Updated 8-Bedroom
For Sale
$357,900
1022 Duke St, Portsmouth, VA 23704
Two residential units combine refreshed interiors with central A/C, heat pumps, and a fully enclosed lot.
Property Size1,507 SF
Price / SF$237.49
Days on Market14
Property Features for 1022 Duke St
General Information
Standard status
Active
Size
1,507 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
fully fenced lot
central A/C and heat pump
Building Details
Year Built
1910
Listing Agency:
BHHS RW Towne Realty
(757) 690-2300
Listed By:
Crush Real State Group
(757) 690-2300
Source:
Wesellhamptonroadsva
Added: Aug 16
Changed: Aug 29
Last Checked: Aug 29 at 11:31AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of BHHS RW Towne Realty
Investment Insights
Based on property information with market context.
This two-unit residential property contains 8 bedrooms and dates to 1910. Interior updates include refreshed kitchens and bathrooms, new paint, carpeting, and appliances, with central A/C and heat pump systems serving both units. Exterior work includes a new roof, windows, vinyl siding, and stone accents. The lot is fully fenced and positioned on a corner at 1022 Duke St in Portsmouth, VA 23704.
The property is near the Norfolk Naval Shipyard, with access to the Downtown Tunnel and major interstates. Its two-unit layout provides separate residential spaces within one building, while the updated interior and exterior components create a cohesive physical offering.
The property is near the Norfolk Naval Shipyard, with access to the Downtown Tunnel and major interstates. Its two-unit layout provides separate residential spaces within one building, while the updated interior and exterior components create a cohesive physical offering.
Key Highlights
- 8‑bedroom duplex with two residential units
- Updated kitchens, bathrooms, paint, carpeting, and appliances in both units
- Central A/C and heat pump systems serve both units
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
$13,088
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
3.66%
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%
$261,760
$261.8K
Cap Rate 7%
$186,971
$187.0K
Cap Rate 9%
$145,422
$145.4K
Market Conditions
NOI Build-Up for 1,507 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
$20.3K $13.44/SF
− Vacancy
−$1.6K −$1.03/SF
EGI
$18.7K $12.41/SF
− OpEx
−$5.6K −$3.72/SF
NOI
$13.1K $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%
$261,760
Cap Rate 7%
$186,971
Cap Rate 9%
$145,422
Alternative Uses
Best Use
Multifamily LT 5
$187.0K
$163.6K – $218.1K
NOI $13,088 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$172.4K
$150.8K – $201.1K
NOI $12,066 @ 7.0% cap · market cap 3.37%
Theoretical Best
Office A
$479.8K
$419.8K – $559.7K
NOI $33,584 @ 7.0% cap · market cap 9.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
864
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 - Two residential units combine refreshed interiors with central A/C, heat pumps, and a fully enclosed lot.
Where is this duplex located?
The property is located at 1022 Duke St Portsmouth, VA.
What is the asking price?
The asking price for this property is $357,900.
What are key features of this property?
This property features: 8‑bedroom duplex with two residential units; Updated kitchens, bathrooms, paint, carpeting, and appliances in both units; Central A/C and heat pump systems serve both units
