Fully Renovated
For Sale
$380,000
115 Pine Street, Petersburg, VA 23803
Two updated residential units each provide three bedrooms and one-and-a-half bathrooms.
Property Size2,780 SF
Price / SF$136.69
Days on Market49
Property Features for 115 Pine Street
General Information
Standard status
Active
Size
2,780 SF
Property subtype
Residential Income
Zoning
R-3
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,682
Building Details
Building Size
2,780 SF
Year Built
1940
Year Renovated
2024
Stories
2
Listing Agency:
EXP Realty LLC
(703) 665-3362
Listed By:
Nathan Joyce · License #0225263129
(202) 570-2986
Source:
Freedom1realty
Added: Sep 12
Changed: Oct 29
Last Checked: Oct 29 at 10:08PM
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 EXP Realty LLC
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Investment Insights
Based on property information with market context.
This duplex contains two matching residential units, each configured with three bedrooms and one-and-a-half bathrooms. The 2,780-square-foot property was rebuilt from the studs in 2024, providing a substantially renewed building while retaining its original 1940 construction date.
Located at 115 Pine St in Petersburg, Virginia, the property offers a straightforward two-unit configuration for residential income use. The unit layouts and recent reconstruction provide a clear physical profile for evaluating the asset.
Located at 115 Pine St in Petersburg, Virginia, the property offers a straightforward two-unit configuration for residential income use. The unit layouts and recent reconstruction provide a clear physical profile for evaluating the asset.
Key Highlights
- Two‑unit duplex configuration
- Each unit has 3 bedrooms and 1.5 bathrooms
- 2,780 square feet across the property
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,440
Cap Rate
9.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$688,800
$688.8K
Cap Rate 7%
$492,000
$492.0K
Cap Rate 9%
$382,667
$382.7K
Market Conditions
NOI Build-Up for 2,780 SF
Gross rent
$66.1K $23.76/SF
− Vacancy
−$3.4K −$1.24/SF
EGI
$62.6K $22.52/SF
− OpEx
−$28.2K −$10.14/SF
NOI
$34.4K $12.39/SF
Area
Petersburg County, VA
Vacancy
5.20%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$688,800
Cap Rate 7%
$492,000
Cap Rate 9%
$382,667
Alternative Uses
Best Use
Multifamily LT 5
$524.0K
$458.5K – $611.4K
NOI $36,681 @ 7.0% cap · market cap 9.65%
Second Best
Apartment 5plus
$492.0K
$430.5K – $574.0K
NOI $34,440 @ 7.0% cap · market cap 9.06%
Theoretical Best
Office A
$642.3K
$562.0K – $749.3K
NOI $44,959 @ 7.0% cap · market cap 11.83%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,133
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two updated residential units each provide three bedrooms and one-and-a-half bathrooms.
Where is this duplex located?
The property is located at 115 Pine Street Petersburg, VA.
What is the asking price?
The asking price for this property is $380,000.
What are key features of this property?
This property features: Two‑unit duplex configuration; Each unit has 3 bedrooms and 1.5 bathrooms; 2,780 square feet across the property
