Waterfront
For Sale
$275,000
3207 Scott Street, Portsmouth, VA 23707
Multi Family Residential, Converted S.F., Portsmouth, VA
Property Size1,650 SF
Price / SF$166.67
Days on Market51
Property Features for 3207 Scott Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
UR
Subdivision
WESTHAVEN PARK
Elementary school
Westhaven Elementary
Middle school
William E. Waters Middle
Standard status
Active
Size
1,650 SF
Taxes and HOA fees
Tax Annual Amount
2934
Utilities
Water front features
Waterfront
Building Details
Year built
1941
Roof type
Shingle
Architectural style
Other
Listing Agency:
BHHS RW Towne Realty · Berkshire Hathaway HomeServices
(757) 436-3636
Listed By:
David Wilkey · License #232478
(757) 690-0439
Added: Jul 27
Changed: Aug 19
Last Checked: Sep 15 at 3:06AM
MLS# 10646135
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 contains 1,650 square feet and was built in 1941. The property is fully occupied and includes a shingle roof installed in 2020, a kitchen update completed in 2021, HVAC replaced in 2023, and bathroom renovations with new interior paint completed in 2025. Electrical panel work was completed in 2016. The property is designated UR zoning and is located on Scott Street in Portsmouth, Virginia.
Shopping centers, restaurants, and everyday services are nearby, while interstate access supports travel throughout the surrounding area. The duplex configuration, established occupancy, and documented improvements provide a straightforward residential income property profile. Its waterfront designation adds a distinct physical feature to the asset.
Shopping centers, restaurants, and everyday services are nearby, while interstate access supports travel throughout the surrounding area. The duplex configuration, established occupancy, and documented improvements provide a straightforward residential income property profile. Its waterfront designation adds a distinct physical feature to the asset.
Key Highlights
- Waterfront duplex with 1,650 square feet
- Fully occupied two‑unit residential property
- Shingle roof installed in 2020
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
$14,329
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
5.21%
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%
$286,580
$286.6K
Cap Rate 7%
$204,700
$204.7K
Cap Rate 9%
$159,211
$159.2K
Market Conditions
NOI Build-Up for 1,650 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
$22.2K $13.44/SF
− Vacancy
−$1.7K −$1.03/SF
EGI
$20.5K $12.41/SF
− OpEx
−$6.1K −$3.72/SF
NOI
$14.3K $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%
$286,580
Cap Rate 7%
$204,700
Cap Rate 9%
$159,211
Alternative Uses
Best Use
Multifamily LT 5
$204.7K
$179.1K – $238.8K
NOI $14,329 @ 7.0% cap · market cap 5.21%
Second Best
Apartment 5plus
$188.7K
$165.1K – $220.2K
NOI $13,210 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$525.3K
$459.6K – $612.9K
NOI $36,771 @ 7.0% cap · market cap 13.37%
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
715
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with recent roof, HVAC, bathroom, paint, kitchen, and electrical improvements.
Where is this duplex located?
The property is located at 3207 Scott Street Portsmouth, VA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Waterfront duplex with 1,650 square feet; Fully occupied two‑unit residential property; Shingle roof installed in 2020
