Waterfront Duplex with Side-by-Side
For Sale
$275,000
370 Carver Circle, Portsmouth, VA 23701
Multi Family Residential, Side by Side, Portsmouth, VA
Property Size2,070 SF
Price / SF$132.85
Days on Market321
Property Features for 370 Carver Circle
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
URH
Subdivision
DOUGLAS PARK - 122
Lot features
Wooded
Elementary school
Douglass Park Elementary
Middle school
Cradock Middle
Standard status
Active
Size
2,070 SF
Taxes and HOA fees
Tax Annual Amount
2860
Utilities
Water front features
Waterfront
Amenities
washer/dryer hookups
spacious yard
Building Details
Year built
1942
Roof type
Shingle
Architectural style
Other
Listing Agency:
The Real Estate Group
(757) 961-9090
Listed By:
Ryan Harrell
(757) 410-8500
Added: Oct 24, 2025
Changed: Sep 4
Last Checked: Sep 9 at 3:06AM
MLS# 10607416
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.
This waterfront duplex property contains a 3-bedroom, 2-bath unit within 2070 square feet. The interior features durable flooring, numerous windows for natural illumination, and washer/dryer hookups. A spacious yard provides additional outdoor area, while the shingle roof and 1942 construction date add useful context for evaluating the improvements.
The property is in Portsmouth near shipyards, military bases, interstate access, and several shopping centers. It is currently occupied, and showings require additional notice. The URH zoning designation and side-by-side configuration further define the asset’s existing residential income profile.
The property is in Portsmouth near shipyards, military bases, interstate access, and several shopping centers. It is currently occupied, and showings require additional notice. The URH zoning designation and side-by-side configuration further define the asset’s existing residential income profile.
Key Highlights
- Waterfront duplex property with side‑by‑side configuration
- 3‑bedroom, 2‑bath duplex unit
- 2070 square feet of property size
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
$17,977
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
6.54%
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%
$359,540
$359.5K
Cap Rate 7%
$256,814
$256.8K
Cap Rate 9%
$199,744
$199.7K
Market Conditions
NOI Build-Up for 2,070 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
$27.8K $13.44/SF
− Vacancy
−$2.1K −$1.03/SF
EGI
$25.7K $12.41/SF
− OpEx
−$7.7K −$3.72/SF
NOI
$18.0K $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%
$359,540
Cap Rate 7%
$256,814
Cap Rate 9%
$199,744
Alternative Uses
Best Use
Multifamily LT 5
$256.8K
$224.7K – $299.6K
NOI $17,977 @ 7.0% cap · market cap 6.54%
Second Best
Apartment 5plus
$236.8K
$207.2K – $276.2K
NOI $16,573 @ 7.0% cap · market cap 6.03%
Theoretical Best
Office A
$659.0K
$576.6K – $768.9K
NOI $46,131 @ 7.0% cap · market cap 16.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
418
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - URH-zoned property with abundant natural light, washer/dryer hookups, and a spacious yard.
Where is this duplex located?
The property is located at 370 Carver Circle Portsmouth, VA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Waterfront duplex property with side‑by‑side configuration; 3‑bedroom, 2‑bath duplex unit; 2070 square feet of property size
