Updated Duplex with Separate
For Sale
$314,900
1802 Atlanta Avenue, Portsmouth, VA 23704
Multi Family Residential, Over/Under, Portsmouth, VA
Property Size2,400 SF
Price / SF$131.21
Days on Market51
Property Features for 1802 Atlanta Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
UR
Subdivision
PRENTIS PLACE
Lot features
Shed
Elementary school
Brighton Elementary
Middle school
Cradock Middle
Standard status
Active
Size
2,400 SF
Taxes and HOA fees
Tax Annual Amount
3245
Utilities
Water front features
Waterfront
Building Details
Year built
1930
Roof type
Shingle
Architectural style
Other
Listing Agency:
AtCoastal Realty
(757) 751-0003
Listed By:
Shannon Paschall
(757) 751-0003
Added: Jul 7
Changed: Aug 19
Last Checked: Aug 26 at 7:06AM
MLS# 10642676
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 over-under duplex contains 2,400 square feet and was built in 1930. The two units have separate water, gas, and electric meters, along with spacious porches and a four-car driveway. Improvements completed between 2023-2025 include flooring, carpet, paint, kitchens, bathrooms, lighting, ductwork, a crawlspace barrier, and plumbing drain lines. The property has a shingle roof and is zoned UR.
The downstairs residence is occupied, while the upstairs residence is vacant and available for showing. The property also offers additional street parking and waterfront features. Located at 1802 Atlanta Avenue in Portsmouth, Virginia, the duplex provides a two-unit configuration with one occupied residence and one available for future occupancy or leasing.
The downstairs residence is occupied, while the upstairs residence is vacant and available for showing. The property also offers additional street parking and waterfront features. Located at 1802 Atlanta Avenue in Portsmouth, Virginia, the duplex provides a two-unit configuration with one occupied residence and one available for future occupancy or leasing.
Key Highlights
- 2,400‑square‑foot over‑under duplex in Portsmouth
- Updates completed between 2023‑2025, including kitchens, baths, flooring, lighting, and plumbing drain lines
- Separate water, gas, and electric meters for each unit
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
$20,843
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
6.62%
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%
$416,860
$416.9K
Cap Rate 7%
$297,757
$297.8K
Cap Rate 9%
$231,589
$231.6K
Market Conditions
NOI Build-Up for 2,400 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
$32.3K $13.44/SF
− Vacancy
−$2.5K −$1.03/SF
EGI
$29.8K $12.41/SF
− OpEx
−$8.9K −$3.72/SF
NOI
$20.8K $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%
$416,860
Cap Rate 7%
$297,757
Cap Rate 9%
$231,589
Alternative Uses
Best Use
Multifamily LT 5
$297.8K
$260.5K – $347.4K
NOI $20,843 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$274.5K
$240.2K – $320.3K
NOI $19,215 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$764.1K
$668.6K – $891.4K
NOI $53,485 @ 7.0% cap · market cap 16.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
Explore this area
Business Placement
Demographics for 23704, VA
19,505
Population
9,538
Households
2
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
4.5 sq mi
ZIP Area
4,334
Density / Sq Mi
$44,739
Median Household Income
$34,488
Median Earnings
$1,279
Median Rent
$197,400
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 - Two-level income property with renovated kitchens, baths, flooring, lighting, and plumbing improvements.
Where is this duplex located?
The property is located at 1802 Atlanta Avenue Portsmouth, VA.
What is the asking price?
The asking price for this property is $314,900.
What are key features of this property?
This property features: 2,400‑square‑foot over‑under duplex in Portsmouth; Updates completed between 2023‑2025, including kitchens, baths, flooring, lighting, and plumbing drain lines; Separate water, gas, and electric meters for each unit
