Side-by-Side
For Sale
$184,900
163 Choate St, Portsmouth, VA 23707
Single-story duplex with separate entrances and private spaces for two independently operated residential units.
Property Size1,396 SF
Price / SF$132.45
Days on Market62
Property Features for 163 Choate St
General Information
Standard status
Active
Size
1,396 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1942
Buildings
1
Stories
1
Listing Agency:
Long & Foster Real Estate Inc.
Listed By:
Bill Eiseman
(757) 718-4659
Source:
Horakrealtygroup
Added: Aug 14
Changed: Oct 4
Last Checked: Oct 7 at 4:42PM
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 Long & Foster Real Estate Inc.
Investment Insights
Based on property information with market context.
This single-story duplex is arranged as two side-by-side residential units, with each residence operating independently and offering its own entrance and private space. The property contains 4 bedrooms and 2 bathrooms across 1,396 square feet, supporting separate household occupancy within one structure.
Built in 1942, the layout accommodates long-term residential leasing and may also suit an owner-occupant arrangement with one unit providing rental income while the other is occupied by the owner. Its two-unit configuration combines separate living spaces with a single property footprint.
Built in 1942, the layout accommodates long-term residential leasing and may also suit an owner-occupant arrangement with one unit providing rental income while the other is occupied by the owner. Its two-unit configuration combines separate living spaces with a single property footprint.
Key Highlights
- Two side‑by‑side residential units with independent operation
- 4 bedrooms and 2 bathrooms across 1,396 square feet
- Separate entrances and private space for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,124
Cap Rate
6.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$242,480
$242.5K
Cap Rate 7%
$173,200
$173.2K
Cap Rate 9%
$134,711
$134.7K
Market Conditions
NOI Build-Up for 1,396 SF
Gross rent
$18.8K $13.44/SF
− Vacancy
−$1.4K −$1.03/SF
EGI
$17.3K $12.41/SF
− OpEx
−$5.2K −$3.72/SF
NOI
$12.1K $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%
$242,480
Cap Rate 7%
$173,200
Cap Rate 9%
$134,711
Alternative Uses
Best Use
Multifamily LT 5
$173.2K
$151.6K – $202.1K
NOI $12,124 @ 7.0% cap · market cap 6.56%
Second Best
Apartment 5plus
$159.7K
$139.7K – $186.3K
NOI $11,177 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$444.4K
$388.9K – $518.5K
NOI $31,110 @ 7.0% cap · market cap 16.83%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
466
Businesses Nearby
Explore this area
Business Placement
Demographics for 23707, VA
14,316
Population
7,216
Households
2
Avg Household Size
36
Median Age
26%
College-Educated
87%
High-School Grad
3.9 sq mi
ZIP Area
3,671
Density / Sq Mi
$51,070
Median Household Income
$37,932
Median Earnings
$1,076
Median Rent
$222,100
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?
Duplex - Single-story duplex with separate entrances and private spaces for two independently operated residential units.
Where is this duplex located?
The property is located at 163 Choate St Portsmouth, VA.
What is the asking price?
The asking price for this property is $184,900.
What are key features of this property?
This property features: Two side‑by‑side residential units with independent operation; 4 bedrooms and 2 bathrooms across 1,396 square feet; Separate entrances and private space for each unit
