Renovated Duplex with Accessory
For Sale
$339,000
Pending
240 HIGH ST, Dayton, VA 22821
Detached, DAYTON, VA
Property Size1,498 SF
Lot Size0.24 Acres
Days on Market92
Property Features for 240 HIGH ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Town
Elementary school
Mountain View (Rockingham)
Middle school
Wilbur S. Pence
High school
Turner Ashby
Directions
From Harrisonburg: Rt 42 S. Turn Right on Eberly Rd. Turn Left onto College St. Quick Right onto Bowman Rd. Left onto Hight St. Property is on the left side of the road before you reach Thompson St.
Subdivision
Rockingham
Standard status
Pending
APN
107 D2 A 46
Size
1,498 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
1595
Utilities
Heating system
Electric (Heating)
Cooling system
Zoned, Ductless
Amenities
deck
high ceilings
original hardwood floors
accessory building with wood stove
Building Details
Year built
1920
Flooring type
Hardwood, Vinyl
Roof type
Composition
Listing Agency:
Heritage Real Estate Co
(540) 820-1634
Listed By:
Angela Andrews · License #0225181658
(540) 476-0376
Added: Jun 8
Changed: Sep 5
Last Checked: Sep 7 at 7:06PM
MLS# 678192
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 1,498-square-foot duplex contains two separate residential units. One offers one bedroom and one bathroom and has been fully renovated. The second includes two bedrooms and one bathroom, along with a deck, high ceilings, and some original hardwood flooring. Hardwood and vinyl flooring are present, with electric heat and zoned ductless cooling. The property was built in 1920 and has a composition roof.
The 0.24-acre property is located at 240 High St in Dayton, Virginia, with Town zoning. Both units are occupied under month-to-month tenancies. An accessory building adds utility to the site and includes a wood stove.
The 0.24-acre property is located at 240 High St in Dayton, Virginia, with Town zoning. Both units are occupied under month-to-month tenancies. An accessory building adds utility to the site and includes a wood stove.
Key Highlights
- Two‑unit duplex with 1,498 square feet of property size
- One‑bedroom, one‑bath unit has been fully renovated
- Second unit offers 2 bedrooms, 1 bath, a deck, high ceilings, and some original hardwood floors
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
$13,530
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
3.99%
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%
$270,600
$270.6K
Cap Rate 7%
$193,286
$193.3K
Cap Rate 9%
$150,333
$150.3K
Market Conditions
NOI Build-Up for 1,498 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
$20.7K $13.80/SF
− Vacancy
−$1.3K −$0.90/SF
EGI
$19.3K $12.90/SF
− OpEx
−$5.8K −$3.87/SF
NOI
$13.5K $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%
$270,600
Cap Rate 7%
$193,286
Cap Rate 9%
$150,333
Alternative Uses
Best Use
Multifamily LT 5
$193.3K
$169.1K – $225.5K
NOI $13,530 @ 7.0% cap · market cap 3.99%
Second Best
Apartment 5plus
$176.4K
$154.3K – $205.8K
NOI $12,346 @ 7.0% cap · market cap 3.64%
Theoretical Best
Office A
$451.5K
$395.0K – $526.7K
NOI $31,602 @ 7.0% cap · market cap 9.32%
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
171
Businesses Nearby
Explore this area
Business Placement
Demographics for 22821, VA
5,848
Population
2,493
Households
2.3
Avg Household Size
39
Median Age
23%
College-Educated
78%
High-School Grad
72.5 sq mi
ZIP Area
81
Density / Sq Mi
$81,667
Median Household Income
$38,424
Median Earnings
$979
Median Rent
$252,000
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 residential units include a renovated one-bedroom layout and a two-bedroom unit with a deck and original hardwood details.
Where is this duplex located?
The property is located at 240 HIGH ST Dayton, VA.
What is the asking price?
The asking price for this property is $339,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,498 square feet of property size; One‑bedroom, one‑bath unit has been fully renovated; Second unit offers 2 bedrooms, 1 bath, a deck, high ceilings, and some original hardwood floors
