2-Unit Side-by-Side
New
For Sale
$250,000
1622 Prentis Ave, Portsmouth, VA 23704
The residences have distinct bathroom layouts, with two bathrooms in one unit and one in the other.
Property Size2,000 SF
Price / SF$125
Days on Market2
Property Features for 1622 Prentis Ave
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
in need of turnover and updates
Units
Unit Mix
1 x 3BR/2BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Asking Price
$250,000
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Liz Moore & Associates LLC
Listed By:
Inlet Realty
(757) 276-3330
Source:
Inletrealty
Added: Oct 9
Changed: Oct 10
Last Checked: Oct 9 at 5:49PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Liz Moore & Associates LLC
Investment Insights
Based on property information with market context.
Built in 1900, this side-by-side duplex contains two three-bedroom residences. One unit has two bathrooms and is vacant, with turnover and updates needed before it is ready for a new tenant. The other unit has one bathroom.
Street parking is available. The owner pays for water, while tenants are responsible for electricity.
Street parking is available. The owner pays for water, while tenants are responsible for electricity.
Key Highlights
- Side‑by‑side duplex with two three‑bedroom residences
- One unit has 2 bathrooms; the other has 1
- Vacant unit needs turnover and updates
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,369
Cap Rate
6.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$347,380
$347.4K
Cap Rate 7%
$248,129
$248.1K
Cap Rate 9%
$192,989
$193.0K
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$26.9K $13.44/SF
− Vacancy
−$2.1K −$1.03/SF
EGI
$24.8K $12.41/SF
− OpEx
−$7.4K −$3.72/SF
NOI
$17.4K $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 Rate 5%
$347,380
Cap Rate 7%
$248,129
Cap Rate 9%
$192,989
Alternative Uses
Best Use
Multifamily LT 5
$248.1K
$217.1K – $289.5K
NOI $17,369 @ 7.0% cap · market cap 6.95%
Second Best
Apartment 5plus
$228.8K
$200.2K – $266.9K
NOI $16,013 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$636.7K
$557.1K – $742.9K
NOI $44,571 @ 7.0% cap · market cap 17.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
864
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
Check the figures for this property
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?
Duplex - The residences have distinct bathroom layouts, with two bathrooms in one unit and one in the other.
Where is this duplex located?
The property is located at 1622 Prentis Ave Portsmouth, VA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Side‑by‑side duplex with two three‑bedroom residences; One unit has 2 bathrooms; the other has 1; Vacant unit needs turnover and updates
