Victorian Duplex with River
318 Court St, Portsmouth, VA 23704
For Sale
$525,000
The two-level property combines historic detailing with updated conveniences and outdoor living areas.
Property Size3,242 SF
Price / SF$161.94
Days on Market15
Property Features for 318 Court St
General Information
Standard status
Size
Property subtype
Zoning
Additional Details
Public Transit
Multifamily Units
Amenities
deck
covered porch
brick patio
large rear garden
storage shed
Building Details
Building Size
Year Built
Buildings
Construction
Listing Agency:
Howard Hanna Real Estate Svcs.
(757) 428-3516
Listed By:
Robin Dibuono
Source:
Jamesallengroup
Added: Oct 26
Changed: Nov 7
Last Checked: Nov 8 at 3:37PM
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 Howard Hanna Real Estate Svcs.
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Investment Insights
Based on property information with market context.
Built in 1880, this duplex pairs Victorian-era character with modern conveniences. The lower level offers single-story living, hardwood floors, tall windows, 12-foot ceilings, working fireplaces, and original moldings. A primary suite includes a turret sitting area, an open bathroom, a walk-in dressing room, and laundry. The kitchen has adjoining sitting and dining areas that open to a deck. Upstairs, 1,450 square feet of living space includes another turret sitting area, two decorative fireplaces, a bonus room with washer and dryer, and a covered porch overlooking the Elizabeth River.
Outdoor features include a large rear garden with a brick patio, a second deck, and a storage shed. The property is a short distance from the ferry, Portsmouth Naval Hospital, and the Naval Shipyard. HR zoning is also identified for the property.
Outdoor features include a large rear garden with a brick patio, a second deck, and a storage shed. The property is a short distance from the ferry, Portsmouth Naval Hospital, and the Naval Shipyard. HR zoning is also identified for the property.
Key Highlights
- 1880 Victorian duplex with 3,242 square feet
- Upper‑level space totals 1,450 square feet
- Covered porch offers views of the Elizabeth River
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,155
Cap Rate
5.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$563,100
$563.1K
Cap Rate 7%
$402,214
$402.2K
Cap Rate 9%
$312,833
$312.8K
Market Conditions
NOI Build-Up for 3,242 SF
Gross rent
$43.6K $13.44/SF
− Vacancy
−$3.4K −$1.03/SF
EGI
$40.2K $12.41/SF
− OpEx
−$12.1K −$3.72/SF
NOI
$28.2K $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%
$563,100
Cap Rate 7%
$402,214
Cap Rate 9%
$312,833
Alternative Uses
Best Use
Multifamily LT 5
$402.2K
$351.9K – $469.3K
NOI $28,155 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$370.8K
$324.5K – $432.6K
NOI $25,957 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$1.03M
$903.1K – $1.20M
NOI $72,249 @ 7.0% cap · market cap 13.76%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,407
Businesses Nearby
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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 - The two-level property combines historic detailing with updated conveniences and outdoor living areas.
Where is this duplex located?
The property is located at 318 Court St Portsmouth, VA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 1880 Victorian duplex with 3,242 square feet; Upper‑level space totals 1,450 square feet; Covered porch offers views of the Elizabeth River
