4-Bedroom Duplex Corner
1503 Elm Avenue Portsmouth, VA 23704
New
1503 Elm Avenue, Portsmouth, VA, 23704
$300,000
For Sale
$300,000
MULTI_FAMILY - Portsmouth, VA
Property Size3,390 SF
Price / SF$88.50
Days on Market4
Property Features for 1503 Elm Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Zoning
- URH
- 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
(757) 829-7200
840 Greenbrier Circle, Suite 204, Chesapeake, VA
Listed by
Reigne Brown · License #225230979
(757) 829-7200
Added: Jul 16 Checked: Jul 19 at 6:06 am
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 for-sale duplex offers two four-bedroom units with contemporary paint and flooring. The property is set on an oversized corner lot with a partial fence, and the units feature unique layouts.
The duplex is located in Portsmouth, Virginia (23704) at 1503 Elm Avenue, and is listed under zoning code URH. The area is described as being near military bases, shipyards, naval hospitals, shopping, and entertainment, with access to freeways, bridges, and tunnels.
A practical feature for residents is separate metering for all utilities, which can simplify tenant move-in and ongoing utility management.
The duplex is located in Portsmouth, Virginia (23704) at 1503 Elm Avenue, and is listed under zoning code URH. The area is described as being near military bases, shipyards, naval hospitals, shopping, and entertainment, with access to freeways, bridges, and tunnels.
A practical feature for residents is separate metering for all utilities, which can simplify tenant move-in and ongoing utility management.
Key Highlights
- 4‑bedroom duplex in Portsmouth with waterfront features
- Separate metering for all utilities for each unit
- Oversized corner lot with partial fencing
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $53.7k | $15.84 |
| − Vacancy | −$4.3k | −$1.28 |
| EGI | $49.3k | $14.56 |
| − OpEx | −$22.2k | −$6.55 |
| NOI | $27.1k | $8.01 |
3,390 SF · lease $15.84/SF/yr · vacancy 8.10% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two four-bedroom units with separate utility metering on an oversized corner lot with partial fencing.
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: 4‑bedroom duplex in Portsmouth with waterfront features; Separate metering for all utilities for each unit; Oversized corner lot with partial fencing
