Building Details

Year Built 1930

Listing Agency: AtCoastal Realty

Listed By: Shannon Paschall Show Phone

Source: Horakrealtygroup

Added: Aug 21 Changed: Oct 6 Last Checked: Oct 16 at 2:03PM

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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.

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 / Yr

$20,843

Cap Rate

6.62%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$416,860 $416.9K

Cap Rate 7%

$297,757 $297.8K

Cap Rate 9%

$231,589 $231.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,400 SF

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 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 (±1% cap)

NOI $20,843 @ 7.0% cap · market cap 6.62%

Second Best

Apartment 5plus

$274.5K

$240.2K – $320.3K (±1% cap)

NOI $19,215 @ 7.0% cap · market cap 6.10%

Theoretical Best

Office A

$764.1K

$668.6K – $891.4K (±1% cap)

NOI $53,485 @ 7.0% cap · market cap 16.98%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

IAMQUEEN LLC Hair Salon

Suggested Use

Top Pick Accounting Firm Carpet & Flooring Store Catering Service Plumbing Service Furniture & Home Goods Garden Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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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