Remodeled Duplex With Live-Work
For Sale
$289,999
625 Grove Avenue, Petersburg, VA 23803
ResidentialIncome, Petersburg, VA
Property Size1,764 SF
Lot Size0.07 Acres
Price / SF$164.40
Days on Market10
Property Features for 625 Grove Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
MXD2
Patio and Porch features
Porch
Interior features
BedroomOnMainLevel, EnSuiteBathroom, FullBathOnMainLevel, MainLevelPrimary
Appliances
ElectricWaterHeater
Elementary school
Pleasants Lane
Middle school
Vernon Johns
High school
Petersburg
Directions
I-95 to Exit 52 (Washington St./Wythe St.), Continue down Washington St then R-ONTO N. Market St., L-ONTO GROVE AVE Property appx 0.5 miles on the right
Subdivision
57 - Petersburg
Standard status
Active
APN
010-050010
Size
1,764 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
23 X 135
Tax Annual Amount
3070
Legal Description
23 X 135
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
full bath
rear room/office area
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Building materials
Frame, HardiplankType
Roof type
Composition
Architectural style
Other
Listing Agency:
BHG Base Camp · Better Homes and Gardens Real Estate
(804) 639-9001
Listed By:
Alex Wang · License #0225214970
(804) 304-7017
Added: Sep 10
Changed: Sep 19
Last Checked: Sep 19 at 8:06PM
MLS# 2624714
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 remodeled duplex offers a flexible two-level configuration with options for separate occupancy or a connected live/work setup. The street-level area includes a full bathroom and rear room suitable for office use, while an interior hallway door can link both levels. The lower space also has the ability to add a kitchen, supporting office, storefront, studio, or residential use as described. Hardiplank exterior siding, frame construction, a composition roof, and a porch are included among the property’s physical features.
The property contains 1,764 square feet on a 0.0713-acre lot and was built in 1890. Public water and public sewer serve the property. It is located near the shops, restaurants, and attractions of Historic Old Towne Petersburg, providing a downtown setting for a flexible residential income or live/work property.
The property contains 1,764 square feet on a 0.0713-acre lot and was built in 1890. Public water and public sewer serve the property. It is located near the shops, restaurants, and attractions of Historic Old Towne Petersburg, providing a downtown setting for a flexible residential income or live/work property.
Key Highlights
- 1,764‑square‑foot duplex on a 0.0713‑acre lot
- Two‑level layout can function as separate units or a connected live/work space
- Street‑level area includes a full bath and rear room/office
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
$23,717
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
8.18%
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%
$474,340
$474.3K
Cap Rate 7%
$338,814
$338.8K
Cap Rate 9%
$263,522
$263.5K
Market Conditions
NOI Build-Up for 1,764 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
$37.5K $21.24/SF
− Vacancy
−$5.8K −$3.31/SF
EGI
$31.6K $17.93/SF
− OpEx
−$7.9K −$4.48/SF
NOI
$23.7K $13.44/SF
Area
Petersburg County, VA
Vacancy
15.60%
Lease Rate
$21.24 /SF/Yr
Expense Ratio
25.00%
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%
$474,340
Cap Rate 7%
$338,814
Cap Rate 9%
$263,522
Alternative Uses
Best Use
Office B
$338.8K
$296.5K – $395.3K
NOI $23,717 @ 7.0% cap · market cap 8.18%
Second Best
Multifamily LT 5
$332.5K
$290.9K – $387.9K
NOI $23,275 @ 7.0% cap · market cap 8.03%
Theoretical Best
Office A
$407.5K
$356.6K – $475.5K
NOI $28,528 @ 7.0% cap · market cap 9.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
765
Businesses Nearby
Explore this area
Business Placement
Demographics for 23803, VA
44,377
Population
19,826
Households
2.2
Avg Household Size
36
Median Age
24%
College-Educated
88%
High-School Grad
72.2 sq mi
ZIP Area
615
Density / Sq Mi
$55,820
Median Household Income
$35,122
Median Earnings
$1,132
Median Rent
$208,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-level layout supports separate units or a combined live/work arrangement.
Where is this duplex located?
The property is located at 625 Grove Avenue Petersburg, VA.
What is the asking price?
The asking price for this property is $289,999.
What are key features of this property?
This property features: 1,764‑square‑foot duplex on a 0.0713‑acre lot; Two‑level layout can function as separate units or a connected live/work space; Street‑level area includes a full bath and rear room/office
