Two-Unit
For Sale
$250,000
1622 Prentis Avenue, Portsmouth, VA 23704
Multi Family Residential, Over/Under, Portsmouth, VA
Property Size2,000 SF
Price / SF$125
Days on Market8
Property Features for 1622 Prentis Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
URH
Subdivision
PRENTIS PARK
Elementary school
Brighton Elementary
Middle school
Cradock Middle
Standard status
Active
Size
2,000 SF
Taxes and HOA fees
Tax Annual Amount
2129
Building Details
Year built
1900
Roof type
Shingle
Architectural style
Other
Listing Agency:
Coastal Group Inc.
(757) 720-2463
Listed By:
Alex Winfield
(757) 233-9595
Added: Oct 7
Changed: Oct 11
Last Checked: Oct 14 at 9:06AM
MLS# 10656915
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 two-unit duplex at 1622 Prentis Avenue has two three-bedroom residences. Unit A includes 2 bathrooms and approximately 1,100 square feet; it is vacant and needs turnover work and updates. Unit B has 1 bathroom and approximately 1,000 square feet. The building dates to 1900 and has a shingle roof.
The property is zoned URH. Street parking is available. The owner pays for water, while tenants are responsible for electricity.
The property is zoned URH. Street parking is available. The owner pays for water, while tenants are responsible for electricity.
Key Highlights
- Two residences, each with 3 bedrooms
- Unit A: approximately 1,100 square feet and 2 bathrooms; vacant and in need of turnover work and updates
- Unit B: approximately 1,000 square feet and 1 bathroom
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.
How Realmo checks its estimates
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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 - One residence is vacant and needs turnover work and updates before it is ready for a new tenant.
Where is this duplex located?
The property is located at 1622 Prentis Avenue 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: Two residences, each with 3 bedrooms; Unit A: approximately 1,100 square feet and 2 bathrooms; vacant and in need of turnover work and updates; Unit B: approximately 1,000 square feet and 1 bathroom
