Duplex with Two Occupied
For Sale
$320,000
121 Broad Street, Portsmouth, VA 23707
MULTI_FAMILY - Portsmouth, VA
Property Size1,872 SF
Price / SF$170.94
Days on Market55
Property Features for 121 Broad Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
HR
Subdivision
PORT NORFOLK
Elementary school
Waterview Elementary
Middle school
Churchland Middle
Standard status
Active
Size
1,872 SF
Taxes and HOA fees
Tax Annual Amount
2689
Utilities
Water front features
Waterfront
Building Details
Year built
1988
Roof type
Composition
Architectural style
Other
Listing Agency:
CENTURY 21 Nachman Realty · Century 21 Real Estate
(757) 638-5700
Listed By:
Melinda Baldwin
(800) 539-8014
Added: Jun 19
Changed: Jul 18
Last Checked: Aug 12 at 9:06AM
MLS# 10640811
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 for-sale duplex consists of two units and is currently fully occupied. The offering requires an appointment for all showings. The property size is listed as 1,872 square feet.
The property is located at 121 Broad Street in Portsmouth, Virginia 23707. Public remarks note it is just a short distance to the water, with Culpeppers Boat rentals described as very close for quick trips.
For buyers or portfolio investors, this occupied duplex may fit a strategy focused on acquiring residential income property with existing tenants in place. Prospective purchasers should plan to coordinate showings in advance due to the occupied status and appointment requirement. The HR zoning designation should be reviewed by interested parties for confirmation of permitted uses and any intended plans.
The property is located at 121 Broad Street in Portsmouth, Virginia 23707. Public remarks note it is just a short distance to the water, with Culpeppers Boat rentals described as very close for quick trips.
For buyers or portfolio investors, this occupied duplex may fit a strategy focused on acquiring residential income property with existing tenants in place. Prospective purchasers should plan to coordinate showings in advance due to the occupied status and appointment requirement. The HR zoning designation should be reviewed by interested parties for confirmation of permitted uses and any intended plans.
Key Highlights
- Waterfront property with waterfront features
- Built in 1988
- Composition roof
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
$16,257
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
5.08%
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%
$325,140
$325.1K
Cap Rate 7%
$232,243
$232.2K
Cap Rate 9%
$180,633
$180.6K
Market Conditions
NOI Build-Up for 1,872 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
$25.2K $13.44/SF
− Vacancy
−$1.9K −$1.03/SF
EGI
$23.2K $12.41/SF
− OpEx
−$7.0K −$3.72/SF
NOI
$16.3K $8.68/SF
Area
Portsmouth County, VA
Vacancy
7.69%
Lease Rate
$13.44 /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%
$325,140
Cap Rate 7%
$232,243
Cap Rate 9%
$180,633
Alternative Uses
Best Use
Multifamily LT 5
$232.2K
$203.2K – $271.0K
NOI $16,257 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$214.1K
$187.4K – $249.8K
NOI $14,988 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$596.0K
$521.5K – $695.3K
NOI $41,718 @ 7.0% cap · market cap 13.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
116
Businesses Nearby
Explore this area
Business Placement
Demographics for 23707, VA
14,316
Population
7,216
Households
2
Avg Household Size
36
Median Age
26%
College-Educated
87%
High-School Grad
3.9 sq mi
ZIP Area
3,671
Density / Sq Mi
$51,070
Median Household Income
$37,932
Median Earnings
$1,076
Median Rent
$222,100
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 - Duplex for sale with both units occupied, ideal for buyers seeking an income-generating residential property in Portsmouth.
Where is this duplex located?
The property is located at 121 Broad Street Portsmouth, VA.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Waterfront property with waterfront features; Built in 1988; Composition roof
