Two-Unit Renovated
273 Elm Ave, Portsmouth, VA 23704
For Sale
New
$419,000
The over-under layout pairs two separate residences, each with a kitchen, dining area, and living room.
Property Size2,774 SF
Price / SF$151.05
Days on Market2
Property Features for 273 Elm Ave
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Highway Access
Building Details
Year Built
Buildings
Listing Agency:
Atlantic Sothebys Int'l Realty
Listed By:
Brian Wurst
(757) 424-9007
Source:
Abwrealty
Added: Nov 6
Changed: Nov 7
Last Checked: Nov 6 at 6:48AM
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 Atlantic Sothebys Int'l Realty
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Investment Insights
Based on property information with market context.
Built in 1910, this 2,774-square-foot duplex in Portsmouth, Virginia, has an over-under configuration with two three-bedroom residences. Both include a kitchen, dining area, living room, and LVP flooring in the main living areas. Quartz countertops and stainless steel appliances are featured in each kitchen, and the appliances convey. One residence has one full and one half bathroom, plus additional storage space; the other has two full bathrooms, including an ensuite serving the primary bedroom, and a pantry.
The property offers access to highways, military bases, shopping, and restaurants. The downstairs residence is vacant and undergoing renovation.
The property offers access to highways, military bases, shopping, and restaurants. The downstairs residence is vacant and undergoing renovation.
Key Highlights
- Over‑under duplex with two three‑bedroom units
- 2,774 square feet; built in 1910
- Quartz countertops and stainless steel appliances in both kitchens; appliances convey
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,091
Cap Rate
5.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$481,820
$481.8K
Cap Rate 7%
$344,157
$344.2K
Cap Rate 9%
$267,678
$267.7K
Market Conditions
NOI Build-Up for 2,774 SF
Gross rent
$37.3K $13.44/SF
− Vacancy
−$2.9K −$1.03/SF
EGI
$34.4K $12.41/SF
− OpEx
−$10.3K −$3.72/SF
NOI
$24.1K $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%
$481,820
Cap Rate 7%
$344,157
Cap Rate 9%
$267,678
Alternative Uses
Best Use
Multifamily LT 5
$344.2K
$301.1K – $401.5K
NOI $24,091 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$317.3K
$277.6K – $370.2K
NOI $22,210 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$883.1K
$772.8K – $1.03M
NOI $61,820 @ 7.0% cap · market cap 14.75%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,289
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
$197,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Duplexes in Portsmouth, VA
Properties on Market for Duplexes in Portsmouth
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - The over-under layout pairs two separate residences, each with a kitchen, dining area, and living room.
Where is this duplex located?
The property is located at 273 Elm Ave Portsmouth, VA.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: Over‑under duplex with two three‑bedroom units; 2,774 square feet; built in 1910; Quartz countertops and stainless steel appliances in both kitchens; appliances convey
