Duplex With Separate Living
For Sale
$299,990
3823 Caroline Ave, Portsmouth, VA 23701
Two distinct residential areas support flexible occupancy and household arrangements.
Property Size1,900 SF
Price / SF$157.89
Days on Market11
Property Features for 3823 Caroline Ave
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Multi-Family
Building Details
Year Built
1949
Listing Agency:
Keller Williams Realty Twn Ctr
(757) 499-5911
Listed By:
Jay Hassell · License #61205
Source:
Atlanticsir
Added: Aug 16
Changed: Aug 22
Last Checked: Aug 24 at 3:35AM
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 Keller Williams Realty Twn Ctr
Investment Insights
Based on property information with market context.
This duplex at 3823 Caroline Ave in Portsmouth, Virginia, was built in 1949 and contains two separate living spaces. The configuration provides separation between the residences within one property and supports flexible residential use.
The property is positioned minutes from the shipyard, with access to nearby military installations, major employers, shopping, dining, and commuter routes throughout Hampton Roads.
The property is positioned minutes from the shipyard, with access to nearby military installations, major employers, shopping, dining, and commuter routes throughout Hampton Roads.
Key Highlights
- Two separate living spaces within a duplex configuration
- Built in 1949
- Located minutes from the shipyard
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
$16,501
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
5.50%
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%
$330,020
$330.0K
Cap Rate 7%
$235,729
$235.7K
Cap Rate 9%
$183,344
$183.3K
Market Conditions
NOI Build-Up for 1,900 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
$25.5K $13.44/SF
− Vacancy
−$2.0K −$1.03/SF
EGI
$23.6K $12.41/SF
− OpEx
−$7.1K −$3.72/SF
NOI
$16.5K $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%
$330,020
Cap Rate 7%
$235,729
Cap Rate 9%
$183,344
Alternative Uses
Best Use
Multifamily LT 5
$235.7K
$206.3K – $275.0K
NOI $16,501 @ 7.0% cap · market cap 5.50%
Second Best
Apartment 5plus
$217.3K
$190.2K – $253.5K
NOI $15,212 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$604.9K
$529.3K – $705.7K
NOI $42,342 @ 7.0% cap · market cap 14.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
507
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two distinct residential areas support flexible occupancy and household arrangements.
Where is this duplex located?
The property is located at 3823 Caroline Ave Portsmouth, VA.
What is the asking price?
The asking price for this property is $299,990.
What are key features of this property?
This property features: Two separate living spaces within a duplex configuration; Built in 1949; Located minutes from the shipyard
