Renovated
New
For Sale
$229,000
1108 6th Street, Petersburg, VA 23803
ResidentialIncome, Petersburg, VA
Property Size1,340 SF
Lot Size0.13 Acres
Price / SF$170.90
Days on Market3
Property Features for 1108 6th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-2
Elementary school
Cool Spring
Middle school
Vernon Johns
High school
Petersburg
Subdivision
57 - Petersburg
Standard status
Active
APN
013-150003
Size
1,340 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
EAST PETG LTS 8-9 BK 7
Tax Annual Amount
1668
Legal Description
EAST PETG LTS 8-9 BK 7
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1967
Floors in Building
1
Number of units
2
Building materials
Frame, VinylSiding
Roof type
Composition
Architectural style
Ranch
Listing Agency:
EXP Realty, LLC
(804) 729-5188
Listed By:
Rolandus Jackson · License #0225224531
(804) 605-1769
Added: Aug 27
Last Checked: Aug 29 at 10:06PM
MLS# 2623415
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 renovated duplex contains 1,340 square feet across two residential units, with each unit offering 2 bedrooms and 1 full bath. The single-story ranch-style property was built in 1967 and features frame construction, vinyl siding, and a composition roof.
The 0.1263-acre parcel is served by public water and public sewer. Located at 1108 6th Street in Petersburg, Virginia, the property provides a compact multifamily configuration with separate residential units under one roof.
The 0.1263-acre parcel is served by public water and public sewer. Located at 1108 6th Street in Petersburg, Virginia, the property provides a compact multifamily configuration with separate residential units under one roof.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bath in each unit
- 1,340 square feet on a 0.1263‑acre lot
- Renovated ranch‑style property built in 1967
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
$17,681
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
7.72%
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%
$353,620
$353.6K
Cap Rate 7%
$252,586
$252.6K
Cap Rate 9%
$196,456
$196.5K
Market Conditions
NOI Build-Up for 1,340 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
$27.0K $20.16/SF
− Vacancy
−$1.8K −$1.31/SF
EGI
$25.3K $18.85/SF
− OpEx
−$7.6K −$5.65/SF
NOI
$17.7K $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%
$353,620
Cap Rate 7%
$252,586
Cap Rate 9%
$196,456
Alternative Uses
Best Use
Multifamily LT 5
$252.6K
$221.0K – $294.7K
NOI $17,681 @ 7.0% cap · market cap 7.72%
Second Best
Apartment 5plus
$237.2K
$207.5K – $276.7K
NOI $16,601 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$309.6K
$270.9K – $361.2K
NOI $21,671 @ 7.0% cap · market cap 9.46%
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
238
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
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 - Ranch-style income property with public water and sewer service.
Where is this duplex located?
The property is located at 1108 6th Street Petersburg, VA.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bath in each unit; 1,340 square feet on a 0.1263‑acre lot; Renovated ranch‑style property built in 1967
