Renovated Two-Unit
For Sale
$195,000
749 Mt Airy St, Petersburg, VA 23803
Fully occupied income property with separate residential units, tenant-paid utilities, and limited owner maintenance responsibilities.
Property Size1,296 SF
Price / SF$150.46
Days on Market15
Property Features for 749 Mt Airy St
General Information
Standard status
Active
Size
1,296 SF
Property subtype
Multi-Family
Occupancy
100%
Financials
Asking Price
$195,000
Gross Income
$22,500
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1974
Year Renovated
2014
Buildings
1
Tenancy
Multi
Listing Agency:
The Greene Realty Group
(804) 404-5566
Listed By:
The Elliott Real Estate Team
(804) 404-5566
Source:
Elliottreteam
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 30 at 4:39PM
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 The Greene Realty Group
Investment Insights
Based on property information with market context.
Located at 749 Mt Airy St in Petersburg, this two-unit residential property contains 1,296 square feet and was built in 1974, with renovation work completed in 2014. The front-to-back layout includes two separate units, each with 2 bedrooms, 1 full bathroom, baseboard electric heat, window A/C, an electric range, and a refrigerator. Vinyl siding and a solid roof complete the exterior improvements.
Both units are occupied, with tenants in place at closing, and the property is being offered as-is. Residents pay their own utilities, while the owner handles lawn maintenance. The existing configuration provides a straightforward rental setup with established occupancy and a documented operating arrangement.
Both units are occupied, with tenants in place at closing, and the property is being offered as-is. Residents pay their own utilities, while the owner handles lawn maintenance. The existing configuration provides a straightforward rental setup with established occupancy and a documented operating arrangement.
Key Highlights
- Two‑unit duplex at 749 Mt Airy St, Petersburg, VA 23803
- 1,296‑square‑foot property built in 1974
- Renovated in 2014
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
$17,100
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
8.77%
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%
$342,000
$342.0K
Cap Rate 7%
$244,286
$244.3K
Cap Rate 9%
$190,000
$190.0K
Market Conditions
NOI Build-Up for 1,296 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
$26.1K $20.16/SF
− Vacancy
−$1.7K −$1.31/SF
EGI
$24.4K $18.85/SF
− OpEx
−$7.3K −$5.65/SF
NOI
$17.1K $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%
$342,000
Cap Rate 7%
$244,286
Cap Rate 9%
$190,000
Alternative Uses
Best Use
Multifamily LT 5
$244.3K
$213.8K – $285.0K
NOI $17,100 @ 7.0% cap · market cap 8.77%
Second Best
Apartment 5plus
$229.4K
$200.7K – $267.6K
NOI $16,055 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$299.4K
$262.0K – $349.3K
NOI $20,959 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
266
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied income property with separate residential units, tenant-paid utilities, and limited owner maintenance responsibilities.
Where is this duplex located?
The property is located at 749 Mt Airy St Petersburg, VA.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: Two‑unit duplex at 749 Mt Airy St, Petersburg, VA 23803; 1,296‑square‑foot property built in 1974; Renovated in 2014
