Remodeled Duplex with Vacant
For Sale
$425,000
416 Maryland Avenue, Portsmouth, VA 23707
MULTI_FAMILY - Portsmouth, VA
Property Size2,450 SF
Price / SF$173.47
Days on Market132
Property Features for 416 Maryland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Subdivision
PORT NORFOLK
Elementary school
Waterview Elementary
Middle school
Churchland Middle
Standard status
Active
Size
2,450 SF
Taxes and HOA fees
Tax Annual Amount
2810
Utilities
Water front features
Waterfront
Building Details
Year built
1915
Roof type
Slate, Shingle
Architectural style
Other
Listing Agency:
World Class Realty & Prop Mgmt
(757) 228-7773
Listed By:
Marie Depedro Fernandez
(757) 270-1623
Added: Mar 27
Changed: Jul 29
Last Checked: Aug 5 at 5:06PM
MLS# 10627210
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 duplex offers two separate residential units on a single property, presenting a straightforward owner-occupant or income approach. The vacant unit is a 3-bedroom, 2-full-bath layout, providing a clear path for immediate occupancy or tenant placement. According to the seller’s remarks, both units have been completely remodeled within the last 6 months, reflecting updated finishes and refreshed interiors throughout.
Located at 416 Maryland Avenue in Portsmouth, Virginia (23707), the property is described as approximately four blocks from the bay. It also notes ongoing new construction in the surrounding area, which may be relevant for buyers considering the local housing environment.
For tenants or buyers seeking flexibility, the combination of a currently vacant unit and a second unit already in place can support multiple living or rental scenarios. The recently remodeled condition can also be attractive to buyers and operators looking to reduce near-term turnover concerns, while the unit mix—one 3-bedroom, two-bath home plus an additional unit—can help broaden potential tenant fit. Please review all details and confirm current unit status and finishes during due diligence.
Located at 416 Maryland Avenue in Portsmouth, Virginia (23707), the property is described as approximately four blocks from the bay. It also notes ongoing new construction in the surrounding area, which may be relevant for buyers considering the local housing environment.
For tenants or buyers seeking flexibility, the combination of a currently vacant unit and a second unit already in place can support multiple living or rental scenarios. The recently remodeled condition can also be attractive to buyers and operators looking to reduce near-term turnover concerns, while the unit mix—one 3-bedroom, two-bath home plus an additional unit—can help broaden potential tenant fit. Please review all details and confirm current unit status and finishes during due diligence.
Key Highlights
- Waterfront property with 1915 construction
- Two‑unit home with a vacant 3‑bedroom, 2‑bath unit
- Both units were completely remodeled within the last 6 months
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $32.9k | $13.44 |
| − Vacancy | −$2.5k | −$1.03 |
| EGI | $30.4k | $12.41 |
| − OpEx | −$9.1k | −$3.72 |
| NOI | $21.3k | $8.68 |
2,450 SF · lease $13.44/SF/yr · vacancy 7.69% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$304.0K
$266.0K – $354.6K
NOI $21,277 @ 7.0% cap · market cap 5.01%
Second Best
Apartment 5plus
$280.2K
$245.2K – $326.9K
NOI $19,616 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$780.0K
$682.5K – $910.0K
NOI $54,599 @ 7.0% cap · market cap 12.85%
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
202
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
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 duplex with recently remodeled interiors and a vacant 3-bedroom, two-bath unit ready for occupancy.
Where is this duplex located?
The property is located at 416 Maryland 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: Waterfront property with 1915 construction; Two‑unit home with a vacant 3‑bedroom, 2‑bath unit; Both units were completely remodeled within the last 6 months
