Newport News Duplex
716 31st Street Newport News, VA 23607
716 31st Street, Newport News, VA, 23607
$240,000
For Sale
$240,000
MULTI_FAMILY - Newport News, VA
Property Size1,680 SF
Price / SF$142.86
Days on Market77
Property Features for 716 31st Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R4
- 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
(757) 777-9870
4416 Expressway Dr., Virginia Beach, VA
Listed by
Kris Weaver
(757) 340-5555
Added: May 1 Checked: Jul 16 at 4:06 pm
MLS# 10632720
Listing URL
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Investment Insights
Based on property information with market context.
This well-maintained duplex is an investor opportunity located in the heart of Newport News. The property is a perfect addition to a rental portfolio, with leases already secured through 2027, providing immediate and stable cash flow. Each unit features durable LVP flooring, updated windows, and modern HVAC systems. The property offers low-maintenance ownership and tenant comfort. Utilities are separately metered, maximizing efficiency and simplifying management. The property is conveniently located near major employers, a shipyard, and interstate access, making it an attractive option for long-term tenants. The property is zoned R4 and has a size of 1680 square feet. This is a turnkey income-producing property.
Key Highlights
- Leases secured through 2027, providing immediate and stable cash flow.
- Turnkey income‑producing duplex in a desirable location.
- Low‑maintenance ownership due to LVP flooring, updated windows, and modern HVAC systems.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $29.2k | $17.40 |
| − Vacancy | −$1.5k | −$0.91 |
| EGI | $27.7k | $16.49 |
| − OpEx | −$8.3k | −$4.95 |
| NOI | $19.4k | $11.54 |
1,680 SF · lease $17.40/SF/yr · vacancy 5.22% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Well-maintained duplex with leases secured through 2027 in Newport News.
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: Leases secured through 2027, providing immediate and stable cash flow.; Turnkey income‑producing duplex in a desirable location.; Low‑maintenance ownership due to LVP flooring, updated windows, and modern HVAC systems.
