Renovated Over-Under
For Sale
$425,000
273 Elm Avenue, Portsmouth, VA 23704
Multi Family Residential, Over/Under, Portsmouth, VA
Property Size2,774 SF
Price / SF$153.21
Days on Market87
Property Features for 273 Elm Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
HR
Subdivision
PARK VIEW - 039
Elementary school
Park View Elementary
Middle school
Churchland Middle
Standard status
Active
Size
2,774 SF
Taxes and HOA fees
Tax Annual Amount
2491
Utilities
Water front features
Waterfront
Building Details
Year built
1910
Roof type
Shingle
Architectural style
Other
Listing Agency:
Iron Valley Real Estate HR
(757) 645-9700
Listed By:
Jaima Botterbush · License #318227
(757) 775-1934
Added: Jun 23
Changed: Aug 20
Last Checked: Sep 17 at 4:06PM
MLS# 10640946
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 renovated over-under duplex contains 2,774 square feet and was built in 1910. The upper and lower residences each provide three bedrooms, a kitchen, dining area, and living room. The lower unit includes 1.5 bathrooms and additional storage space, while the upper unit has two bathrooms, a pantry, and a primary bedroom with an attached bath. Both residences feature LVP flooring in the main living areas, quartz kitchen counters, stainless appliances, and appliances that convey with the property.
The property is identified as waterfront and is located in Portsmouth, Virginia, with access to highways, military bases, shopping, and restaurants. Both units are occupied by tenants. HR zoning and a shingle roof are also noted.
The property is identified as waterfront and is located in Portsmouth, Virginia, with access to highways, military bases, shopping, and restaurants. Both units are occupied by tenants. HR zoning and a shingle roof are also noted.
Key Highlights
- 2,774‑square‑foot duplex with over‑under layout
- Both units offer 3 bedrooms
- Lower unit includes 1.5 bathrooms and added storage space
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
$24,091
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
5.67%
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%
$481,820
$481.8K
Cap Rate 7%
$344,157
$344.2K
Cap Rate 9%
$267,678
$267.7K
Market Conditions
NOI Build-Up for 2,774 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
$37.3K $13.44/SF
− Vacancy
−$2.9K −$1.03/SF
EGI
$34.4K $12.41/SF
− OpEx
−$10.3K −$3.72/SF
NOI
$24.1K $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%
$481,820
Cap Rate 7%
$344,157
Cap Rate 9%
$267,678
Alternative Uses
Best Use
Multifamily LT 5
$344.2K
$301.1K – $401.5K
NOI $24,091 @ 7.0% cap · market cap 5.67%
Second Best
Apartment 5plus
$317.3K
$277.6K – $370.2K
NOI $22,210 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$883.1K
$772.8K – $1.03M
NOI $61,820 @ 7.0% cap · market cap 14.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,289
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
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 separately configured residences offer updated finishes, kitchens, and flexible living areas in a waterfront Portsmouth property.
Where is this duplex located?
The property is located at 273 Elm Avenue Portsmouth, VA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,774‑square‑foot duplex with over‑under layout; Both units offer 3 bedrooms; Lower unit includes 1.5 bathrooms and added storage space
