Two-House Residential Income
For Sale
$214,900
Pending
120 & 114 N CENTRAL ST, Broadway, VA 22815
Detached, BROADWAY, VA
Property Size1,925 SF
Lot Size0.20 Acres
Days on Market190
Property Features for 120 & 114 N CENTRAL ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B-1 Business General
Elementary school
John C. Meyers
Middle school
J. Frank Hillyard
High school
Broadway
Directions
From Harrisonburg take 42 North to Broadway. 42 becomes S Main St. Turn right on Broadway Ave, left on N Central St and houses will be on your left.
Subdivision
Rockingham
Standard status
Pending
APN
51A1-(A)- L73
Size
1,925 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
980
Utilities
Heating system
Natural Gas, Propane (Heating), Forced Air
Building Details
Year built
1932
Flooring type
Vinyl, Carpet, Laminate
Roof type
Metal
Listing Agency:
Old Dominion Realty Crossroads
(540) 433-2106
Listed By:
Theresa Kehm · License #0225206508
(540) 433-2454
Added: Apr 1
Changed: Oct 1
Last Checked: Oct 7 at 12:06PM
MLS# 675193
Copyright © 2026 Harrisonburg-Rockingham Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This residential income property consists of two separate houses on a single lot. The larger 2-story home provides 4 bedrooms and 1.5 bathrooms with a living room and eat-in kitchen. The smaller dwelling includes 2 bedrooms and 1 bathroom, plus a living room and kitchen with a dedicated laundry area. Several updates are noted, including roof painting in 2017, recently added blown-in insulation in the attics, insulation improvements in the crawlspace, and spray foam insulation under the bathroom in the 2-story house. Additional interior items include a new dishwasher and laminate flooring in the kitchen, and replacement windows in the 2-story home. The property is offered for sale “AS IS.”
Both houses are currently occupied by long-term renters on month-to-month leases, supporting an owner-operator or investor who wants to avoid immediate leasing transitions. The property is zoned B-1 Business General.
For buyers looking for a compact multi-house rental structure, the floorplans provide separate bedroom mixes across two dwellings on one lot, with multiple room configurations already in place. Given the month-to-month tenancy and the listed improvements, this is a practical option for those seeking an income-producing residential setup that can be managed as-is.
Both houses are currently occupied by long-term renters on month-to-month leases, supporting an owner-operator or investor who wants to avoid immediate leasing transitions. The property is zoned B-1 Business General.
For buyers looking for a compact multi-house rental structure, the floorplans provide separate bedroom mixes across two dwellings on one lot, with multiple room configurations already in place. Given the month-to-month tenancy and the listed improvements, this is a practical option for those seeking an income-producing residential setup that can be managed as-is.
Key Highlights
- Two houses on one lot; both currently have long‑term renters on month‑to‑month leases
- Larger 2‑story home: 1,361 SF with 4 bedrooms and 1.5 bathrooms, including living room and eat‑in kitchen
- Smaller dwelling: 564 SF with 2 bedrooms and 1 bathroom, including living room and kitchen with laundry area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,865
Cap Rate
7.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$317,300
$317.3K
Cap Rate 7%
$226,643
$226.6K
Cap Rate 9%
$176,278
$176.3K
Market Conditions
NOI Build-Up for 1,925 SF
Gross rent
$31.2K $16.20/SF
− Vacancy
−$2.3K −$1.22/SF
EGI
$28.8K $14.99/SF
− OpEx
−$13.0K −$6.74/SF
NOI
$15.9K $8.24/SF
Area
Rockingham County, VA
Vacancy
7.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$317,300
Cap Rate 7%
$226,643
Cap Rate 9%
$176,278
Alternative Uses
Best Use
Apartment 5plus
$226.6K
$198.3K – $264.4K
NOI $15,865 @ 7.0% cap · market cap 7.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$580.1K
$507.6K – $676.8K
NOI $40,610 @ 7.0% cap · market cap 18.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
Explore this area
Business Placement
Demographics for 22815, VA
9,083
Population
3,957
Households
2.3
Avg Household Size
41
Median Age
25%
College-Educated
85%
High-School Grad
70.9 sq mi
ZIP Area
128
Density / Sq Mi
$70,598
Median Household Income
$40,829
Median Earnings
$1,005
Median Rent
$249,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two rental dwellings on one lot with month-to-month tenants offer a straightforward income-focused residential setup.
Where is this multifamily property located?
The property is located at 120 & 114 N CENTRAL ST Broadway, VA.
What is the asking price?
The asking price for this property is $214,900.
What are key features of this property?
This property features: Two houses on one lot; both currently have long‑term renters on month‑to‑month leases; Larger 2‑story home: 1,361 SF with 4 bedrooms and 1.5 bathrooms, including living room and eat‑in kitchen; Smaller dwelling: 564 SF with 2 bedrooms and 1 bathroom, including living room and kitchen with laundry area
