Updated Duplex with Separate
For Sale
$330,000
238 Webster Ave, Portsmouth, VA 23704
Two independent residences combine refreshed interiors with furnished-rental history and outdoor space in a flexible income-property format.
Property Size2,260 SF
Price / SF$146.02
Days on Market51
Property Features for 238 Webster Ave
General Information
Standard status
Active
Size
2,260 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
covered front porch
backyard space
storage shed
Building Details
Year Built
1913
Listing Agency:
Own Real Estate LLC
(757) 276-3330
Listed By:
Inlet Realty
(757) 276-3330
Source:
Inletrealty
Added: Jul 10
Changed: Aug 28
Last Checked: Aug 29 at 8:54AM
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 Own Real Estate LLC
Investment Insights
Based on property information with market context.
This 2,260-square-foot duplex, built in 1913, contains two independent residences. Each unit provides 2 bedrooms, 1 full bath, and approximately 1,130 square feet, creating a balanced configuration for rental operations or owner occupancy. Interior improvements include newer flooring, renovated bathrooms, and kitchens fitted with upgraded cabinetry. Separate entrances support privacy between the residences, while a covered front porch adds outdoor entry space. The backyard includes a storage shed and additional area for relaxation or entertaining.
The property is currently operated as an established Airbnb and has rental history. Naval Medical Center Portsmouth is located two blocks away, with Olde Towne Portsmouth, the Elizabeth River waterfront, and Downtown Norfolk minutes from the property. The duplex is offered as-is.
The property is currently operated as an established Airbnb and has rental history. Naval Medical Center Portsmouth is located two blocks away, with Olde Towne Portsmouth, the Elizabeth River waterfront, and Downtown Norfolk minutes from the property. The duplex is offered as-is.
Key Highlights
- Two‑unit duplex totaling 2,260 square feet
- Each unit offers 2 bedrooms, 1 full bath, and approximately 1,130 square feet
- Built in 1913 with updated flooring, renovated bathrooms, and upgraded kitchen cabinetry
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
$19,627
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
5.95%
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%
$392,540
$392.5K
Cap Rate 7%
$280,386
$280.4K
Cap Rate 9%
$218,078
$218.1K
Market Conditions
NOI Build-Up for 2,260 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
$30.4K $13.44/SF
− Vacancy
−$2.3K −$1.03/SF
EGI
$28.0K $12.41/SF
− OpEx
−$8.4K −$3.72/SF
NOI
$19.6K $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%
$392,540
Cap Rate 7%
$280,386
Cap Rate 9%
$218,078
Alternative Uses
Best Use
Multifamily LT 5
$280.4K
$245.3K – $327.1K
NOI $19,627 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$258.5K
$226.2K – $301.6K
NOI $18,094 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$719.5K
$629.6K – $839.4K
NOI $50,365 @ 7.0% cap · market cap 15.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,255
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 independent residences combine refreshed interiors with furnished-rental history and outdoor space in a flexible income-property format.
Where is this duplex located?
The property is located at 238 Webster Ave Portsmouth, VA.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,260 square feet; Each unit offers 2 bedrooms, 1 full bath, and approximately 1,130 square feet; Built in 1913 with updated flooring, renovated bathrooms, and upgraded kitchen cabinetry
