Renovated Duplex with Two
For Sale
$195,000
749 Mt Airy Street, Petersburg, VA 23803
ResidentialIncome, Petersburg, VA
Property Size1,296 SF
Lot Size0.12 Acres
Price / SF$150.46
Days on Market29
Property Features for 749 Mt Airy Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-3
Interior features
PanelingWainscoting
Appliances
ElectricWaterHeater
View
City
Elementary school
Pleasants Lane
Middle school
Vernon Johns
High school
Petersburg
Directions
Take Halifax St. south, then a Right on Youngs Rd, then a Right on Arlington Rd and then a Left on Mt. Airy St.. Property on the Right.
Subdivision
57 - Petersburg
Standard status
Active
APN
030-210019
Size
1,296 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PT LT 13 PLAT MRS HARRISLOTS41 X 120-125
Tax Annual Amount
1234
Legal Description
PT LT 13 PLAT MRS HARRISLOTS41 X 120-125
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1974
Floors in Building
1
Number of units
2
Building materials
Drywall, Frame, VinylSiding
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Weichert Brockwell & Associate
(804) 518-0500
Listed By:
Matt Smith · License #0225178533
(804) 366-0200
Added: Aug 15
Changed: Aug 25
Last Checked: Sep 12 at 5:06AM
MLS# 2622296
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.
Investment Insights
Based on property information with market context.
This ranch-style duplex at 749 Mt Airy Street contains 1,296 square feet within a 0.1158-acre parcel. Constructed in 1974 and renovated in 2014, the property is arranged as two residences, each with 2 bedrooms, 1 full bathroom, baseboard electric heat, window A/C, an electric range, and a refrigerator. Vinyl siding, a shingle roof, frame construction, and drywall contribute to the building’s existing improvements.
Both units are occupied, and tenants pay the property’s utilities. The owner handles lawn maintenance. Public water and public sewer serve the property, which is located in Petersburg, VA 23803. The sale is offered as-is with both tenants in place.
Both units are occupied, and tenants pay the property’s utilities. The owner handles lawn maintenance. Public water and public sewer serve the property, which is located in Petersburg, VA 23803. The sale is offered as-is with both tenants in place.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bathroom per residence
- 1,296 square feet on a 0.1158‑acre parcel
- Renovated in 2014; originally built in 1974
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
$17,100
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
8.77%
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%
$342,000
$342.0K
Cap Rate 7%
$244,286
$244.3K
Cap Rate 9%
$190,000
$190.0K
Market Conditions
NOI Build-Up for 1,296 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
$26.1K $20.16/SF
− Vacancy
−$1.7K −$1.31/SF
EGI
$24.4K $18.85/SF
− OpEx
−$7.3K −$5.65/SF
NOI
$17.1K $13.19/SF
Area
Petersburg County, VA
Vacancy
6.50%
Lease Rate
$20.16 /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%
$342,000
Cap Rate 7%
$244,286
Cap Rate 9%
$190,000
Alternative Uses
Best Use
Multifamily LT 5
$244.3K
$213.8K – $285.0K
NOI $17,100 @ 7.0% cap · market cap 8.77%
Second Best
Apartment 5plus
$229.4K
$200.7K – $267.6K
NOI $16,055 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$299.4K
$262.0K – $349.3K
NOI $20,959 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
266
Businesses Nearby
Explore this area
Business Placement
Demographics for 23803, VA
44,377
Population
19,826
Households
2.2
Avg Household Size
36
Median Age
24%
College-Educated
88%
High-School Grad
72.2 sq mi
ZIP Area
615
Density / Sq Mi
$55,820
Median Household Income
$35,122
Median Earnings
$1,132
Median Rent
$208,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Duplex - Fully occupied two-bedroom units with tenant-paid utilities and public water and sewer service.
Where is this duplex located?
The property is located at 749 Mt Airy Street Petersburg, VA.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bathroom per residence; 1,296 square feet on a 0.1158‑acre parcel; Renovated in 2014; originally built in 1974
