Updated Duplex with Rental
For Sale
$314,900
1802 Atlanta Ave, Portsmouth, VA 23704
Two-level duplex with refreshed interiors, separate utilities, porches, and off-street parking.
Property Size2,400 SF
Price / SF$131.21
Days on Market14
Property Features for 1802 Atlanta Ave
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multi-Family
Building Details
Year Built
1930
Listing Agency:
AtCoastal Realty
Listed By:
Shannon Paschall
(757) 751-0003
Source:
Horakrealtygroup
Added: Aug 21
Changed: Aug 31
Last Checked: Sep 1 at 8:40PM
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 AtCoastal Realty
Investment Insights
Based on property information with market context.
This 2,400-square-foot duplex, built in 1930, includes two separately metered residential units. The first-floor residence offers three bedrooms and two full baths, while the upper level provides two bedrooms, a bonus room, and one full bath. Both units feature updated kitchens and bathrooms, with additional improvements to flooring, carpet, paint, lighting, ductwork, plumbing drain lines, and the crawlspace barrier completed between 2023 and 2025.
Separate water, gas, and electric meters support independent operation. Exterior features include spacious porches, a four-car driveway, and additional street parking. The lower unit is occupied, while the upper unit is vacant, providing flexibility for an owner-occupant or a landlord leasing both residences. Located at 1802 Atlanta Ave in Portsmouth, Virginia.
Separate water, gas, and electric meters support independent operation. Exterior features include spacious porches, a four-car driveway, and additional street parking. The lower unit is occupied, while the upper unit is vacant, providing flexibility for an owner-occupant or a landlord leasing both residences. Located at 1802 Atlanta Ave in Portsmouth, Virginia.
Key Highlights
- 2,400‑square‑foot duplex built in 1930
- First floor has 3 bedrooms and 2 full baths
- Second floor includes 2 bedrooms, a bonus room, and 1 full bath
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
$20,843
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
6.62%
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%
$416,860
$416.9K
Cap Rate 7%
$297,757
$297.8K
Cap Rate 9%
$231,589
$231.6K
Market Conditions
NOI Build-Up for 2,400 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
$32.3K $13.44/SF
− Vacancy
−$2.5K −$1.03/SF
EGI
$29.8K $12.41/SF
− OpEx
−$8.9K −$3.72/SF
NOI
$20.8K $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%
$416,860
Cap Rate 7%
$297,757
Cap Rate 9%
$231,589
Alternative Uses
Best Use
Multifamily LT 5
$297.8K
$260.5K – $347.4K
NOI $20,843 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$274.5K
$240.2K – $320.3K
NOI $19,215 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$764.1K
$668.6K – $891.4K
NOI $53,485 @ 7.0% cap · market cap 16.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
419
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
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 - Two-level duplex with refreshed interiors, separate utilities, porches, and off-street parking.
Where is this duplex located?
The property is located at 1802 Atlanta Ave Portsmouth, VA.
What is the asking price?
The asking price for this property is $314,900.
What are key features of this property?
This property features: 2,400‑square‑foot duplex built in 1930; First floor has 3 bedrooms and 2 full baths; Second floor includes 2 bedrooms, a bonus room, and 1 full bath
