes at Monument Square is assuming the monthly dues follow a simple formula. Public listing data show meaningful variation by unit type and building.
Recent examples include a townhome at 1206 Balustrade Boulevard with a $474 monthly HOA, a 1,629-square-foot condo at 5233 Monument Avenue Unit 2C with a $507 monthly HOA, a 1,662-square-foot condo at 5217 Monument Avenue Unit 2D with a $772 monthly HOA, and a 1,107-square-foot one-bedroom at 5217 Monument Avenue Unit 3A with a $809 monthly HOA.
That range tells you something important. At Monument Square, dues are not driven by square footage alone. Building format, service level, and unit-specific obligations appear to play a major role.
Why fees can differ
A few factors likely explain the spread in monthly costs:
- Townhome versus condo building format
- Elevator-served buildings versus direct-entry homes
- Different insurance and maintenance responsibilities
- Shared services tied to specific buildings
- Amenity load and operational costs
The safest approach is to treat each listing as its own financial case study. Ask for the resale packet and review what the dues cover, whether reserves are healthy, and whether any special assessments have been discussed.
Your True Monthly Cost
When you compare Monument Square listings, it helps to look beyond the purchase price. Your monthly carrying cost should include both association dues and Henrico County real estate taxes.
Henrico County’s current real estate tax rate is $0.83 per $100 of assessed value. That means a higher-priced unit with lower dues may still carry a similar monthly ownership cost to a lower-priced unit with higher dues.
A smarter way to compare units
When you run the numbers, compare these items side by side:
- Monthly HOA dues
- Annual county real estate taxes
- Insurance obligations not covered by the association
- Expected maintenance or update costs inside the unit
- Parking or storage value included with the home
This kind of comparison often gives you a clearer picture than price per square foot alone.
Floor Plans Range Widely
Monument Square is not a cookie-cutter community. Public listings show homes from roughly 1,100 square feet for a one-bedroom condo to more than 3,000 square feet for larger townhomes and penthouse-style residences.
That range matters because buyers often come to Monument Square for very different reasons. Some want single-level living with elevator access, while others want the feel of a larger townhome with direct-entry garage parking.
Condos versus townhomes
In broad terms, the condo side of Monument Square may appeal more if you want:
- Single-level living
- Elevator access in some buildings
- Shared-entry or secured-lobby access in some cases
- A more lock-and-leave setup
The townhome side may appeal more if you want:
- More vertical separation of space
- Direct entry from a garage in some homes
- A layout that feels closer to a single-family residence
- Potentially lower dues in certain examples
Neither product type is automatically better. The right choice depends on how you live day to day and how you value convenience, stairs, privacy, and service level.
Parking and Access Need Close Review
Parking is one of the most unit-specific parts of buying at Monument Square. Public listings mention a mix of assigned covered garage spaces, detached two-car garages, direct-entry two-car garages, deeded storage, side-by-side parking, tandem parking, and secured-lobby access.
In other words, you should not assume every home comes with the same parking setup. If parking convenience matters to you, verify whether the spaces are deeded or assigned, whether they are covered, and how easy the path is from parking to the front door.
Accessibility can differ by address
Accessibility also varies from one unit to another. Some mansion-style condos are single-level and elevator-served, while townhomes are multi-level and may include interior stairs even if the exterior entry is at grade.
A few listings also mention accessible elevator installation or building generators, but those features are not community-wide guarantees. If you want to avoid stairs or need a simpler entry path, confirm the exact route from parking to the unit, the number of steps, and whether the home functions on one level.
Resale Has Been Strong, but Not Uniform
Monument Square has shown solid resale performance in public examples, but values are not uniform across the community. The market appears to reward specific features such as size, garage count, views, layout, and updates.
For example, a 1,629-square-foot condo at 5233 Monument Avenue Unit 2C sold for $344,670 in 2010 and $469,900 in 2017. A 1,662-square-foot condo at 5217 Monument Avenue Unit 2D sold for $409,931 in 2014, $429,000 in 2016, and $725,000 in 2025.
A 1,107-square-foot one-bedroom at 5217 Monument Avenue Unit 3A sold for $415,000 in 2021 and was listed at $525,000 in 2026. At the upper end, a 3,595-square-foot residence at 5217 Monument Avenue Unit 5A sold for $1.75 million in 2024.
What tends to support resale value
Based on visible resale patterns, buyers often pay more for:
- Larger floor plans
- Better parking configurations
- Updated interiors
- Elevator-served living in some buildings
- Premium views or stronger in-building positioning
That is why resale analysis at Monument Square works best on a unit-by-unit basis. The address gets you into the conversation, but the specific residence usually determines the premium.
How Monument Square Compares in the West End
The broader Richmond Metro condo and townhome market helps put Monument Square in context. In the March 2026 CVRMLS Local Market Update, the metro condo and town segment showed a $370,000 median sales price, a $391,739 average sales price, 2.6 months of inventory, and a 97.7% year-to-date original list-price ratio.
Public Monument Square examples sit well above that metro condo and town median. That makes sense given the West End location, newer construction, shared amenities, and the presence of elevator-served residences in parts of the community.
Compared with other West End options, Monument Square appears to occupy a middle-to-upper tier position. It tends to offer more amenities and newer construction than older low-rise communities, but it is generally less all-inclusive than a fully serviced tower-style building.
A practical comparison
Here is the simplest way to think about it:
- Older low-rise condos may have lower dues but fewer services and less flexible parking
- Full-service buildings may include more utilities and building services, often with higher all-in costs
- Monument Square often sits in between, with meaningful amenities and varied housing types, but with dues and features that can differ sharply by unit
That middle position is attractive to many buyers, especially if you want newer construction and community amenities without committing to a full-service high-rise model.
What to Verify Before You Buy
Because Monument Square has so much variation across buildings and unit types, due diligence matters. A polished listing can give you a strong first impression, but the resale documents tell you how the property actually functions.
Before you move forward, request and review:
- The resale disclosure packet
- The current association budget
- The reserve study
- Any recent or planned special assessments
- Parking assignment or deeded parking documents
- Pet rules
- Rental rules
- Any building-specific capital projects or maintenance items
This is especially important if you are comparing a condo building with elevator service against a direct-entry townhome. The ownership experience, monthly costs, and long-term resale profile can be meaningfully different.
The Bottom Line on Buying at Monument Square
Monument Square can be an excellent fit if you want a West End address, newer condo or townhome construction, and amenities that support a lower-maintenance lifestyle. Its strongest advantage is variety, but that is also what makes careful analysis so important.
If you focus on the right details, especially dues, parking, accessibility, and resale position, you can make a far more confident decision. In a community like this, the best purchase is rarely just the prettiest listing. It is the unit where layout, carrying cost, and long-term marketability align with how you actually want to live.
If you are weighing Monument Square against other West End options, the right guidance can help you compare the fine print as carefully as the finishes. The Chris Small Group offers owner-led market insight and a tailored buying strategy for Richmond clients who want clear answers before they commit.
FAQs
What amenities are available at Monument Square in Henrico?
- Community materials highlight a clubhouse, gym, pool, outdoor grills, fire pits, landscaped common areas, and monthly socials, with online owner access for payments, requests, reservations, and association documents.
What are the HOA fees at Monument Square condos and townhomes?
- Public listings show a wide range, with recent examples from $474 per month for a townhome to $809 per month for a one-bedroom condo, so you should confirm the exact dues and inclusions for the specific unit.
What should you verify before buying a Monument Square condo?
- You should review the resale packet, current budget, reserve study, parking documents, pet and rental rules, and any recent or planned assessments because costs and responsibilities can vary by building and unit.
How does parking work at Monument Square in Henrico?
- Parking is not uniform across the community, and listings mention options such as assigned covered garage spaces, detached garages, direct-entry garages, tandem spaces, side-by-side parking, and deeded storage.
How has resale performed at Monument Square?
- Public resale examples show appreciation over time, but results vary by floor plan, updates, garage count, and location within the community, so unit-specific analysis matters.
Is Monument Square a condo-only community?
- No, Monument Square includes both single-level condominium residences and multi-level townhome-style homes, which gives buyers a wider range of layouts and ownership experiences.
