Two-Story Duplex with
For Sale
$329,999
1909 High St, Portsmouth, VA 23704
Stacked units feature updated flooring, ductless mini-splits, and a fenced backyard.
Property Size1,581 SF
Price / SF$208.73
Days on Market10
Property Features for 1909 High St
General Information
Standard status
Active
Size
1,581 SF
Property subtype
Multi-Family
Additional Details
Opportunity Zone
Yes
Public Transit
Yes
Multifamily Units
2
Amenities
fireplace
covered patio
wood deck
fenced backyard
detached storage outbuilding
Building Details
Year Built
1900
Buildings
1
Stories
2
Listing Agency:
Cottage Street Realty LLC
Listed By:
Debbie Crevier-Kent · License #0225030213
(703) 242-0005
Source:
Horakrealtygroup
Added: Aug 25
Changed: Sep 3
Last Checked: Sep 1 at 10:13PM
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 Cottage Street Realty LLC
Investment Insights
Based on property information with market context.
Built in 1900, this 1,581-square-foot, two-story duplex contains three bedrooms and 2.5 baths across two stacked units. The layout was originally designed to support a co-living arrangement with up to three rentable rooms, while also accommodating conventional two-unit use. Each unit includes an eat-in kitchen, and the property is equipped with forced-air heat, central air, and ductless mini-split systems. All appliances convey.
Improvements made in 2025 include luxury vinyl plank flooring and ductless mini-split systems. Exterior features include a covered patio, wood deck, fenced backyard, detached storage outbuilding, and a low-maintenance combination of vinyl and brick siding. The duplex is located within a designated Portsmouth Opportunity Zone, with public transportation at the corner.
Improvements made in 2025 include luxury vinyl plank flooring and ductless mini-split systems. Exterior features include a covered patio, wood deck, fenced backyard, detached storage outbuilding, and a low-maintenance combination of vinyl and brick siding. The duplex is located within a designated Portsmouth Opportunity Zone, with public transportation at the corner.
Key Highlights
- 1,581 SF two‑story duplex with 3 bedrooms and 2.5 baths
- 2025 upgrades include luxury vinyl plank flooring and ductless mini‑split systems
- Forced‑air heat and central air
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
$13,730
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
4.16%
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%
$274,600
$274.6K
Cap Rate 7%
$196,143
$196.1K
Cap Rate 9%
$152,556
$152.6K
Market Conditions
NOI Build-Up for 1,581 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
$21.2K $13.44/SF
− Vacancy
−$1.6K −$1.03/SF
EGI
$19.6K $12.41/SF
− OpEx
−$5.9K −$3.72/SF
NOI
$13.7K $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%
$274,600
Cap Rate 7%
$196,143
Cap Rate 9%
$152,556
Alternative Uses
Best Use
Multifamily LT 5
$196.1K
$171.6K – $228.8K
NOI $13,730 @ 7.0% cap · market cap 4.16%
Second Best
Apartment 5plus
$180.8K
$158.2K – $211.0K
NOI $12,658 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$503.3K
$440.4K – $587.2K
NOI $35,233 @ 7.0% cap · market cap 10.68%
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
387
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 - Stacked units feature updated flooring, ductless mini-splits, and a fenced backyard.
Where is this duplex located?
The property is located at 1909 High St Portsmouth, VA.
What is the asking price?
The asking price for this property is $329,999.
What are key features of this property?
This property features: 1,581 SF two‑story duplex with 3 bedrooms and 2.5 baths; 2025 upgrades include luxury vinyl plank flooring and ductless mini‑split systems; Forced‑air heat and central air
