Waterfront
For Sale
$240,000
716 31st Street, Newport News, VA 23607
Multi Family Residential, Over/Under, Newport News, VA
Property Size1,680 SF
Price / SF$142.86
Days on Market123
Property Features for 716 31st Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R4
Subdivision
ALL OTHERS AREA 106
Elementary school
Magruder Elementary
Middle school
B.T. Washington Middle
Standard status
Active
Size
1,680 SF
Taxes and HOA fees
Tax Annual Amount
2691
Utilities
Water front features
Waterfront
Building Details
Year built
1940
Roof type
Shingle
Architectural style
Other
Listing Agency:
Atlantic Sothebys Int'l Realty · Sotheby's International Realty
(757) 777-9870
Listed By:
Kris Weaver
(757) 340-5555
Added: May 1
Changed: Aug 20
Last Checked: Aug 31 at 12:06PM
MLS# 10632720
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.
This 1,680-square-foot duplex in Newport News was built in 1940 and includes two residential units. Interior updates include durable LVP flooring, updated windows, and modern HVAC systems. Separate utility metering supports distinct unit-level consumption and management. The property also features a shingle roof and is identified as waterfront.
Located at 716 31st Street, the property is near major employers, the shipyard, and interstate access. Existing leases are reported to extend through 2027, providing an established occupancy arrangement for the two-unit residential asset.
Located at 716 31st Street, the property is near major employers, the shipyard, and interstate access. Existing leases are reported to extend through 2027, providing an established occupancy arrangement for the two-unit residential asset.
Key Highlights
- 1,680‑square‑foot duplex built in 1940
- Waterfront property at 716 31st Street, Newport News, VA 23607
- Separate utility metering for the units
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
$19,394
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
8.08%
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%
$387,880
$387.9K
Cap Rate 7%
$277,057
$277.1K
Cap Rate 9%
$215,489
$215.5K
Market Conditions
NOI Build-Up for 1,680 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
$29.2K $17.40/SF
− Vacancy
−$1.5K −$0.91/SF
EGI
$27.7K $16.49/SF
− OpEx
−$8.3K −$4.95/SF
NOI
$19.4K $11.54/SF
Area
Newport News, VA
Vacancy
5.22%
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%
$387,880
Cap Rate 7%
$277,057
Cap Rate 9%
$215,489
Alternative Uses
Best Use
Multifamily LT 5
$277.1K
$242.4K – $323.2K
NOI $19,394 @ 7.0% cap · market cap 8.08%
Second Best
Apartment 5plus
$247.0K
$216.1K – $288.2K
NOI $17,289 @ 7.0% cap · market cap 7.20%
Theoretical Best
Office A
$356.8K
$312.2K – $416.3K
NOI $24,976 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
497
Businesses Nearby
Explore this area
Business Placement
Demographics for 23607, VA
23,498
Population
10,764
Households
2.2
Avg Household Size
33
Median Age
14%
College-Educated
85%
High-School Grad
6.0 sq mi
ZIP Area
3,916
Density / Sq Mi
$42,904
Median Household Income
$33,746
Median Earnings
$1,104
Median Rent
$146,400
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 - Two-unit property with separately metered utilities, updated windows, and modern HVAC systems.
Where is this duplex located?
The property is located at 716 31st Street Newport News, VA.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: 1,680‑square‑foot duplex built in 1940; Waterfront property at 716 31st Street, Newport News, VA 23607; Separate utility metering for the units
