Spacious Duplex with Two
For Sale
$385,000
3 N Daisy Ave, Highland Springs, VA 23075
Two residential units offer separate entrances, flexible occupancy, and a lower-level suite with recent bathroom and interior updates.
Property Size2,550 SF
Price / SF$150.98
Days on Market95
Property Features for 3 N Daisy Ave
General Information
Standard status
Active
Size
2,550 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
still in need of a little TLC
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1937
Buildings
1
Listing Agency:
Joyner Fine Properties
(804) 475-4668
Listed By:
Treva Thomas · License #0225233226
Source:
Riverfoxrealty
Added: May 29
Changed: Aug 31
Last Checked: Aug 30 at 8:14PM
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 Joyner Fine Properties
Investment Insights
Based on property information with market context.
This 2,550-square-foot duplex contains two residential units, each arranged with a living room, dining room, kitchen, three bedrooms, and one full bathroom. Separate front and rear entrances serve both units. The bottom-floor residence is vacant and includes a remodeled bathroom, new drywall, and new paint, while remaining work allows for further customization. The upper unit is occupied under a month-to-month arrangement.
The property is located at 3 N Daisy Avenue in VA 23075, within 10 minutes of Richmond City and on the bus line. Parking is also identified as part of the property’s appeal. Built in 1937, the two-unit configuration provides flexibility for an owner-occupant or an investor seeking a residential income property.
The property is located at 3 N Daisy Avenue in VA 23075, within 10 minutes of Richmond City and on the bus line. Parking is also identified as part of the property’s appeal. Built in 1937, the two-unit configuration provides flexibility for an owner-occupant or an investor seeking a residential income property.
Key Highlights
- 2,550‑square‑foot duplex with two residential units
- Each unit includes 3 bedrooms and 1 full bathroom
- Separate front and rear entrances for both units
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
$31,244
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
8.12%
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%
$624,880
$624.9K
Cap Rate 7%
$446,343
$446.3K
Cap Rate 9%
$347,156
$347.2K
Market Conditions
NOI Build-Up for 2,550 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
$49.3K $19.32/SF
− Vacancy
−$4.6K −$1.82/SF
EGI
$44.6K $17.50/SF
− OpEx
−$13.4K −$5.25/SF
NOI
$31.2K $12.25/SF
Area
Henrico County, VA
Vacancy
9.40%
Lease Rate
$19.32 /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%
$624,880
Cap Rate 7%
$446,343
Cap Rate 9%
$347,156
Alternative Uses
Best Use
Multifamily LT 5
$446.3K
$390.6K – $520.7K
NOI $31,244 @ 7.0% cap · market cap 8.12%
Second Best
Apartment 5plus
$387.8K
$339.3K – $452.4K
NOI $27,143 @ 7.0% cap · market cap 7.05%
Theoretical Best
Specialty Retail
$665.2K
$582.1K – $776.1K
NOI $46,564 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
256
Businesses Nearby
Explore this area
Business Placement
Demographics for 23075, VA
10,236
Population
3,796
Households
2.7
Avg Household Size
38
Median Age
22%
College-Educated
89%
High-School Grad
4.6 sq mi
ZIP Area
2,225
Density / Sq Mi
$50,947
Median Household Income
$34,407
Median Earnings
$1,252
Median Rent
$198,900
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 offer separate entrances, flexible occupancy, and a lower-level suite with recent bathroom and interior updates.
Where is this duplex located?
The property is located at 3 N Daisy Ave Highland Springs, VA.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 2,550‑square‑foot duplex with two residential units; Each unit includes 3 bedrooms and 1 full bathroom; Separate front and rear entrances for both units
