Renovated
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 Market49
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: Oct 30 at 12:06PM
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.
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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 / 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-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
