Duplex with Oversized
For Sale
$150,000
Pending
2200 Pearl St, Portsmouth, VA 23704
Two-unit property with a spacious yard, offered in as-is condition.
Property Size1,420 SF
Days on Market48
Property Features for 2200 Pearl St
General Information
Standard status
Pending
Size
1,420 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
Abrams Realty
Listed By:
Amanda Broadus
(757) 642-0118
Source:
Distinctlyrealestate
Added: Jul 20
Changed: Sep 2
Last Checked: Sep 5 at 9:47AM
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 Abrams Realty
Investment Insights
Based on property information with market context.
Built in 1920, this duplex contains 1,420 square feet and is situated on an oversized lot with a spacious yard. The property is offered for sale in as-is, where-is condition.
The property is located at 2200 Pearl St in Portsmouth, Virginia 23704. Its two-unit configuration and outdoor area define the primary physical characteristics of this residential income property.
The property is located at 2200 Pearl St in Portsmouth, Virginia 23704. Its two-unit configuration and outdoor area define the primary physical characteristics of this residential income property.
Key Highlights
- Duplex configuration with 1,420 square feet
- Built in 1920
- Oversized lot with a spacious yard
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
$12,332
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
8.22%
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%
$246,640
$246.6K
Cap Rate 7%
$176,171
$176.2K
Cap Rate 9%
$137,022
$137.0K
Market Conditions
NOI Build-Up for 1,420 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
$19.1K $13.44/SF
− Vacancy
−$1.5K −$1.03/SF
EGI
$17.6K $12.41/SF
− OpEx
−$5.3K −$3.72/SF
NOI
$12.3K $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%
$246,640
Cap Rate 7%
$176,171
Cap Rate 9%
$137,022
Alternative Uses
Best Use
Multifamily LT 5
$176.2K
$154.2K – $205.5K
NOI $12,332 @ 7.0% cap · market cap 8.22%
Second Best
Apartment 5plus
$162.4K
$142.1K – $189.5K
NOI $11,369 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$452.1K
$395.6K – $527.4K
NOI $31,645 @ 7.0% cap · market cap 21.10%
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
458
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with a spacious yard, offered in as-is condition.
Where is this duplex located?
The property is located at 2200 Pearl St Portsmouth, VA.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: Duplex configuration with 1,420 square feet; Built in 1920; Oversized lot with a spacious yard
