Historic Duplex with
New
For Sale
$329,900
242 S MAIN ST, Mount Crawford, VA 22841
Duplex Side/Side, MOUNT CRAWFORD, VA
Property Size2,005 SF
Lot Size0.39 Acres
Price / SF$164.54
Days on Market2
Property Features for 242 S MAIN ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-1 Low Density Residenti
Elementary school
John Wayland
Middle school
Wilbur S. Pence
High school
Turner Ashby
Directions
From Harrisonburg South on 11 to Mount Crawford , property on Left. Can enter from Back alley.
Subdivision
Rockingham
Standard status
Active
APN
137A-(A)-L70
Size
2,005 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Year
2021
Tax Annual Amount
770
Utilities
Heating system
Forced Air, Oil
Cooling system
Window Unit(s)
Amenities
fireplace
hardwood floors
covered patio
separate laundry
garage/workshop
Building Details
Year built
1772
Flooring type
Hardwood
Roof type
Metal, Composition
Listing Agency:
Old Dominion Realty Inc
Listed By:
John Bowman
(540) 433-2454
Added: Sep 14
Last Checked: Sep 15 at 2:06PM
MLS# 681909
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 1772-built duplex combines historic character with updated living space. The primary residence includes a family room, eat-in kitchen, full bathroom, two large upstairs bedrooms, hardwood flooring, and fireplaces in each room. The fireplaces are not currently wood-burning but may accommodate gas logs. A covered patio extends the living area outdoors.
The attached 600-square-foot apartment has one bedroom, one bathroom, a kitchen and living area, and its own entrance. It is currently leased, and a separate laundry area serves both units. A detached 20-by-24-foot garage/workshop provides additional functional space. Rear access is available from Crawford Avenue, with the property located near I-81 and Buc-ee's.
The attached 600-square-foot apartment has one bedroom, one bathroom, a kitchen and living area, and its own entrance. It is currently leased, and a separate laundry area serves both units. A detached 20-by-24-foot garage/workshop provides additional functional space. Rear access is available from Crawford Avenue, with the property located near I-81 and Buc-ee's.
Key Highlights
- 1772‑built duplex with preserved historic character
- Primary residence includes 2 bedrooms, 1 full bathroom, hardwood floors, and multiple fireplaces
- Attached 600 SF 1‑bedroom apartment with separate entrance
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
$18,109
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
5.49%
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%
$362,180
$362.2K
Cap Rate 7%
$258,700
$258.7K
Cap Rate 9%
$201,211
$201.2K
Market Conditions
NOI Build-Up for 2,005 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
$27.7K $13.80/SF
− Vacancy
−$1.8K −$0.90/SF
EGI
$25.9K $12.90/SF
− OpEx
−$7.8K −$3.87/SF
NOI
$18.1K $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%
$362,180
Cap Rate 7%
$258,700
Cap Rate 9%
$201,211
Alternative Uses
Best Use
Multifamily LT 5
$258.7K
$226.4K – $301.8K
NOI $18,109 @ 7.0% cap · market cap 5.49%
Second Best
Apartment 5plus
$236.1K
$206.6K – $275.4K
NOI $16,525 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$604.2K
$528.7K – $705.0K
NOI $42,297 @ 7.0% cap · market cap 12.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
50
Businesses Nearby
Explore this area
Business Placement
Demographics for 22841, VA
3,047
Population
1,269
Households
2.4
Avg Household Size
42
Median Age
27%
College-Educated
91%
High-School Grad
30.1 sq mi
ZIP Area
101
Density / Sq Mi
$75,978
Median Household Income
$43,013
Median Earnings
$1,172
Median Rent
$358,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Renovated period-style duplex with a separate one-bedroom apartment, covered patio, and detached garage/workshop.
Where is this duplex located?
The property is located at 242 S MAIN ST Mount Crawford, VA.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: 1772‑built duplex with preserved historic character; Primary residence includes 2 bedrooms, 1 full bathroom, hardwood floors, and multiple fireplaces; Attached 600 SF 1‑bedroom apartment with separate entrance
