Duplex with Renovated Lower
For Sale
$385,000
Pending
3 N Daisy Avenue, Highland Springs, VA 23075
ResidentialIncome, Highland Springs, VA
Property Size2,550 SF
Lot Size0.13 Acres
Days on Market94
Property Features for 3 N Daisy Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R4
Parking features
Off Street, Paved or Surfaced, Driveway
Patio and Porch features
Porch, Deck
Exterior features
UnpavedDriveway
Fencing
Fenced
Appliances
ElectricWaterHeater
Subdivision
Highland Springs
Elementary school
Fair Oaks
Middle school
Elko
High school
Highland Springs
Directions
Off Nine Mile Rd
Standard status
Pending
APN
822-725-3034
Size
2,550 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HIGHLAND SPRINGS SC 1 BL D LT 7 11 A1 2
Tax Annual Amount
2431
Legal Description
HIGHLAND SPRINGS SC 1 BL D LT 7 11 A1 2
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
washer/dryer
Building Details
Year built
1937
Floors in Building
2
Number of units
2
Building materials
Asbestos, Brick, Drywall
Roof type
Metal
Architectural style
Other
Listing Agency:
Joyner Fine Properties
(804) 270-9440
Listed By:
Treva Thomas · License #0225217556
(804) 334-4735
Added: Jun 24
Changed: Sep 12
Last Checked: Sep 25 at 4:06AM
MLS# 2616425
Copyright © 2026 Central Virginia Regional Multiple Listing Service. 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 2,550-square-foot duplex contains two three-bedroom, one-bath units, each measuring 1,275 square feet. The lower residence was fully renovated in 2025 with updated paint, LVP flooring, a new kitchen, a new bathroom, seven replacement windows, and a new water heater. The upper unit has been occupied by the same tenant for 3 years. Both residences include washer and dryer access.
Recent property improvements include a new HVAC unit, metal roof, sewer main with cleanout, and partial fencing. The 0.1261-acre parcel also provides a porch, deck, paved and off-street parking, driveway access, and public water and sewer service. The owner covers water, while tenants pay the remaining utilities. Built in 1937, the property is located in Highland Springs, Virginia.
Recent property improvements include a new HVAC unit, metal roof, sewer main with cleanout, and partial fencing. The 0.1261-acre parcel also provides a porch, deck, paved and off-street parking, driveway access, and public water and sewer service. The owner covers water, while tenants pay the remaining utilities. Built in 1937, the property is located in Highland Springs, Virginia.
Key Highlights
- 2,550 SF duplex with two 1,275 SF units
- Each unit has 3 bedrooms and 1 full bath
- Lower unit completely renovated in 2025
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
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Open 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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with public water and sewer, off-street parking, and separate washer and dryer access.
Where is this duplex located?
The property is located at 3 N Daisy Avenue 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 SF duplex with two 1,275 SF units; Each unit has 3 bedrooms and 1 full bath; Lower unit completely renovated in 2025
