Corner-Lot
For Sale
$300,000
1503 Elm Ave, Portsmouth, VA 23704
Two units offer spacious bedrooms, contemporary paint and flooring, separate utility metering, and distinct layouts.
Property Size3,390 SF
Price / SF$88.50
Days on Market37
Property Features for 1503 Elm Ave
General Information
Standard status
Active
Size
3,390 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
RE/MAX Ultra
Listed By:
Reigne Brown · License #225230979
(757) 204-5750
Source:
Horakrealtygroup
Added: Jul 29
Changed: Aug 31
Last Checked: Sep 1 at 9:26PM
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 RE/MAX Ultra
Investment Insights
Based on property information with market context.
Built in 1900, this 3,390-square-foot duplex includes two residential units with spacious bedrooms, contemporary paint and flooring, and differing layouts. The property sits on an oversized corner lot with partial fencing, providing a distinct physical setting for the building. Separate metering for all utilities serves each unit.
The duplex is located at 1503 Elm Ave in Portsmouth, near military bases, shipyards, naval hospitals, shopping, a casino, entertainment, and noted landmarks. Freeways, bridges, and tunnels provide access to the surrounding area.
The duplex is located at 1503 Elm Ave in Portsmouth, near military bases, shipyards, naval hospitals, shopping, a casino, entertainment, and noted landmarks. Freeways, bridges, and tunnels provide access to the surrounding area.
Key Highlights
- 3,390‑square‑foot duplex with two residential units
- Built in 1900
- Oversized corner lot with partial fencing
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
$27,141
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
9.05%
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%
$542,820
$542.8K
Cap Rate 7%
$387,729
$387.7K
Cap Rate 9%
$301,567
$301.6K
Market Conditions
NOI Build-Up for 3,390 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
$53.7K $15.84/SF
− Vacancy
−$4.3K −$1.28/SF
EGI
$49.3K $14.56/SF
− OpEx
−$22.2K −$6.55/SF
NOI
$27.1K $8.01/SF
Area
Portsmouth County, VA
Vacancy
8.10%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
45.00%
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%
$542,820
Cap Rate 7%
$387,729
Cap Rate 9%
$301,567
Alternative Uses
Best Use
Multifamily LT 5
$420.6K
$368.0K – $490.7K
NOI $29,441 @ 7.0% cap · market cap 9.81%
Second Best
Apartment 5plus
$387.7K
$339.3K – $452.4K
NOI $27,141 @ 7.0% cap · market cap 9.05%
Theoretical Best
Office A
$1.08M
$944.4K – $1.26M
NOI $75,548 @ 7.0% cap · market cap 25.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
701
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 units offer spacious bedrooms, contemporary paint and flooring, separate utility metering, and distinct layouts.
Where is this duplex located?
The property is located at 1503 Elm Ave Portsmouth, VA.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 3,390‑square‑foot duplex with two residential units; Built in 1900; Oversized corner lot with partial fencing
