Renovated Duplex with Separate
New
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 Market2
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: Sep 14 at 8:06PM
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.
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 = 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
$25,017
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
7.94%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
382
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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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
