Two-Story Duplex with Water
For Sale
$419,900
226 S Willard Avenue, Hampton, VA 23663
Multi Family Residential, Converted S.F., Over/Under, Hampton, VA
Property Size2,740 SF
Price / SF$153.25
Days on Market72
Property Features for 226 S Willard Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R13
Subdivision
PHOEBUS
Lot features
Corner
Elementary school
Jane H. Bryan Elementary
Middle school
C. Alton Lindsay Middle
Directions
Use GPS
Standard status
Active
Size
2,740 SF
Taxes and HOA fees
Tax Annual Amount
4690
Utilities
Water front features
Creek
Water front
1
Building Details
Year built
1893
Roof type
Slate, Shingle
Architectural style
Other
Listing Agency:
EXP Realty LLC
(866) 825-7169
Listed By:
Joyclyn Kananen
(866) 825-7169
Added: Jun 18
Changed: Aug 28
Last Checked: Aug 28 at 7:06PM
MLS# 10640266
Copyright © 2026 Real Estate Information Network, Inc. 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.
Built in 1893, this two-story duplex contains 2,740 square feet and is arranged as two three-bedroom, one-bath units. The property includes hardwood flooring, high ceilings, built-in bookshelves, ceramic-tiled bathrooms, and double covered porches. A detached garage adds functional storage or parking space, while the upper porch and top deck offer partial views of Mill Creek and the Bay.
The home occupies a corner lot in historic Phoebus, near downtown Phoebus, Fort Monroe, and Buckroe Beach. R13 zoning supports the current residential configuration. The property may also be converted to a single-family residence with six bedrooms and two full baths, as reflected in its existing layout. It is offered as-is, with paint and ceiling drywall repairs needed in the upper unit following a previous leak.
The home occupies a corner lot in historic Phoebus, near downtown Phoebus, Fort Monroe, and Buckroe Beach. R13 zoning supports the current residential configuration. The property may also be converted to a single-family residence with six bedrooms and two full baths, as reflected in its existing layout. It is offered as-is, with paint and ceiling drywall repairs needed in the upper unit following a previous leak.
Key Highlights
- 2,740 SF two‑story duplex built in 1893
- Two units, each with 3 bedrooms and 1 full bath
- Partial Mill Creek and Bay views from the upper porch and top deck
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,638
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.53%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$632,760
$632.8K
Cap Rate 7%
$451,971
$452.0K
Cap Rate 9%
$351,533
$351.5K
Market Conditions
NOI Build-Up for 2,740 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$47.7K $17.40/SF
− Vacancy
−$2.5K −$0.90/SF
EGI
$45.2K $16.50/SF
− OpEx
−$13.6K −$4.95/SF
NOI
$31.6K $11.55/SF
Area
Hampton, VA
Vacancy
5.20%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$632,760
Cap Rate 7%
$451,971
Cap Rate 9%
$351,533
Alternative Uses
Best Use
Multifamily LT 5
$452.0K
$395.5K – $527.3K
NOI $31,638 @ 7.0% cap · market cap 7.53%
Second Best
Apartment 5plus
$417.2K
$365.1K – $486.8K
NOI $29,206 @ 7.0% cap · market cap 6.96%
Theoretical Best
Office A
$712.6K
$623.5K – $831.3K
NOI $49,879 @ 7.0% cap · market cap 11.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
596
Businesses Nearby
Explore this area
Business Placement
Demographics for 23663, VA
13,374
Population
6,246
Households
2.1
Avg Household Size
37
Median Age
17%
College-Educated
92%
High-School Grad
2.8 sq mi
ZIP Area
4,776
Density / Sq Mi
$59,397
Median Household Income
$34,665
Median Earnings
$1,248
Median Rent
$187,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Corner-lot duplex with double covered porches, a detached garage, and partial views toward Mill Creek and the Bay.
Where is this duplex located?
The property is located at 226 S Willard Avenue Hampton, VA.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: 2,740 SF two‑story duplex built in 1893; Two units, each with 3 bedrooms and 1 full bath; Partial Mill Creek and Bay views from the upper porch and top deck
