Updated 8-Bedroom
For Sale
$357,900
1022 Duke Street, Portsmouth, VA 23704
Multi Family Residential, Over/Under, Portsmouth, VA
Property Size1,507 SF
Price / SF$237.49
Days on Market9
Property Features for 1022 Duke Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
URH
Subdivision
PRENTIS PARK
Lot features
Corner
Elementary school
Brighton Elementary
Middle school
Cradock Middle
Standard status
Active
Size
1,507 SF
Taxes and HOA fees
Tax Annual Amount
2722
Utilities
Water front features
Waterfront
Amenities
fully fenced lot
Building Details
Year built
1910
Roof type
Shingle
Architectural style
Other
Listing Agency:
BHHS RW Towne Realty · Berkshire Hathaway HomeServices
(757) 549-2000
Listed By:
Aretha Valentine
(757) 690-0439
Added: Aug 14
Changed: Aug 19
Last Checked: Aug 22 at 3:06PM
MLS# 10649331
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 8-bedroom duplex contains 1,507 square feet and was built in 1910. Interior updates include renovated kitchens and bathrooms, fresh paint, new carpet, updated appliances, and central A/C with heat pump systems. Exterior work includes a new shingle roof, replacement windows, vinyl siding, and stone accents. The property also has a fully fenced lot and waterfront features.
Located at 1022 Duke Street in Portsmouth, the duplex is near the Norfolk Naval Shipyard, Downtown Tunnel, and major interstates. URH zoning is identified for the property. The two-unit layout supports separate residential spaces within a single building, with updated finishes and building improvements already in place.
Located at 1022 Duke Street in Portsmouth, the duplex is near the Norfolk Naval Shipyard, Downtown Tunnel, and major interstates. URH zoning is identified for the property. The two-unit layout supports separate residential spaces within a single building, with updated finishes and building improvements already in place.
Key Highlights
- 8‑bedroom duplex with 1,507 square feet
- Updated kitchens, bathrooms, appliances, paint, and carpet
- New shingle roof, windows, and vinyl siding
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with refreshed interiors and substantial exterior improvements.
Where is this duplex located?
The property is located at 1022 Duke Street 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 1,507 square feet; Updated kitchens, bathrooms, appliances, paint, and carpet; New shingle roof, windows, and vinyl siding
