Two-Unit Duplex with
New
For Sale
$650,000
2001 Azalea Avenue, Portsmouth, VA 23704
Multi Family Residential, Side by Side, Portsmouth, VA
Property Size5,000 SF
Price / SF$130
Days on Market4
Property Features for 2001 Azalea Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Zoning
UR
Subdivision
PRENTIS PARK
Elementary school
Cradock Elementary
Middle school
Other Middle School
Standard status
Active
Size
5,000 SF
Taxes and HOA fees
Tax Annual Amount
781
Amenities
9-foot ceilings
granite countertops
upgraded lighting
ceiling fans
private garage
driveway parking
second-story deck
Building Details
Year built
2026
Roof type
Shingle
Architectural style
Other
Buildings
1
Listing Agency:
Keffer Realty
Listed By:
Valencia Kelly
(757) 482-2606
Added: Oct 23
Changed: Oct 26
Last Checked: Oct 26 at 3:06PM
MLS# 10659101
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.
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Investment Insights
Based on property information with market context.
Under construction at 2001 Azalea Avenue, this duplex comprises two attached, three-story townhomes offered together. Each residence has two primary suites, 9-foot ceilings, granite countertops, upgraded lighting, ceiling fans, a private garage, driveway parking, and a second-story deck. The combined building area is approximately 5,000 square feet, with about 2,500 square feet per home.
The property is zoned UR and has a shingle roof. Construction is scheduled for 2026.
The property is zoned UR and has a shingle roof. Construction is scheduled for 2026.
Key Highlights
- Two attached three‑story residences offered together at 2001 Azalea Avenue
- Approximately 5,000 square feet combined; each residence is approximately 2,500 square feet
- Two primary suites and 9‑foot ceilings in each townhome
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$43,423
Cap Rate
6.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$868,460
$868.5K
Cap Rate 7%
$620,329
$620.3K
Cap Rate 9%
$482,478
$482.5K
Market Conditions
NOI Build-Up for 5,000 SF
Gross rent
$67.2K $13.44/SF
− Vacancy
−$5.2K −$1.03/SF
EGI
$62.0K $12.41/SF
− OpEx
−$18.6K −$3.72/SF
NOI
$43.4K $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%
$868,460
Cap Rate 7%
$620,329
Cap Rate 9%
$482,478
Alternative Uses
Best Use
Multifamily LT 5
$620.3K
$542.8K – $723.7K
NOI $43,423 @ 7.0% cap · market cap 6.68%
Second Best
Apartment 5plus
$571.9K
$500.4K – $667.2K
NOI $40,032 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$1.59M
$1.39M – $1.86M
NOI $111,427 @ 7.0% cap · market cap 17.14%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
359
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two attached residences are being built for a combined purchase, with separate garages and second-floor decks.
Where is this duplex located?
The property is located at 2001 Azalea Avenue Portsmouth, VA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two attached three‑story residences offered together at 2001 Azalea Avenue; Approximately 5,000 square feet combined; each residence is approximately 2,500 square feet; Two primary suites and 9‑foot ceilings in each townhome
