Waterfront
For Sale
$329,999
1909 High Street, Portsmouth, VA 23704
Multi Family Residential, Over/Under, Portsmouth, VA
Property Size1,581 SF
Price / SF$208.73
Days on Market80
Property Features for 1909 High Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
NMU
Subdivision
PARK VIEW - 039
Lot features
Deck, Patio, Shed
Elementary school
Park View Elementary
Middle school
Churchland Middle
Directions
I-264 W to Effingham St, right on High St to 1909
Standard status
Active
Size
1,581 SF
Taxes and HOA fees
Tax Annual Amount
1361
Utilities
Water front features
Waterfront
Amenities
eat-in kitchen
fireplace
covered patio
wood deck
fenced backyard
detached storage outbuilding
Building Details
Year built
1900
Roof type
Shingle
Architectural style
Other
Listing Agency:
Cottage Street Realty LLC
(703) 848-9292
Listed By:
Debbie Crevier-Kent · License #0225030213
(703) 242-0005
Added: Jun 17
Changed: Aug 19
Last Checked: Sep 4 at 9:06AM
MLS# 10639458
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 waterfront duplex at 1909 High Street in Portsmouth contains 1,581 square feet across two stacked units, with three bedrooms and 2.5 baths. Built in 1900, the property received 2025 improvements including luxury vinyl plank flooring and ductless mini-split systems, while also retaining forced-air heat and central air. The layout includes an eat-in kitchen, fireplace, covered patio, wood deck, fenced backyard, and detached storage outbuilding. Vinyl and brick siding provide a low-maintenance exterior, and all appliances convey.
The property is zoned NMU and sits in a designated Portsmouth Opportunity Zone. Public transportation is available at the corner. A shingle roof and waterfront setting complete the property’s physical profile.
The property is zoned NMU and sits in a designated Portsmouth Opportunity Zone. Public transportation is available at the corner. A shingle roof and waterfront setting complete the property’s physical profile.
Key Highlights
- 1,581‑square‑foot waterfront duplex at 1909 High Street, Portsmouth, VA 23704
- Two stacked units with three bedrooms and 2.5 baths
- 2025 upgrades include luxury vinyl plank flooring and ductless mini‑split systems
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
$13,730
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
4.16%
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%
$274,600
$274.6K
Cap Rate 7%
$196,143
$196.1K
Cap Rate 9%
$152,556
$152.6K
Market Conditions
NOI Build-Up for 1,581 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
$21.2K $13.44/SF
− Vacancy
−$1.6K −$1.03/SF
EGI
$19.6K $12.41/SF
− OpEx
−$5.9K −$3.72/SF
NOI
$13.7K $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%
$274,600
Cap Rate 7%
$196,143
Cap Rate 9%
$152,556
Alternative Uses
Best Use
Multifamily LT 5
$196.1K
$171.6K – $228.8K
NOI $13,730 @ 7.0% cap · market cap 4.16%
Second Best
Apartment 5plus
$180.8K
$158.2K – $211.0K
NOI $12,658 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$503.3K
$440.4K – $587.2K
NOI $35,233 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
387
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
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Frequently Asked Questions
What type of property is this?
Duplex - Stacked units offer updated interiors, flexible room configurations, and separate residential living areas.
Where is this duplex located?
The property is located at 1909 High Street Portsmouth, VA.
What is the asking price?
The asking price for this property is $329,999.
What are key features of this property?
This property features: 1,581‑square‑foot waterfront duplex at 1909 High Street, Portsmouth, VA 23704; Two stacked units with three bedrooms and 2.5 baths; 2025 upgrades include luxury vinyl plank flooring and ductless mini‑split systems
