Renovated Duplex with Separate
For Sale
$315,000
840 Commerce Street, Petersburg, VA 23803
ResidentialIncome, Petersburg, VA
Property Size1,896 SF
Lot Size0.21 Acres
Price / SF$166.14
Days on Market48
Property Features for 840 Commerce Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-3
Subdivision
Folly Castle
Elementary school
Cool Spring
Middle school
Vernon Johns
High school
Petersburg
Standard status
Active
APN
023-070001
Size
1,896 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PRIDESFIELD PT LT 49-50 85X108.5
Tax Annual Amount
2662
Legal Description
PRIDESFIELD PT LT 49-50 85X108.5
Utilities
Sewer type
Public Sewer
Water source
Public
Water front
1
Building Details
Year built
1860
Floors in Building
2
Building materials
VinylSiding, WoodSiding
Roof type
Shingle
Architectural style
Other
Listing Agency:
EXP Realty LLC
(703) 665-3362
Listed By:
Nathan Joyce · License #0225263129
(202) 570-2986
Added: Sep 13
Last Checked: Oct 30 at 8:06AM
MLS# 2625067
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.
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Investment Insights
Based on property information with market context.
This duplex contains 1,896 square feet with one residence on each floor and separate entrances for the two units. Renovations completed since 2024 include the roof, appliances, flooring, HVAC, plumbing, and electrical systems. The property was built in 1860 and features vinyl and wood siding with a shingle roof.
Public water and public sewer serve the property. Both units are currently tenant occupied, providing an existing residential configuration for a buyer seeking a renovated duplex asset.
Public water and public sewer serve the property. Both units are currently tenant occupied, providing an existing residential configuration for a buyer seeking a renovated duplex asset.
Key Highlights
- 1,896‑square‑foot duplex with one unit on each floor
- Separate entrances provide independent access to both residences
- Roof, appliances, flooring, HVAC, plumbing, and electrical updated since 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,017
Cap Rate
7.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$500,340
$500.3K
Cap Rate 7%
$357,386
$357.4K
Cap Rate 9%
$277,967
$278.0K
Market Conditions
NOI Build-Up for 1,896 SF
Gross rent
$38.2K $20.16/SF
− Vacancy
−$2.5K −$1.31/SF
EGI
$35.7K $18.85/SF
− OpEx
−$10.7K −$5.65/SF
NOI
$25.0K $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%
$500,340
Cap Rate 7%
$357,386
Cap Rate 9%
$277,967
Alternative Uses
Best Use
Multifamily LT 5
$357.4K
$312.7K – $417.0K
NOI $25,017 @ 7.0% cap · market cap 7.94%
Second Best
Apartment 5plus
$335.6K
$293.6K – $391.5K
NOI $23,489 @ 7.0% cap · market cap 7.46%
Theoretical Best
Office A
$438.0K
$383.3K – $511.1K
NOI $30,663 @ 7.0% cap · market cap 9.73%
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
382
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 independent residences offer private access, updated systems, and current tenant occupancy.
Where is this duplex located?
The property is located at 840 Commerce Street Petersburg, VA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 1,896‑square‑foot duplex with one unit on each floor; Separate entrances provide independent access to both residences; Roof, appliances, flooring, HVAC, plumbing, and electrical updated since 2024
