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    124 W Bank St Petersburg, VA 23803

    Sponsored
    For Sale
    $399,000

    MULTI_FAMILY - Colonial - Petersburg, VA

    Property size:
    2,905 SF
    Lot size:
    0.07 Acres
    Days on Market:
    2
    Last Refresh:
    Feb 27 at 8:06 am

    Property Features for 124 W Bank St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Basement
    APN
    011-230004
    Parking features
    Open, Parking Lot, Garage, Driveway
    Patio and Porch features
    Deck
    Interior features
    HighCeilings, MainLevelPrimary
    Exterior features
    PavedDriveway
    Appliances
    ElectricWaterHeater
    Size
    2,905 SF
    Lot size
    0.07 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    1820
    Floors in Building
    2
    Building materials
    Brick
    Roof type
    Built-Up
    Architectural style
    Colonial
    Additional Structures
    Gazebo

    We can help!

    Listing Contact
    Casey Toney

    Midlothian Partners LLC dba Keller Williams Midlothian (804) 858-8999

    Listing agent Casey Toney (804) 858-9000 License #0225264164

    Listing date Feb 26, 2026

    MLS# 2532217 Listing URL

    Copyright © 2026 Central Virginia Regional Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Downtown Petersburg Mixed-Use Duplex

    Located in the heart of downtown, Old Towne Petersburg, this building was originally built in 1820. Currently zoned B-3, it was originally a triplex but is now utilized as a duplex, equipped for both retail and residential use. The property includes a rooftop terrace and an attached garage, which could be converted into a third unit. Dedicated parking is available on the paved parking lot in the back, adjacent to Bartow Alley, which also has a parking lot. The roof was replaced 6 months ago with thermoplastic polyolefin, along with the second floor HVAC (2025), and the basement is fully waterproofed with a second sump pump. There is direct access from the attached garage to the first level unit. The HVAC in the bottom unit was replaced in 2021. Exposed brick runs throughout both units, and the entrance to the rooftop terrace is off of the second floor living/dining room area. Each unit is currently configured with 1 bedroom and 1 bathroom. The downstairs unit is spacious, offering the potential to add a second bedroom or use the front space as a storefront. The property is in impeccable condition and move-in ready. The lot size is 0.0695 acres, and the property size is 2905 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Petersburg
    County
    Petersburg
    State
    Virginia
    Longitude
    -77.406667
    Latitude
    37.23143

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use duplex in Old Towne Petersburg with retail and residential potential.
    Where is this mixed-use property located?
    The property is located at 124 W Bank St Petersburg, VA.
    What is the asking price?
    The asking price for this property is $399,000.
    What are key features of this property?
    This property features: - Prime downtown location in Old Towne Petersburg with B-3 zoning, allowing for retail and residential use.; - Enjoy the **rooftop terrace** and attached garage (convertible to a third unit).; - Recent upgrades include a new thermoplastic polyolefin roof (6 months ago), second floor HVAC (2025), and waterproofed basement with dual sump pumps.
    (804) 397-9901
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    124 W Bank St Petersburg, VA 23803
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    Petersburg, VA 23803
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    124 W Bank St Petersburg, VA 23803
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    We can help!
    Listing Contact
    Casey Toney
    Real Estate License ID: 0225264164
    (804) 397-9901 (804) 858-9000
    Learn more
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