Updated Duplex with
For Sale
$320,000
114 Riverview Ave, Portsmouth, VA 23704
Two residential units provide flexible rental or owner-occupant use with refreshed interiors and outdoor space.
Property Size2,900 SF
Lot Size4.50 Acres
Price / SF$110.34
Days on Market51
Property Features for 114 Riverview Ave
General Information
Standard status
Active
Size
2,900 SF
Net Rentable
68,400 SF
Class
Class B
Total Parking Spaces
126
Elevators
No
Lot size
4.50 Acres
Property subtype
Multi-Family
Zoning
R-4
Occupancy
94%
Net Operating Income
$620,000
Financials
Asking Price
$10,780,000
Cap Rate
5.75%
Gross Income
$1,120,000
Gross Rent Multiplier
10.2
Average Monthly Rent
$1,090
Opportunity Zone
No
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
12 x studio, 48 x 1BR/1BA, 24 x 2BR/2BA
Multifamily Units
84
Parking per Unit
1.5
Additional Details
Furnished
No
Sprinkler System
Yes
Amenities
pool
fitness center
on-site laundry
Building Details
Year Built
1900
Year Renovated
2022
Buildings
3
Stories
2
Construction
garden-style
Tenancy
Multi
Listing Agency:
ONYX Realty Professionals
(757) 478-4881
Listed By:
Katrice Stancil
Source:
Distinctlyrealestate
Added: Jul 10
Changed: Aug 28
Last Checked: Aug 28 at 12:59PM
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 ONYX Realty Professionals
Investment Insights
Based on property information with market context.
This Portsmouth duplex contains two separate residences, with a 2-bedroom, 1-bath layout on each level. The lower unit measures approximately 1,700 square feet, while the upper unit measures approximately 1,200 square feet. Interior improvements include updated flooring, refreshed bathrooms, and kitchens fitted with upgraded cabinetry. Both units also offer ample living and dining areas, while covered front and rear porches extend the usable space. A fenced backyard completes the property. Built in 1900, the building is currently operated as an established Airbnb and has rental history supporting short- or long-term occupancy as well as owner-occupant use.
The property is located at 114 Riverview Ave in Portsmouth, two blocks from Naval Medical Center Portsmouth. Olde Towne Portsmouth and Downtown Norfolk are both minutes away, providing access to established nearby destinations.
The property is located at 114 Riverview Ave in Portsmouth, two blocks from Naval Medical Center Portsmouth. Olde Towne Portsmouth and Downtown Norfolk are both minutes away, providing access to established nearby destinations.
Key Highlights
- Two‑unit duplex with a 2‑bedroom, 1‑bath configuration on each level
- Approximately 1,700 square feet downstairs and 1,200 square feet upstairs
- Currently operated as an established Airbnb with rental history
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
$25,185
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
7.87%
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%
$503,700
$503.7K
Cap Rate 7%
$359,786
$359.8K
Cap Rate 9%
$279,833
$279.8K
Market Conditions
NOI Build-Up for 2,900 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
$39.0K $13.44/SF
− Vacancy
−$3.0K −$1.03/SF
EGI
$36.0K $12.41/SF
− OpEx
−$10.8K −$3.72/SF
NOI
$25.2K $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%
$503,700
Cap Rate 7%
$359,786
Cap Rate 9%
$279,833
Alternative Uses
Best Use
Multifamily LT 5
$359.8K
$314.8K – $419.8K
NOI $25,185 @ 7.0% cap · market cap 7.87%
Second Best
Apartment 5plus
$331.7K
$290.2K – $387.0K
NOI $23,218 @ 7.0% cap · market cap 7.26%
Theoretical Best
Office A
$923.3K
$807.9K – $1.08M
NOI $64,628 @ 7.0% cap · market cap 20.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
84
Residential units
94%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
971
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 provide flexible rental or owner-occupant use with refreshed interiors and outdoor space.
Where is this duplex located?
The property is located at 114 Riverview Ave 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‑unit duplex with a 2‑bedroom, 1‑bath configuration on each level; Approximately 1,700 square feet downstairs and 1,200 square feet upstairs; Currently operated as an established Airbnb with rental history
