Side-by-Side
For Sale
$194,900
1038 28th St, Newport News, VA 23607
Two residential units each offer two bedrooms and one full bathroom in a longstanding multifamily property.
Property Size1,200 SF
Price / SF$162.42
Days on Market148
Property Features for 1038 28th St
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1925
Listing Agency:
RE/MAX Capital
Listed By:
Crush Real State Group
(757) 690-2300
Source:
Wesellhamptonroadsva
Added: May 28
Changed: Oct 21
Last Checked: Oct 20 at 7:56PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Capital
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Investment Insights
Based on property information with market context.
Built in 1925, this 1,200-square-foot duplex contains two side-by-side residential units. Each unit is configured with two bedrooms and one full bathroom, providing a straightforward layout for multifamily ownership. The property is located at 1038 28th Street in Newport News, Virginia 23607. Both units have been occupied, adding established use to the property’s existing two-unit configuration.
Key Highlights
- Two side‑by‑side residential units
- Each unit includes 2 bedrooms and 1 full bathroom
- 1,200 square feet of total property size
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,853
Cap Rate
7.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$277,060
$277.1K
Cap Rate 7%
$197,900
$197.9K
Cap Rate 9%
$153,922
$153.9K
Market Conditions
NOI Build-Up for 1,200 SF
Gross rent
$20.9K $17.40/SF
− Vacancy
−$1.1K −$0.91/SF
EGI
$19.8K $16.49/SF
− OpEx
−$5.9K −$4.95/SF
NOI
$13.9K $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 Rate 5%
$277,060
Cap Rate 7%
$197,900
Cap Rate 9%
$153,922
Alternative Uses
Best Use
Multifamily LT 5
$197.9K
$173.2K – $230.9K
NOI $13,853 @ 7.0% cap · market cap 7.11%
Second Best
Apartment 5plus
$176.4K
$154.4K – $205.8K
NOI $12,349 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$254.9K
$223.0K – $297.3K
NOI $17,840 @ 7.0% cap · market cap 9.15%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
366
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units each offer two bedrooms and one full bathroom in a longstanding multifamily property.
Where is this duplex located?
The property is located at 1038 28th St Newport News, VA.
What is the asking price?
The asking price for this property is $194,900.
What are key features of this property?
This property features: Two side‑by‑side residential units; Each unit includes 2 bedrooms and 1 full bathroom; 1,200 square feet of total property size
