Add Listing
    For Sale
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    Avenue Portsmouth, VA 23707

    View on Map
    Claim this Listing
    For Sale
    $425,000

    MULTI_FAMILY - Portsmouth, VA

    Property size:
    2,450 SF
    Price / SF:
    $173/SF
    Added:
    Mar 27, 2026
    Days on Market:
    35
    Last Refresh:
    Apr 30 at 6:06 pm

    Property Features for Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    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

    We can help!

    Listing Contact
    Marie Depedro Fernandez
    Marie Depedro Fernandez

    Listing agent Marie Depedro Fernandez

    Listing office World Class Realty & Prop Mgmt 5705 Lynnhaven Parkway #109, Virginia Beach, VA

    Listing date Mar 27, 2026

    MLS# 10627210 Listing URL

    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.

    Overview

    Remodeled Duplex Near the Bay

    This multifamily property in Portsmouth, Virginia, presents a unique opportunity. The property features two units, one of which is currently occupied by tenants. The vacant unit includes 3 bedrooms and 2 full bathrooms. Both units have been completely remodeled within the last 6 months. The property is located approximately 4 blocks from the bay, in an area with ongoing new construction. The property size is 2450 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Map

    City
    Portsmouth
    County
    Portsmouth
    State
    Virginia
    Longitude
    -76.334478
    Latitude
    36.847798

    Nearby Similar for Sale

    • $695,000
      2,984 SF

      Automobile Repair Business For Sale

      Thriving auto repair business with redevelopment potential in Portsmouth, VA.
      3700 Turnpike Road, Portsmouth, VA 23701
      View Details
    • $879,000
      10,654 SF

      Downtown Portsmouth Commercial Opportunity

      Centrally located corner property with renovation potential in Portsmouth, VA.
      701 Court Street, Portsmouth, VA 23704
      View Details
    • $1,100,000
      1,827 SF

      Commercial Property Near Rivers Casino

      Income-producing commercial property near Rivers Casino Portsmouth.
      2498 Airline Boulevard, Portsmouth, VA 23701
      View Details
    • $584,999
      1,222 SF

      Restaurant Building on Greenwood Corner

      Established restaurant business and building for sale on Victory Boulevard.
      3332 Victory Boulevard, Portsmouth, VA 23701
      View Details
    • $750,000
      8,583 SF

      Assisted Living Facility on Large Lot

      32-bed assisted living facility on 0.8 acres in Portsmouth, VA.
      3736 Turnpike Road, Portsmouth, VA 23701
      View Details
    • $15,000
      1,100 SF

      Retail Space For Sale

      Retail space available for purchase in Portsmouth, Virginia.
      1124 London Boulevard, Portsmouth, VA 23704
      View Details
    • $635,000
      2,502 SF

      Commercial Property with NNN Lease

      Commercial property with long-term tenant on major artery.
      4000 George Washington Highway, Portsmouth, VA 23702
      View Details
    • $555,000
      3,440 SF

      Office/Warehouse Asset in Portsmouth

      Well-located office/warehouse with flexible zoning and modern construction.
      628 Dunedin Rd, Portsmouth, VA 23701
      View Details
    • $510,000
      3,460 SF

      Updated Triplex in Portsmouth, VA

      Updated triplex with strong income potential in Portsmouth, Virginia.
      Avenue, Portsmouth, VA 23704
      View Details
    • $439,900
      3,200 SF

      Updated Duplex in Historic Port Norfolk

      Tastefully updated duplex with modern comfort and historic charm.
      Avenue, Portsmouth, VA 23707
      View Details
    • $1,085,000
      5,043 SF

      Leased Retail Strip Center

      Fully leased retail strip center in Portsmouth, Virginia.
      3601, 3603 & 3605 High Street, Portsmouth, VA 23707
      View Details
    • $320,000
      3,390 SF

      Portsmouth Duplex with Spacious Units

      Four-bedroom duplex in Portsmouth, near military bases and amenities.
      Avenue, Portsmouth, VA 23704
      View Details

    FAQs

    What type of property is this?
    Duplex - Recently remodeled duplex with income potential near the bay.
    Where is this duplex located?
    The property is located at 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: Income‑generating property with existing tenants; Vacant unit features **3 bedrooms and 2 full bathrooms**, ready for immediate occupancy; Both units completely remodeled within the last 6 months
    (757) 270-1623
    We can help!
    Listing Contact
    Marie Depedro Fernandez
    Marie Depedro Fernandez
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!