Over-Under Duplex with Two Vacant
For Sale
$239,000
200 Armstrong Street, Portsmouth, VA 23704
Over/Under, Duplex,Multi Family Residential - Portsmouth, VA
Property Size2,398 SF
Price / SF$99.67
Days on Market170
Property Features for 200 Armstrong Street
General Information
Property type
Residential
Property subtype
Duplex
Zoning
UR
Exterior features
Corner, Shed
Subdivision
PARK VIEW - 039
Elementary school
Park View Elementary
Middle school
Churchland Middle
High school
IC Norcom
Standard status
Active
Size
2,398 SF
Taxes and HOA fees
Tax Annual Amount
2766
Building Details
Year built
1896
Roof type
Asphalt, Shingle
Architectural style
Other
Additional Structures
Packing Shed, Shed(s)
Listing Agency:
Rock Steady Group
(757) 538-7500
Listed By:
Dalton Schwartz
(757) 374-0707
Added: Mar 24
Changed: Apr 27
Last Checked: Sep 9 at 3:06AM
MLS# 10626422
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 offers two separate residential units, both currently vacant for immediate occupancy. The first-floor unit provides 3 bedrooms and 1 bath, while the second-floor unit offers 2 bedrooms and 1 bath. The property sits on a spacious corner lot and includes a backyard with a storage shed that conveys as-is.
Parking is available with abundant street parking supported by the corner-lot setting, along with additional off-street parking.
Zoning is listed as UR. The listing is offered for sale at 200 Armstrong Street, Portsmouth, VA 23704, with the surrounding area described as close to restaurants, shopping, transportation, and military bases.
Parking is available with abundant street parking supported by the corner-lot setting, along with additional off-street parking.
Zoning is listed as UR. The listing is offered for sale at 200 Armstrong Street, Portsmouth, VA 23704, with the surrounding area described as close to restaurants, shopping, transportation, and military bases.
Key Highlights
- Over/under duplex on a corner lot in Portsmouth, built in 1896
- First‑floor unit: 3 bedrooms, 1 bath
- Second‑floor unit: 2 bedrooms, 1 bath
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
$20,825
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
8.71%
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%
$416,500
$416.5K
Cap Rate 7%
$297,500
$297.5K
Cap Rate 9%
$231,389
$231.4K
Market Conditions
NOI Build-Up for 2,398 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
$32.2K $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%
$416,500
Cap Rate 7%
$297,500
Cap Rate 9%
$231,389
Alternative Uses
Best Use
Multifamily LT 5
$297.5K
$260.3K – $347.1K
NOI $20,825 @ 7.0% cap · market cap 8.71%
Second Best
Apartment 5plus
$274.3K
$240.0K – $320.0K
NOI $19,199 @ 7.0% cap · market cap 8.03%
Theoretical Best
Office A
$763.4K
$668.0K – $890.7K
NOI $53,440 @ 7.0% cap · market cap 22.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,255
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 - Over-under duplex on a corner lot with two vacant units, offering 3 bed/1 bath and 2 bed/1 bath layouts.
Where is this duplex located?
The property is located at 200 Armstrong Street Portsmouth, VA.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: Over/under duplex on a corner lot in Portsmouth, built in 1896; First‑floor unit: 3 bedrooms, 1 bath; Second‑floor unit: 2 bedrooms, 1 bath
