Renovated Over-Under
273 Elm Avenue, Portsmouth, VA 23704
For Sale
New
$419,000
Multi Family Residential, Over/Under, Portsmouth, VA
Property Size2,774 SF
Price / SF$151.05
Days on Market4
Property Features for 273 Elm Avenue
General Information
Property type
Property subtype
Zoning
Subdivision
Elementary school
Middle school
Standard status
Size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Annual Amount
Building Details
Year built
Roof type
Architectural style
Buildings
Listing Agency:
Iron Valley Real Estate HR
Listed By:
Jaima Botterbush
(757) 645-9700
Added: Nov 4
Changed: Nov 7
Last Checked: Nov 7 at 11:06AM
MLS# 10660646
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.
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Investment Insights
Based on property information with market context.
This over-under duplex contains two three-bedroom residences in a 2,774-square-foot building. The first unit has 1.5 bathrooms, while the second has two, including a bathroom connected to its primary bedroom. Both apartments offer kitchens, dining areas, living rooms, and LVP flooring in the main living spaces. Quartz countertops and stainless steel appliances are installed in each kitchen, and all appliances convey. The upper unit also includes a pantry; the lower unit has additional storage space. The property was built in 1910 and has a shingle roof. Zoning is HR.
The property is in Portsmouth, Virginia, with access to highways, military bases, shopping, and restaurants. The source remarks indicate that one residence is occupied and the other is vacant and undergoing renovation; occupancy may change over time.
The property is in Portsmouth, Virginia, with access to highways, military bases, shopping, and restaurants. The source remarks indicate that one residence is occupied and the other is vacant and undergoing renovation; occupancy may change over time.
Key Highlights
- 2,774‑square‑foot over‑under duplex
- Two 3‑bedroom units; one has 1.5 bathrooms and the other has 2
- Quartz countertops and stainless appliances in both kitchens; all 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.
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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
$197,400
Median Home Value
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Market
Average Price Trend$/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 separate residences provide three-bedroom layouts, kitchens, dining areas, and living rooms.
Where is this duplex located?
The property is located at 273 Elm Avenue 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: 2,774‑square‑foot over‑under duplex; Two 3‑bedroom units; one has 1.5 bathrooms and the other has 2; Quartz countertops and stainless appliances in both kitchens; all appliances convey
