Waterfront
For Sale
$300,000
1503 Elm Avenue, Portsmouth, VA 23704
Multi Family Residential, Over/Under, Portsmouth, VA
Property Size3,390 SF
Price / SF$88.50
Days on Market50
Property Features for 1503 Elm Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
URH
Subdivision
PRENTIS PARK
Lot features
Corner
Elementary school
Waterview Elementary
Middle school
Other Middle School
Standard status
Active
Size
3,390 SF
Taxes and HOA fees
Tax Annual Amount
4805
Utilities
Water front features
Waterfront
Building Details
Year built
1900
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX Ultra · RE/MAX International
(757) 829-7200
Listed By:
Reigne Brown · License #225230979
(757) 204-5750
Added: Jul 16
Changed: Aug 19
Last Checked: Sep 3 at 1:06PM
MLS# 10643938
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.
Investment Insights
Based on property information with market context.
This waterfront duplex contains 3,390 square feet across an over-under configuration. The property dates to 1900 and includes spacious bedrooms, distinct unit layouts, and paint and flooring within each unit. A shingle roof, partial fencing, and an oversized corner lot are also part of the property. Separate metering serves all utilities, supporting clear division between the units.
Located in Portsmouth, Virginia, the property is near military bases, shipyards, naval hospitals, shopping, casino and entertainment venues, and noted landmarks. Freeways, bridges, and tunnels provide access to the surrounding area. The property is designated URH zoning and carries a 23704 postal code.
Located in Portsmouth, Virginia, the property is near military bases, shipyards, naval hospitals, shopping, casino and entertainment venues, and noted landmarks. Freeways, bridges, and tunnels provide access to the surrounding area. The property is designated URH zoning and carries a 23704 postal code.
Key Highlights
- Waterfront duplex with 3,390 square feet
- Over‑under configuration with distinct unit layouts
- Separate metering for all utilities
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 - The over-under layout includes separate metering for all utilities.
Where is this duplex located?
The property is located at 1503 Elm Avenue 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: Waterfront duplex with 3,390 square feet; Over‑under configuration with distinct unit layouts; Separate metering for all utilities
