Renovated Duplex With Two 3BR
For Sale
$399,000
3 N Daisy Avenue, Highland Springs, VA 23075
MULTI_FAMILY - Other - Highland Springs, VA
Property Size2,550 SF
Lot Size0.13 Acres
Price / SF$156.47
Days on Market50
Property Features for 3 N Daisy Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R4
Parking features
Paved or Surfaced, Off Street, Driveway
Patio and Porch features
Deck, Porch
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
Active
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: Aug 6
Last Checked: Aug 12 at 11:06AM
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 income-producing duplex offers two separate 3-bedroom, one-bath units. Unit 1 is downstairs and Unit 2 is upstairs, and both have 1,275 SF. Unit 1 was completely renovated in 2025 with fresh paint, new LVP floors, a new kitchen, a renovated bathroom, 7 new windows, and a new water heater. Both units include washer/dryer. The tenant in Unit 2 has been in place for 3 years. Owner pays water, while tenants pay all other utilities.
The duplex is supported by recent major updates, including a new HVAC unit, a new roof, and a new sewer main with clean out. Exterior improvements include new partial fencing. The property is served by public water and public sewer, with a metal roof. Off-street parking is available, and the driveway is unpaved.
Built in 1937, the structure includes brick and drywall construction and roof materials listed as metal. Appliances noted include an electric water heater.
The duplex is supported by recent major updates, including a new HVAC unit, a new roof, and a new sewer main with clean out. Exterior improvements include new partial fencing. The property is served by public water and public sewer, with a metal roof. Off-street parking is available, and the driveway is unpaved.
Built in 1937, the structure includes brick and drywall construction and roof materials listed as metal. Appliances noted include an electric water heater.
Key Highlights
- Two 3‑bedroom, one‑bath units (one downstairs, one upstairs)
- Unit 1 completely renovated in 2025: new kitchen and bathroom, 7 new windows, new water heater
- Tenant in place for 3 years in Unit 2
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
7.83%
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 7.83%
Second Best
Apartment 5plus
$387.8K
$339.3K – $452.4K
NOI $27,143 @ 7.0% cap · market cap 6.80%
Theoretical Best
Specialty Retail
$665.2K
$582.1K – $776.1K
NOI $46,564 @ 7.0% cap · market cap 11.67%
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
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 - Immediate-income duplex in Highland Springs with two 3-bedroom, one-bath units and in-unit washer/dryer.
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 $399,000.
What are key features of this property?
This property features: Two 3‑bedroom, one‑bath units (one downstairs, one upstairs); Unit 1 completely renovated in 2025: new kitchen and bathroom, 7 new windows, new water heater; Tenant in place for 3 years in Unit 2
