Brick Duplex with
New
For Sale
$199,000
27 Carver Circle, Portsmouth, VA 23701
Multi Family Residential, Side by Side, Portsmouth, VA
Property Size1,380 SF
Price / SF$144.20
Days on Market4
Property Features for 27 Carver Circle
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
URH
Subdivision
DOUGLAS PARK - 122
Elementary school
Douglass Park Elementary
Middle school
Cradock Middle
Standard status
Active
Size
1,380 SF
Taxes and HOA fees
Tax Annual Amount
2090
Utilities
Water front features
Waterfront
Building Details
Year built
1942
Roof type
Shingle
Architectural style
Other
Listing Agency:
Redfin Corporation
(703) 665-6665
Listed By:
Sara Dunbar
(571) 730-7004
Added: Sep 2
Last Checked: Sep 5 at 4:06PM
MLS# 10651906
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.
Investment Insights
Based on property information with market context.
Built in 1942, this all-brick duplex contains two one-level residences, each measuring approximately 690 square feet with two bedrooms, one bathroom, a kitchen, and a combined living and dining area. The property totals 1,380 square feet and includes a shingle roof and URH zoning. Both units have separate utility responsibility for their occupants.
One residence is occupied under a renewed annual lease extending through February 2027, while the second is vacant and positioned for renovation. The property is identified as waterfront and is located at 27 Carver Circle in Portsmouth, Virginia, near I-264 and the Shipyard.
One residence is occupied under a renewed annual lease extending through February 2027, while the second is vacant and positioned for renovation. The property is identified as waterfront and is located at 27 Carver Circle in Portsmouth, Virginia, near I-264 and the Shipyard.
Key Highlights
- Two 2‑bedroom, 1‑bath units within a 1,380‑square‑foot duplex
- Approximately 690 square feet per residence
- One unit leased through February 2027; second unit is vacant
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
$11,985
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
6.02%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
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
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 - One-level income property with two separately configured residences and one unit leased through February 2027.
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 2‑bedroom, 1‑bath units within a 1,380‑square‑foot duplex; Approximately 690 square feet per residence; One unit leased through February 2027; second unit is vacant
