Waterfront
For Sale
$299,990
3823 Caroline Avenue, Portsmouth, VA 23701
Multi Family Residential, Over/Under, Portsmouth, VA
Property Size1,900 SF
Price / SF$157.89
Days on Market15
Property Features for 3823 Caroline Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
UR
Subdivision
KINGMAN HEIGHTS
Lot features
Corner
Elementary school
Westhaven Elementary
Middle school
William E. Waters Middle
Standard status
Active
Size
1,900 SF
Taxes and HOA fees
Tax Annual Amount
2899
Utilities
Water front features
Waterfront
Building Details
Year built
1949
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty Twn Ctr
Listed By:
Jay Hassell · License #61205
(757) 499-5911
Added: Aug 20
Last Checked: Sep 3 at 2:06PM
MLS# 10647951
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 contains 1,900 square feet arranged as two separate living areas, offering distinct spaces within one residential property. The configuration supports rental income, owner occupancy, or multigenerational living while allowing each household added separation. The property was built in 1949 and has a shingle roof.
Located in Portsmouth, the property is near the shipyard, military installations, major employers, shopping, dining, and commuter routes serving Hampton Roads. UR zoning and the duplex layout provide a straightforward residential income property format for long-term ownership.
Located in Portsmouth, the property is near the shipyard, military installations, major employers, shopping, dining, and commuter routes serving Hampton Roads. UR zoning and the duplex layout provide a straightforward residential income property format for long-term ownership.
Key Highlights
- Waterfront duplex with 1,900 square feet
- Two separate living areas
- UR zoning
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
Lease Details
2
Residential units
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 separate living areas provide flexibility for rental use, owner occupancy, or multigenerational living.
Where is this duplex located?
The property is located at 3823 Caroline Avenue 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: Waterfront duplex with 1,900 square feet; Two separate living areas; UR zoning
