Duplex with Separate Utility
New
For Sale
$225,000
716 31st Street, Newport News, VA 23607
Multi Family Residential, Over/Under, Newport News, VA
Property Size1,680 SF
Price / SF$133.93
Days on Market6
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
Additional Details
Tenant in Place
Yes
Individually Metered Utilities
unspecified utilities
Taxes and HOA fees
Tax Annual Amount
2691
Building Details
Year built
1940
Roof type
Shingle
Architectural style
Other
Buildings
1
Listing Agency:
Atlantic Sothebys Int'l Realty · Sotheby's International Realty
(757) 777-9870
Listed By:
Kris Weaver · License #47084
(757) 340-5555
Added: Oct 29
Changed: Nov 1
Last Checked: Nov 3 at 11:06PM
MLS# 10659936
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.
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Investment Insights
Based on property information with market context.
This 1,680-square-foot duplex contains two units and was built in 1940. Interior features include LVP flooring, updated windows, and HVAC equipment in each unit. Utilities are separately metered, and the building has a shingle roof. The property is zoned R4.
Both units are leased through 2027. The address is 716 31st Street in Newport News, Virginia.
Both units are leased through 2027. The address is 716 31st Street in Newport News, Virginia.
Key Highlights
- Two‑unit duplex with 1,680 square feet
- Leases extend through 2027
- Utilities are separately metered
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,394
Cap Rate
8.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$387,880
$387.9K
Cap Rate 7%
$277,057
$277.1K
Cap Rate 9%
$215,489
$215.5K
Market Conditions
NOI Build-Up for 1,680 SF
Gross rent
$29.2K $17.40/SF
− Vacancy
−$1.5K −$0.91/SF
EGI
$27.7K $16.49/SF
− OpEx
−$8.3K −$4.95/SF
NOI
$19.4K $11.54/SF
Area
Newport News, VA
Vacancy
5.22%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$387,880
Cap Rate 7%
$277,057
Cap Rate 9%
$215,489
Alternative Uses
Best Use
Multifamily LT 5
$277.1K
$242.4K – $323.2K
NOI $19,394 @ 7.0% cap · market cap 8.62%
Second Best
Apartment 5plus
$247.0K
$216.1K – $288.2K
NOI $17,289 @ 7.0% cap · market cap 7.68%
Theoretical Best
Office A
$356.8K
$312.2K – $416.3K
NOI $24,976 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
2
Residential units
Yes
Highway access
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Existing leases run through 2027, and each unit has its own HVAC system.
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 $225,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,680 square feet; Leases extend through 2027; Utilities are separately metered
