Renovated Side-by-Side
New
For Sale
$349,900
3704 Mariner Ave, Portsmouth, VA 23703
Two-bedroom units with updated kitchens, bathrooms, flooring, fixtures, and stainless steel appliances.
Property Size2,000 SF
Price / SF$174.95
Days on Market2
Property Features for 3704 Mariner Ave
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
backyard
Building Details
Year Built
1940
Buildings
1
Listing Agency:
Empire Real Estate
Listed By:
Brian Wurst
(757) 424-9007
Source:
Abwrealty
Added: Sep 12
Last Checked: Sep 13 at 8:39AM
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 Empire Real Estate
Investment Insights
Based on property information with market context.
This side-by-side duplex contains 2,000 square feet and was built in 1940. Both units have two bedrooms and one bathroom, along with updated kitchens and bathrooms, luxury vinyl flooring, ceramic tile, new light fixtures, and stainless steel appliances. Each side also offers access to a large backyard. One unit is currently tenant occupied, while the property is presented as move-in ready.
The property is located at 3704 Mariner Ave in Portsmouth, Virginia, with access to the Terminal, shopping, downtown, and the Churchland school district. The layout, recent interior improvements, and separate side-by-side configuration provide a clear residential income property format.
The property is located at 3704 Mariner Ave in Portsmouth, Virginia, with access to the Terminal, shopping, downtown, and the Churchland school district. The layout, recent interior improvements, and separate side-by-side configuration provide a clear residential income property format.
Key Highlights
- Side‑by‑side duplex with 2,000 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Renovated kitchens and bathrooms with stainless steel appliances
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
$17,369
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
4.96%
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%
$347,380
$347.4K
Cap Rate 7%
$248,129
$248.1K
Cap Rate 9%
$192,989
$193.0K
Market Conditions
NOI Build-Up for 2,000 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
$26.9K $13.44/SF
− Vacancy
−$2.1K −$1.03/SF
EGI
$24.8K $12.41/SF
− OpEx
−$7.4K −$3.72/SF
NOI
$17.4K $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%
$347,380
Cap Rate 7%
$248,129
Cap Rate 9%
$192,989
Alternative Uses
Best Use
Multifamily LT 5
$248.1K
$217.1K – $289.5K
NOI $17,369 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$228.8K
$200.2K – $266.9K
NOI $16,013 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$636.7K
$557.1K – $742.9K
NOI $44,571 @ 7.0% cap · market cap 12.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
82
Businesses Nearby
Explore this area
Business Placement
Demographics for 23703, VA
26,388
Population
10,856
Households
2.4
Avg Household Size
38
Median Age
29%
College-Educated
91%
High-School Grad
13.9 sq mi
ZIP Area
1,898
Density / Sq Mi
$75,804
Median Household Income
$46,288
Median Earnings
$1,377
Median Rent
$273,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units with updated kitchens, bathrooms, flooring, fixtures, and stainless steel appliances.
Where is this duplex located?
The property is located at 3704 Mariner Ave Portsmouth, VA.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Side‑by‑side duplex with 2,000 square feet; Each unit includes 2 bedrooms and 1 bathroom; Renovated kitchens and bathrooms with stainless steel appliances
