Renovated Over-Under
273 Elm Ave, Portsmouth, VA 23704
For Sale
$419,000
Two separately configured residences offer three bedrooms each, with kitchens, dining areas, and living rooms.
Property Size2,774 SF
Price / SF$151.05
Days on Market9
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
Listing Agency:
AMW Real Estate Inc
Listed By:
Inlet Realty
(757) 276-3330
Source:
Inletrealty
Added: Nov 6
Changed: Nov 12
Last Checked: Nov 12 at 8:12AM
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 AMW Real Estate Inc
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Investment Insights
Based on property information with market context.
This 2,774-square-foot duplex has an over-under layout with two three-bedroom residences. The lower unit includes 1.5 bathrooms, a kitchen, dining area, living room, and additional storage space. The upper unit has two bathrooms, a kitchen pantry, and a primary bedroom with its own bathroom. Both homes feature LVP flooring in the main living areas, quartz kitchen counters, and stainless steel appliances; all appliances convey. The building dates to 1910, and the lower unit is vacant and undergoing renovation.
The property is in Portsmouth, with access to highways, military bases, shopping, and restaurants. Both units have been occupied by tenants, though the lower residence is currently vacant during renovation.
The property is in Portsmouth, with access to highways, military bases, shopping, and restaurants. Both units have been occupied by tenants, though the lower residence is currently vacant during renovation.
Key Highlights
- Over‑under duplex with two three‑bedroom units
- 2,774 square feet; built in 1910
- Lower unit: 3 bedrooms, 1.5 bathrooms, and additional storage
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.
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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
$197,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/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 - Two separately configured residences offer three bedrooms each, with kitchens, dining areas, and living rooms.
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; Lower unit: 3 bedrooms, 1.5 bathrooms, and additional storage
