Over/Under
For Sale
$850,000
1520 Prentis Ave, Portsmouth, VA 23704
Multi Family Residential, Over/Under, Portsmouth, VA
Property Size5,324 SF
Price / SF$159.65
Days on Market8
Property Features for 1520 Prentis Ave
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
URH
Subdivision
PRENTIS PLACE
Elementary school
Brighton Elementary
Middle school
Cradock Middle
Directions
Please use GPS
Standard status
Active
Size
5,324 SF
Taxes and HOA fees
Tax Annual Amount
4334
Utilities
Water front features
Waterfront
Building Details
Year built
1900
Roof type
Shingle
Architectural style
Other
Listing Agency:
EXP Realty LLC
(866) 825-7169
Listed By:
Joyclyn Kananen
(336) 486-8272
Added: Sep 18
Changed: Sep 21
Last Checked: Sep 25 at 8:06AM
MLS# 10653977
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 quadplex contains approximately 5,324 square feet across four residential units, with a total of 12 bedrooms, 4 full baths, and 2 half baths. Each over/under unit provides three bedrooms, 1.5 baths on the main level, and one full bath upstairs. All units include stackable front-loading washer/dryers and separate electric and water metering. The property was built in 1900 and is zoned URH.
Recent improvements include a shingle roof replacement in approximately 2021, new siding, a front door, front porch railings, electrical panel, hot water heaters, insulated attic, crawl space fan, moisture barrier, and dehumidifier. Flooring and carpet have also been updated, while Unit 2 received remodeled kitchen and bathroom finishes, including appliances, cabinets, granite countertops, flooring, a tub, and vanity. The property is Section 8 approved and located near major roadways, public transportation, and local amenities in Portsmouth’s Prentis Park area.
Recent improvements include a shingle roof replacement in approximately 2021, new siding, a front door, front porch railings, electrical panel, hot water heaters, insulated attic, crawl space fan, moisture barrier, and dehumidifier. Flooring and carpet have also been updated, while Unit 2 received remodeled kitchen and bathroom finishes, including appliances, cabinets, granite countertops, flooring, a tub, and vanity. The property is Section 8 approved and located near major roadways, public transportation, and local amenities in Portsmouth’s Prentis Park area.
Key Highlights
- Approximately 5,324 square feet across 4 units with 12 bedrooms, 4 full baths, and 2 half baths
- Each unit offers 3 bedrooms, 1.5 main‑level baths, and 1 full upstairs bath
- Separate electric and water meters for every unit; all units include stackable front‑loading washer/dryers
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
$46,236
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
5.44%
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%
$924,720
$924.7K
Cap Rate 7%
$660,514
$660.5K
Cap Rate 9%
$513,733
$513.7K
Market Conditions
NOI Build-Up for 5,324 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
$71.6K $13.44/SF
− Vacancy
−$5.5K −$1.03/SF
EGI
$66.1K $12.41/SF
− OpEx
−$19.8K −$3.72/SF
NOI
$46.2K $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%
$924,720
Cap Rate 7%
$660,514
Cap Rate 9%
$513,733
Alternative Uses
Best Use
Multifamily LT 5
$660.5K
$578.0K – $770.6K
NOI $46,236 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$608.9K
$532.8K – $710.4K
NOI $42,626 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$1.69M
$1.48M – $1.98M
NOI $118,648 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four individually metered units offer updated building systems, in-unit laundry, and Section 8 approval.
Where is this quadplex located?
The property is located at 1520 Prentis Ave Portsmouth, VA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Approximately 5,324 square feet across 4 units with 12 bedrooms, 4 full baths, and 2 half baths; Each unit offers 3 bedrooms, 1.5 main‑level baths, and 1 full upstairs bath; Separate electric and water meters for every unit; all units include stackable front‑loading washer/dryers
