Updated Triplex with Detached
For Sale
$495,000
1510 Parker Avenue, Portsmouth, VA 23704
MULTI_FAMILY - Portsmouth, VA
Property Size3,460 SF
Price / SF$143.06
Days on Market126
Property Features for 1510 Parker Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
UR
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
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: Apr 2
Changed: Jul 18
Last Checked: Aug 5 at 5:06PM
MLS# 10627931
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 updated triplex includes a mix of unit types designed for practical residential income or owner-occupant use. One unit is a 3-bedroom, 2-bath single-family layout, along with a 2-bedroom, 1-bath unit and a 1-bedroom, 1-bath unit. Each unit is described as well-appointed with granite countertops, stainless steel appliances, and in-unit laundry, and the property is set up with separate utility meters for ease of management.
The property is located at 1510 Parker Avenue in Portsmouth, Virginia. The listing notes a large lot and includes a detached garage, providing additional on-site utility for storage and tenant parking needs.
For tenants, the unit mix supports a range of household sizes within the same property, while in-unit laundry and separately metered utilities can simplify day-to-day living and billing. For buyers, the configuration offers flexibility to lease all three units or occupy one while renting the others, with a detached garage and overall lot size serving as added conveniences for residents. Zoning is listed as UR.
The property is located at 1510 Parker Avenue in Portsmouth, Virginia. The listing notes a large lot and includes a detached garage, providing additional on-site utility for storage and tenant parking needs.
For tenants, the unit mix supports a range of household sizes within the same property, while in-unit laundry and separately metered utilities can simplify day-to-day living and billing. For buyers, the configuration offers flexibility to lease all three units or occupy one while renting the others, with a detached garage and overall lot size serving as added conveniences for residents. Zoning is listed as UR.
Key Highlights
- Triplex configuration offers significant rental income potential or flexible living arrangements.
- Each unit features desirable amenities: granite countertops, stainless steel appliances, and in‑unit laundry.
- Separate utility meters for each unit simplify property management.
Financial Insights For Multifamily LT 5
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 | $46.5k | $13.44 |
| − Vacancy | −$3.6k | −$1.03 |
| EGI | $42.9k | $12.41 |
| − OpEx | −$12.9k | −$3.72 |
| NOI | $30.0k | $8.68 |
3,460 SF · lease $13.44/SF/yr · vacancy 7.69% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$429.3K
$375.6K – $500.8K
NOI $30,048 @ 7.0% cap · market cap 6.07%
Second Best
Apartment 5plus
$395.7K
$346.3K – $461.7K
NOI $27,702 @ 7.0% cap · market cap 5.60%
Theoretical Best
Office A
$1.10M
$963.9K – $1.29M
NOI $77,108 @ 7.0% cap · market cap 15.58%
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
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Frequently Asked Questions
What type of property is this?
Triplex - Updated triplex offers three separate units with in-unit laundry and separate utility meters.
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 $495,000.
What are key features of this property?
This property features: Triplex configuration offers significant rental income potential or flexible living arrangements.; Each unit features desirable amenities: granite countertops, stainless steel appliances, and in‑unit laundry.; Separate utility meters for each unit simplify property management.
