Side-by-Side
For Sale
$194,900
163 CHOATE Street, Portsmouth, VA 23707
Multi Family Residential, Side by Side, Portsmouth, VA
Property Size1,396 SF
Price / SF$139.61
Days on Market52
Property Features for 163 CHOATE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
URH
Subdivision
DOUGLAS PARK - 122
Lot features
Cul-De-Sac, Wooded
Elementary school
Douglass Park Elementary
Middle school
Cradock Middle
Standard status
Active
Size
1,396 SF
Taxes and HOA fees
Tax Annual Amount
2011
Utilities
Water front features
Waterfront
Building Details
Year built
1942
Roof type
Shingle
Architectural style
Other
Listing Agency:
Long & Foster Real Estate Inc.
(757) 547-4555
Listed By:
Bill Eiseman
Added: Jul 10
Changed: Aug 19
Last Checked: Aug 30 at 6:06PM
MLS# 10643796
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 side-by-side duplex is arranged as a single-story, two-residence property with 1396 square feet, 4 bedrooms, and 2 bathrooms. Separate entrances give each unit independent access and private space, while the layout supports distinct residential occupancy within one building. The configuration can accommodate separate leasing arrangements or an owner-occupant setup with one residence providing income from the other.
Built in 1942, the property has a shingle roof and is designated URH. Waterfront features are included, adding a distinctive physical characteristic to the site. The duplex format combines two residential units with a manageable single-property footprint.
Built in 1942, the property has a shingle roof and is designated URH. Waterfront features are included, adding a distinctive physical characteristic to the site. The duplex format combines two residential units with a manageable single-property footprint.
Key Highlights
- Side‑by‑side duplex with 2 independently accessed residences
- 1396 square feet with 4 bedrooms and 2 bathrooms
- Single‑story layout with separate entrances for each unit
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
$12,124
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
6.22%
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%
$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
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
$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 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%
$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 6.22%
Second Best
Apartment 5plus
$159.7K
$139.7K – $186.3K
NOI $11,177 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$444.4K
$388.9K – $518.5K
NOI $31,110 @ 7.0% cap · market cap 15.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Single-story design gives each residence its own entrance and private living space.
Where is this duplex located?
The property is located at 163 CHOATE Street Portsmouth, VA.
What is the asking price?
The asking price for this property is $194,900.
What are key features of this property?
This property features: Side‑by‑side duplex with 2 independently accessed residences; 1396 square feet with 4 bedrooms and 2 bathrooms; Single‑story layout with separate entrances for each unit
