2228 Tulip Street, Lynchburg, VA 24504
MULTI_FAMILY - Lynchburg, VA
- Added:
- Apr 10, 2026
- Days on Market:
- 90
- Last Refresh:
- Jul 8 at 12:06 am
Property Features for 2228 Tulip Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Bedroom 2, Bedroom 4, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 3
- Parking features
- On Street, Off Street
- Standard status
- Active
- APN
- 04707025
- Size
- 1,680 SF
- Lot size
- 0.12 Acres
Taxes and HOA fees
- Tax Description
- DAVIS ADD, BLK D 59, PT LOT F
- Tax Annual Amount
- 267
Utilities
- Heating system
- Heat Pump (Heating), Space Heater
- Cooling system
- Wall Unit(s), Heat Pump
Building Details
- Year built
- 1917
- Number of units
- 2
Listing agent Noah Gatto (434) 401-6785
Listing office Keller Williams 1179A Vista Park Dr, Forest, VA (434) 534-9113
Listing date Apr 10, 2026
Copyright © 2026 Lynchburg Virginia MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Lynchburg duplex fully occupied and cash‑flowing, generating $1,650/month ($850 Unit A, $800 Unit B)
- Unit B has been extensively updated with new kitchen countertops and cabinets, appliances, LVP flooring, fresh paint, plus a new toilet and vanity
- Separate electric meters for each unit; single water meter for the property
- Year built 1917 duplex with heat pump heating and cooling plus wall units
- Parking available with both on‑street and off‑street parking
- Brand‑new exterior paint on the duplex
Overview
The property is located at 2228 Tulip Street in Lynchburg, Virginia (24504). The lot size is 0.1237 acres, and the building size is 1,680 square feet.
For buyers looking for an income-producing residential duplex, the current in-place occupancy and recent interior and exterior updates can support lower near-term maintenance needs. The separate electric metering can also simplify utility handling between tenants while keeping water centralized through one meter.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $23.2k | $13.80 |
| − Vacancy | −$2.4k | −$1.43 |
| EGI | $20.8k | $12.37 |
| − OpEx | −$6.2k | −$3.71 |
| NOI | $14.5k | $8.66 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Lynchburg
- County
- Lynchburg
- State
- Virginia
- Longitude
- -79.132548
- Latitude
- 37.401705
