Updated Duplex With Separate Electric
For Sale
$164,900
2228 Tulip St, Lynchburg, VA 24504
Fully occupied duplex with refreshed finishes, individually metered electricity, and 1,680 square feet of living area.
Property Size1,680 SF
Price / SF$98.15
Days on Market118
Property Features for 2228 Tulip St
General Information
Standard status
Active
Size
1,680 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Gross Income
$19,800
Building Details
Tenancy
Multi
Listing Agency:
Keller Williams
(434) 534-9113
Listed By:
Noah Peter Gatto
Source:
Exprealty
Added: Apr 10
Changed: Aug 2
Last Checked: Aug 2 at 6:40AM
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 Keller Williams
Investment Insights
Based on property information with market context.
This 1,680-square-foot duplex at 2228 Tulip St in Lynchburg, Virginia, is fully occupied and configured as two residential units. Unit A is described as well maintained. The second-floor Unit B has received extensive updates, including kitchen countertops, cabinets, appliances, LVP flooring, fresh paint, a toilet, and a vanity. The building also has new exterior paint, giving the property a recently refreshed finish.
Separate electric meters serve the two units, while water is billed through a single meter. The combination of updated interiors, refreshed exterior finishes, and straightforward utility metering creates a clearly defined duplex configuration for continued residential use.
Separate electric meters serve the two units, while water is billed through a single meter. The combination of updated interiors, refreshed exterior finishes, and straightforward utility metering creates a clearly defined duplex configuration for continued residential use.
Key Highlights
- Fully occupied duplex at 2228 Tulip St, Lynchburg, VA
- 1,680 square feet configured as two residential units
- Second‑floor Unit B updated with kitchen finishes, appliances, LVP flooring, paint, toilet, and vanity
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 |
1,680 SF · lease $13.80/SF/yr · vacancy 10.36% · expense 30.00%
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
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
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 - Fully occupied duplex with refreshed finishes, individually metered electricity, and 1,680 square feet of living area.
Where is this duplex located?
The property is located at 2228 Tulip St 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: Fully occupied duplex at 2228 Tulip St, Lynchburg, VA; 1,680 square feet configured as two residential units; Second‑floor Unit B updated with kitchen finishes, appliances, LVP flooring, paint, toilet, and vanity
