Duplex With Separate Electric
For Sale
$164,900
2228 Tulip Street, Lynchburg, VA 24504
MULTI_FAMILY - Lynchburg, VA
Property Size1,680 SF
Lot Size0.12 Acres
Price / SF$98.15
Days on Market135
Property Features for 2228 Tulip Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bedroom 4, Bathroom 1, Bedroom 3, Bathroom 2
Parking features
On Street, Off Street
Subdivision
White Rock
Elementary school
WM Bass Elem
Middle school
Sandusky Midl
High school
Heritage High
Elementary school district
Lynchburg
Middle school district
Lynchburg
High school district
Lynchburg
Directions
End Of Main St. To R On Buena Vista, L On Tulip St. To House On Left
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
Legal Description
DAVIS ADD, BLK D 59, PT LOT F
Utilities
Heating system
Heat Pump (Heating), Space Heater
Cooling system
Heat Pump, Wall Unit(s)
Building Details
Year built
1917
Number of units
2
Listing Agency:
Keller Williams · Keller Williams Realty
(434) 534-9113
Listed By:
Noah Gatto
(434) 401-6785
Added: Apr 10
Changed: Aug 2
Last Checked: Aug 22 at 10:06AM
MLS# 365733
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.
Investment Insights
Based on property information with market context.
This duplex includes two residential units with separate electric meters for each unit and a single water meter. The property is fully occupied. The second-floor Unit B has been extensively updated with new kitchen countertops, cabinets, appliances, LVP flooring, fresh paint, and a new toilet and vanity. Unit A is described as beautifully maintained. The exterior has also received brand-new paint.
The property sits on a 0.1237-acre lot with 1,680 square feet and was built in 1917. Parking is available on street and off street. Heating is provided by heat pump (heating) and space heater, with cooling from a heat pump and wall unit(s).
Overall, the layout supports two separate, metered units with practical utilities and recent interior and exterior improvements.
The property sits on a 0.1237-acre lot with 1,680 square feet and was built in 1917. Parking is available on street and off street. Heating is provided by heat pump (heating) and space heater, with cooling from a heat pump and wall unit(s).
Overall, the layout supports two separate, metered units with practical utilities and recent interior and exterior improvements.
Key Highlights
- 0.1237‑acre lot with 1,680 SF and built in 1917
- Separate electric meters for each unit with a single water meter
- Unit B (second floor) updates include new kitchen countertops, cabinets, appliances, LVP flooring, paint, and new toilet and vanity
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
$14,547
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
8.82%
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%
$290,940
$290.9K
Cap Rate 7%
$207,814
$207.8K
Cap Rate 9%
$161,633
$161.6K
Market Conditions
NOI Build-Up for 1,680 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
$23.2K $13.80/SF
− Vacancy
−$2.4K −$1.43/SF
EGI
$20.8K $12.37/SF
− OpEx
−$6.2K −$3.71/SF
NOI
$14.5K $8.66/SF
Area
Lynchburg County, VA
Vacancy
10.36%
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%
$290,940
Cap Rate 7%
$207,814
Cap Rate 9%
$161,633
Alternative Uses
Best Use
Multifamily LT 5
$207.8K
$181.8K – $242.5K
NOI $14,547 @ 7.0% cap · market cap 8.82%
Second Best
Apartment 5plus
$190.5K
$166.7K – $222.3K
NOI $13,337 @ 7.0% cap · market cap 8.09%
Theoretical Best
Office A
$497.7K
$435.5K – $580.6K
NOI $34,836 @ 7.0% cap · market cap 21.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
92
Businesses Nearby
Explore this area
Business Placement
Demographics for 24504, VA
9,585
Population
5,206
Households
1.8
Avg Household Size
37
Median Age
24%
College-Educated
88%
High-School Grad
37.5 sq mi
ZIP Area
256
Density / Sq Mi
$50,739
Median Household Income
$34,265
Median Earnings
$998
Median Rent
$183,400
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 - Duplex with two electric meters, single water meter, and updated second-floor unit features plus off-street parking
Where is this duplex located?
The property is located at 2228 Tulip Street Lynchburg, VA.
What is the asking price?
The asking price for this property is $164,900.
What are key features of this property?
This property features: 0.1237‑acre lot with 1,680 SF and built in 1917; Separate electric meters for each unit with a single water meter; Unit B (second floor) updates include new kitchen countertops, cabinets, appliances, LVP flooring, paint, and new toilet and vanity
