Renovated
New
For Sale
$380,000
115 Pine Street, Petersburg, VA 23803
ResidentialIncome, Petersburg, VA
Property Size2,780 SF
Lot Size0.20 Acres
Price / SF$136.69
Days on Market3
Property Features for 115 Pine Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-3
Subdivision
Folly Castle
Elementary school
Cool Spring
Middle school
Vernon Johns
High school
Petersburg
Standard status
Active
APN
023-300002
Size
2,780 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
57X150
Tax Annual Amount
2682
Legal Description
57X150
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1940
Floors in Building
2
Building materials
VinylSiding, WoodSiding
Roof type
Shingle
Architectural style
Other
Listing Agency:
EXP Realty LLC
(703) 665-3362
Listed By:
Nathan Joyce · License #0225263129
(202) 570-2986
Added: Sep 12
Changed: Sep 13
Last Checked: Sep 14 at 9:06PM
MLS# 2625023
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 duplex contains two residential units, each configured with 3 bedrooms and 1.5 bathrooms. The 2,780-square-foot property was rebuilt from the studs in 2024, providing substantially updated interiors within a two-unit configuration. Original construction dates to 1940.
The property occupies 0.1963 acres and is served by public water and public sewer. Exterior features include vinyl and wood siding, along with a shingle roof. Located in Petersburg, Virginia, the asset is suited to residential income use.
The property occupies 0.1963 acres and is served by public water and public sewer. Exterior features include vinyl and wood siding, along with a shingle roof. Located in Petersburg, Virginia, the asset is suited to residential income use.
Key Highlights
- Rebuilt from the studs in 2024
- Two units, each with 3 bedrooms and 1.5 bathrooms
- 2,780 square feet on 0.1963 acres
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
$34,440
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
9.06%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,133
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
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Two-unit residential property with updated interiors and separate three-bedroom layouts.
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: Rebuilt from the studs in 2024; Two units, each with 3 bedrooms and 1.5 bathrooms; 2,780 square feet on 0.1963 acres
