All-Brick Duplex with Two
For Sale
$199,000
Pending
27 Carver Circle, Portsmouth, VA 23701
Single-level property with kitchens and living/dining areas in both residences.
Property Size1,380 SF
Days on Market53
Property Features for 27 Carver Circle
General Information
Standard status
Pending
Size
1,380 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
ready for renovation
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1942
Buildings
1
Stories
1
Construction
all-brick
Tenancy
Single
Listing Agency:
Hornsby Real Estate Co
Listed By:
Brian Wurst
(757) 424-9007
Source:
Abwrealty
Added: Sep 4
Changed: Oct 26
Last Checked: Oct 24 at 5:07PM
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 Hornsby Real Estate Co
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Investment Insights
Based on property information with market context.
Built in 1942, this all-brick, single-level duplex contains two separate residences, each measuring approximately 690 square feet with two bedrooms, one bathroom, a kitchen, and a living/dining area. The combined property size is 1,380 square feet. One unit is occupied under a renewed annual lease extending through February 2027, while the second is vacant and positioned for renovation. Residents are responsible for their own utilities.
The property is located at 27 Carver Circle in Portsmouth, near I-264 and the Shipyard. Its two-unit configuration, existing tenancy, and separate vacant residence provide a clear distinction between the current rental setup and the available space requiring improvements.
The property is located at 27 Carver Circle in Portsmouth, near I-264 and the Shipyard. Its two-unit configuration, existing tenancy, and separate vacant residence provide a clear distinction between the current rental setup and the available space requiring improvements.
Key Highlights
- Two‑unit duplex with 1,380 square feet total
- Each unit offers 2 bedrooms, 1 bath, and approximately 690 sq. ft.
- All‑brick, one‑level construction built in 1942
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,985
Cap Rate
6.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$239,700
$239.7K
Cap Rate 7%
$171,214
$171.2K
Cap Rate 9%
$133,167
$133.2K
Market Conditions
NOI Build-Up for 1,380 SF
Gross rent
$18.5K $13.44/SF
− Vacancy
−$1.4K −$1.03/SF
EGI
$17.1K $12.41/SF
− OpEx
−$5.1K −$3.72/SF
NOI
$12.0K $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%
$239,700
Cap Rate 7%
$171,214
Cap Rate 9%
$133,167
Alternative Uses
Best Use
Multifamily LT 5
$171.2K
$149.8K – $199.8K
NOI $11,985 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$157.8K
$138.1K – $184.2K
NOI $11,049 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$439.3K
$384.4K – $512.6K
NOI $30,754 @ 7.0% cap · market cap 15.45%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
258
Businesses Nearby
Explore this area
Business Placement
Demographics for 23701, VA
24,629
Population
10,318
Households
2.4
Avg Household Size
41
Median Age
23%
College-Educated
90%
High-School Grad
7.7 sq mi
ZIP Area
3,199
Density / Sq Mi
$63,389
Median Household Income
$44,633
Median Earnings
$1,313
Median Rent
$218,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Single-level property with kitchens and living/dining areas in both residences.
Where is this duplex located?
The property is located at 27 Carver Circle Portsmouth, VA.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,380 square feet total; Each unit offers 2 bedrooms, 1 bath, and approximately 690 sq. ft.; All‑brick, one‑level construction built in 1942
