Two-House Residential Income
For Sale
$214,900
Pending
120 & 114 N CENTRAL ST, Broadway, VA 22815
MULTI_FAMILY - BROADWAY, VA
Property Size1,925 SF
Lot Size0.20 Acres
Days on Market138
Property Features for 120 & 114 N CENTRAL ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
B-1 Business General
Elementary school
John C. Meyers
Middle school
J. Frank Hillyard
High school
Broadway
Directions
From Harrisonburg take 42 North to Broadway. 42 becomes S Main St. Turn right on Broadway Ave, left on N Central St and houses will be on your left.
Subdivision
Rockingham
Standard status
Pending
APN
51A1-(A)- L73
Size
1,925 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
980
Utilities
Heating system
Forced Air, Propane (Heating), Natural Gas
Building Details
Year built
1932
Flooring type
Carpet, Vinyl, Laminate
Roof type
Metal
Listing Agency:
Old Dominion Realty Crossroads
(540) 433-2106
Listed By:
Theresa Kehm · License #0225206508
(540) 433-2454
Added: Apr 1
Changed: Aug 13
Last Checked: Aug 16 at 6:06AM
MLS# 675193
Copyright © 2026 Harrisonburg-Rockingham Association of Realtors. 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 residential income property consists of two separate houses on a single lot. The larger 2-story home provides 4 bedrooms and 1.5 bathrooms with a living room and eat-in kitchen. The smaller dwelling includes 2 bedrooms and 1 bathroom, plus a living room and kitchen with a dedicated laundry area. Several updates are noted, including roof painting in 2017, recently added blown-in insulation in the attics, insulation improvements in the crawlspace, and spray foam insulation under the bathroom in the 2-story house. Additional interior items include a new dishwasher and laminate flooring in the kitchen, and replacement windows in the 2-story home. The property is offered for sale “AS IS.”
Both houses are currently occupied by long-term renters on month-to-month leases, supporting an owner-operator or investor who wants to avoid immediate leasing transitions. The property is zoned B-1 Business General.
For buyers looking for a compact multi-house rental structure, the floorplans provide separate bedroom mixes across two dwellings on one lot, with multiple room configurations already in place. Given the month-to-month tenancy and the listed improvements, this is a practical option for those seeking an income-producing residential setup that can be managed as-is.
Both houses are currently occupied by long-term renters on month-to-month leases, supporting an owner-operator or investor who wants to avoid immediate leasing transitions. The property is zoned B-1 Business General.
For buyers looking for a compact multi-house rental structure, the floorplans provide separate bedroom mixes across two dwellings on one lot, with multiple room configurations already in place. Given the month-to-month tenancy and the listed improvements, this is a practical option for those seeking an income-producing residential setup that can be managed as-is.
Key Highlights
- Two houses on one lot; both currently have long‑term renters on month‑to‑month leases
- Larger 2‑story home: 1,361 SF with 4 bedrooms and 1.5 bathrooms, including living room and eat‑in kitchen
- Smaller dwelling: 564 SF with 2 bedrooms and 1 bathroom, including living room and kitchen with laundry area
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
$17,387
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
8.09%
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%
$347,740
$347.7K
Cap Rate 7%
$248,386
$248.4K
Cap Rate 9%
$193,189
$193.2K
Market Conditions
NOI Build-Up for 1,925 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
$26.6K $13.80/SF
− Vacancy
−$1.7K −$0.90/SF
EGI
$24.8K $12.90/SF
− OpEx
−$7.5K −$3.87/SF
NOI
$17.4K $9.03/SF
Area
Rockingham County, VA
Vacancy
6.50%
Lease Rate
$13.80 /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%
$347,740
Cap Rate 7%
$248,386
Cap Rate 9%
$193,189
Alternative Uses
Best Use
Multifamily LT 5
$248.4K
$217.3K – $289.8K
NOI $17,387 @ 7.0% cap · market cap 8.09%
Second Best
Apartment 5plus
$226.6K
$198.3K – $264.4K
NOI $15,865 @ 7.0% cap · market cap 7.38%
Theoretical Best
Office A
$580.1K
$507.6K – $676.8K
NOI $40,610 @ 7.0% cap · market cap 18.90%
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
222
Businesses Nearby
Explore this area
Business Placement
Demographics for 22815, VA
9,083
Population
3,957
Households
2.3
Avg Household Size
41
Median Age
25%
College-Educated
85%
High-School Grad
70.9 sq mi
ZIP Area
128
Density / Sq Mi
$70,598
Median Household Income
$40,829
Median Earnings
$1,005
Median Rent
$249,700
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 - Two rental dwellings on one lot with month-to-month tenants offer a straightforward income-focused residential setup.
Where is this duplex located?
The property is located at 120 & 114 N CENTRAL ST Broadway, VA.
What is the asking price?
The asking price for this property is $214,900.
What are key features of this property?
This property features: Two houses on one lot; both currently have long‑term renters on month‑to‑month leases; Larger 2‑story home: 1,361 SF with 4 bedrooms and 1.5 bathrooms, including living room and eat‑in kitchen; Smaller dwelling: 564 SF with 2 bedrooms and 1 bathroom, including living room and kitchen with laundry area
