Waterfront Triplex with Detached
New
For Sale
$459,000
1510 Parker Avenue, Portsmouth, VA 23704
Multi Family Residential, Over/Under, Portsmouth, VA
Property Size3,460 SF
Price / SF$132.66
Days on Market4
Property Features for 1510 Parker Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Subdivision
PRENTIS PLACE
Elementary school
Brighton Elementary
Middle school
Cradock Middle
Standard status
Active
Size
3,460 SF
Taxes and HOA fees
Tax Annual Amount
5561
Utilities
Water front features
Waterfront
Amenities
detached garage
Building Details
Year built
1955
Roof type
Shingle
Architectural style
Other
Listing Agency:
Atlantic Sothebys Int'l Realty · Sotheby's International Realty
(757) 777-9870
Listed By:
Kris Weaver
(757) 340-5555
Added: Sep 2
Last Checked: Sep 5 at 6:06PM
MLS# 10652031
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 triplex at 1510 Parker Avenue includes 3,460 square feet across three separate residences. The configuration features a detached 3 bed, 2 bath home, plus 2 bed, 1 bath and 1 bed, 1 bath units. Separate utility meters support independent management, while a detached garage adds functional storage or parking space. The property was built in 1955 and has a shingle roof.
Located in Portsmouth, the property offers a waterfront setting and a large lot. The three-unit layout supports leasing all residences, owner occupancy with additional units, or multigenerational use, as described in the property information.
Located in Portsmouth, the property offers a waterfront setting and a large lot. The three-unit layout supports leasing all residences, owner occupancy with additional units, or multigenerational use, as described in the property information.
Key Highlights
- 3,460 SF waterfront triplex
- Unit mix includes 3 bed/2 bath, 2 bed/1 bath, and 1 bed/1 bath residences
- Detached 3 bed/2 bath home included
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
$30,048
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
6.55%
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%
$600,960
$601.0K
Cap Rate 7%
$429,257
$429.3K
Cap Rate 9%
$333,867
$333.9K
Market Conditions
NOI Build-Up for 3,460 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
$46.5K $13.44/SF
− Vacancy
−$3.6K −$1.03/SF
EGI
$42.9K $12.41/SF
− OpEx
−$12.9K −$3.72/SF
NOI
$30.0K $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%
$600,960
Cap Rate 7%
$429,257
Cap Rate 9%
$333,867
Alternative Uses
Best Use
Multifamily LT 5
$429.3K
$375.6K – $500.8K
NOI $30,048 @ 7.0% cap · market cap 6.55%
Second Best
Apartment 5plus
$395.7K
$346.3K – $461.7K
NOI $27,702 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$1.10M
$963.9K – $1.29M
NOI $77,108 @ 7.0% cap · market cap 16.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
490
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?
Triplex - Three separately metered residences include a detached home, a two-bedroom unit, and a one-bedroom unit.
Where is this triplex located?
The property is located at 1510 Parker Avenue Portsmouth, VA.
What is the asking price?
The asking price for this property is $459,000.
What are key features of this property?
This property features: 3,460 SF waterfront triplex; Unit mix includes 3 bed/2 bath, 2 bed/1 bath, and 1 bed/1 bath residences; Detached 3 bed/2 bath home included
