New Construction
New
For Sale
$350,000
703 E Bank St, Petersburg, VA 23803
Two separately metered residences combine open-plan main floors with contemporary interior finishes.
Property Size2,000 SF
Price / SF$175
Days on Market1
Property Features for 703 E Bank St
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Opportunity Zone
Yes
Building Details
Year Built
2026
Buildings
1
Listing Agency:
Hometown Realty
(804) 730-7195
Listed By:
The Elliott Real Estate Team
(804) 404-5566
Source:
Elliottreteam
Added: Oct 19
Last Checked: Oct 19 at 2:27PM
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 Hometown Realty
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Investment Insights
Based on property information with market context.
Completed in 2026, this duplex contains two units with approximately 2,000 square feet of total living space. Each residence has two bedrooms, one full bathroom, and one half bathroom. The open-concept main level features 9-foot ceilings, recessed lighting, and kitchens with 42-inch soft-close wall cabinets. Luxury vinyl plank flooring runs through the main living areas and bedrooms, while tile is used in the bathrooms and laundry rooms.
The property is at 703 E Bank St in Petersburg, Virginia, and is located within an Opportunity Zone. Each unit has separate utilities. Opportunity Zone tax treatment depends on applicable program requirements.
The property is at 703 E Bank St in Petersburg, Virginia, and is located within an Opportunity Zone. Each unit has separate utilities. Opportunity Zone tax treatment depends on applicable program requirements.
Key Highlights
- Two units totaling approximately 2,000 square feet
- Each unit has 2 bedrooms, 1 full bathroom, and 1 half bathroom
- Built in 2026
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,389
Cap Rate
7.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$527,780
$527.8K
Cap Rate 7%
$376,986
$377.0K
Cap Rate 9%
$293,211
$293.2K
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$40.3K $20.16/SF
− Vacancy
−$2.6K −$1.31/SF
EGI
$37.7K $18.85/SF
− OpEx
−$11.3K −$5.65/SF
NOI
$26.4K $13.19/SF
Area
Petersburg County, VA
Vacancy
6.50%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$527,780
Cap Rate 7%
$376,986
Cap Rate 9%
$293,211
Alternative Uses
Best Use
Multifamily LT 5
$377.0K
$329.9K – $439.8K
NOI $26,389 @ 7.0% cap · market cap 7.54%
Second Best
Apartment 5plus
$354.0K
$309.7K – $413.0K
NOI $24,777 @ 7.0% cap · market cap 7.08%
Theoretical Best
Office A
$462.1K
$404.3K – $539.1K
NOI $32,345 @ 7.0% cap · market cap 9.24%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
588
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences combine open-plan main floors with contemporary interior finishes.
Where is this duplex located?
The property is located at 703 E Bank St Petersburg, VA.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two units totaling approximately 2,000 square feet; Each unit has 2 bedrooms, 1 full bathroom, and 1 half bathroom; Built in 2026
