Newport News Duplex
For Sale
$240,000
716 31st Street, Newport News, VA 23607
MULTI_FAMILY - Newport News, VA
Property Size1,680 SF
Price / SF$142.86
Days on Market97
Property Features for 716 31st Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R4
Subdivision
ALL OTHERS AREA 106
Elementary school
Magruder Elementary
Middle school
B.T. Washington Middle
Standard status
Active
Size
1,680 SF
Taxes and HOA fees
Tax Annual Amount
2691
Utilities
Water front features
Waterfront
Building Details
Year built
1940
Roof type
Shingle
Architectural style
Other
Listing Agency:
Atlantic Sothebys Int'l Realty · Sotheby's International Realty
(757) 777-9870
Listed By:
Kris Weaver
(757) 340-5555
Added: May 1
Changed: Jul 18
Last Checked: Aug 5 at 4:06PM
MLS# 10632720
Copyright © 2026 Real Estate Information Network, Inc. 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 well-maintained duplex is an investor opportunity located in the heart of Newport News. The property is a perfect addition to a rental portfolio, with leases already secured through 2027, providing immediate and stable cash flow. Each unit features durable LVP flooring, updated windows, and modern HVAC systems. The property offers low-maintenance ownership and tenant comfort. Utilities are separately metered, maximizing efficiency and simplifying management. The property is conveniently located near major employers, a shipyard, and interstate access, making it an attractive option for long-term tenants. The property is zoned R4 and has a size of 1680 square feet. This is a turnkey income-producing property.
Key Highlights
- Duplex built in 1940
- Waterfront feature
- Each unit has LVP flooring, updated windows, and modern HVAC systems
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $29.2k | $17.40 |
| − Vacancy | −$1.5k | −$0.91 |
| EGI | $27.7k | $16.49 |
| − OpEx | −$8.3k | −$4.95 |
| NOI | $19.4k | $11.54 |
1,680 SF · lease $17.40/SF/yr · vacancy 5.22% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$277.1K
$242.4K – $323.2K
NOI $19,394 @ 7.0% cap · market cap 8.08%
Second Best
Apartment 5plus
$247.0K
$216.1K – $288.2K
NOI $17,289 @ 7.0% cap · market cap 7.20%
Theoretical Best
Office A
$356.8K
$312.2K – $416.3K
NOI $24,976 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
497
Businesses Nearby
Explore this area
Business Placement
Demographics for 23607, VA
23,498
Population
10,764
Households
2.2
Avg Household Size
33
Median Age
14%
College-Educated
85%
High-School Grad
6.0 sq mi
ZIP Area
3,916
Density / Sq Mi
$42,904
Median Household Income
$33,746
Median Earnings
$1,104
Median Rent
$146,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained duplex with leases secured through 2027 in Newport News.
Where is this duplex located?
The property is located at 716 31st Street Newport News, VA.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Duplex built in 1940; Waterfront feature; Each unit has LVP flooring, updated windows, and modern HVAC systems
