Over-Under
For Sale
$320,000
121 Broad Street, Portsmouth, VA 23707
Multi Family Residential, Over/Under, Portsmouth, VA
Property Size1,872 SF
Price / SF$170.94
Days on Market124
Property Features for 121 Broad Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
HR
Subdivision
PORT NORFOLK
Elementary school
Waterview Elementary
Middle school
Churchland Middle
Standard status
Active
Size
1,872 SF
Taxes and HOA fees
Tax Annual Amount
2689
Building Details
Year built
1988
Roof type
Composition
Architectural style
Other
Listing Agency:
CENTURY 21 Nachman Realty · Century 21 Real Estate
(757) 638-5700
Listed By:
Melinda Baldwin
(800) 539-8014
Added: Jun 19
Changed: Oct 2
Last Checked: Oct 20 at 9:06PM
MLS# 10640811
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.
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Investment Insights
Based on property information with market context.
This over-under duplex contains two occupied residential units within 1,872 square feet. Built in 1988, the property has a composition roof and HR zoning.
The property is a short distance from the water, with Culpeppers Boat Rentals nearby.
The property is a short distance from the water, with Culpeppers Boat Rentals nearby.
Key Highlights
- Two occupied residential units in an over‑under duplex
- 1,872 square feet of building area
- Built in 1988 with a composition roof
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,257
Cap Rate
5.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$325,140
$325.1K
Cap Rate 7%
$232,243
$232.2K
Cap Rate 9%
$180,633
$180.6K
Market Conditions
NOI Build-Up for 1,872 SF
Gross rent
$25.2K $13.44/SF
− Vacancy
−$1.9K −$1.03/SF
EGI
$23.2K $12.41/SF
− OpEx
−$7.0K −$3.72/SF
NOI
$16.3K $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 Rate 5%
$325,140
Cap Rate 7%
$232,243
Cap Rate 9%
$180,633
Alternative Uses
Best Use
Multifamily LT 5
$232.2K
$203.2K – $271.0K
NOI $16,257 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$214.1K
$187.4K – $249.8K
NOI $14,988 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$596.0K
$521.5K – $695.3K
NOI $41,718 @ 7.0% cap · market cap 13.04%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
116
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Both residential units are occupied, and the property is zoned HR.
Where is this duplex located?
The property is located at 121 Broad Street Portsmouth, VA.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Two occupied residential units in an over‑under duplex; 1,872 square feet of building area; Built in 1988 with a composition roof
