Recently Remodeled
For Sale
$425,000
416 Maryland Avenue, Portsmouth, VA 23707
Multi Family Residential, Over/Under, Portsmouth, VA
Property Size2,450 SF
Price / SF$173.47
Days on Market177
Property Features for 416 Maryland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Subdivision
PORT NORFOLK
Elementary school
Waterview Elementary
Middle school
Churchland Middle
Standard status
Active
Size
2,450 SF
Taxes and HOA fees
Tax Annual Amount
2810
Utilities
Water front features
Waterfront
Building Details
Year built
1915
Roof type
Slate, Shingle
Architectural style
Other
Listing Agency:
World Class Realty & Prop Mgmt
(757) 228-7773
Listed By:
Marie Depedro Fernandez
(757) 270-1623
Added: Mar 27
Changed: Sep 4
Last Checked: Sep 19 at 7:06PM
MLS# 10627210
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 over/under duplex at 416 Maryland Avenue contains 2,450 square feet across two residential units. The lower or upper placement of each residence is not specified, but the property is configured as separate units. One residence is vacant and includes 3 bedrooms and 2 full bathrooms, while the other unit is occupied.
Both units were remodeled within the last 6 months. The property was built in 1915 and has a roof described as both slate and shingle. Located in Portsmouth, Virginia, the duplex is positioned 4 blocks from the bay. The address is in ZIP Code 23707.
Both units were remodeled within the last 6 months. The property was built in 1915 and has a roof described as both slate and shingle. Located in Portsmouth, Virginia, the duplex is positioned 4 blocks from the bay. The address is in ZIP Code 23707.
Key Highlights
- 2,450‑square‑foot duplex with over/under configuration
- One vacant unit includes 3 bedrooms and 2 full bathrooms
- Both units remodeled within the last 6 months
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
$21,277
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
5.01%
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%
$425,540
$425.5K
Cap Rate 7%
$303,957
$304.0K
Cap Rate 9%
$236,411
$236.4K
Market Conditions
NOI Build-Up for 2,450 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
$32.9K $13.44/SF
− Vacancy
−$2.5K −$1.03/SF
EGI
$30.4K $12.41/SF
− OpEx
−$9.1K −$3.72/SF
NOI
$21.3K $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%
$425,540
Cap Rate 7%
$303,957
Cap Rate 9%
$236,411
Alternative Uses
Best Use
Multifamily LT 5
$304.0K
$266.0K – $354.6K
NOI $21,277 @ 7.0% cap · market cap 5.01%
Second Best
Apartment 5plus
$280.2K
$245.2K – $326.9K
NOI $19,616 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$780.0K
$682.5K – $910.0K
NOI $54,599 @ 7.0% cap · market cap 12.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
202
Businesses Nearby
Explore this area
Business Placement
Demographics for 23707, VA
14,316
Population
7,216
Households
2
Avg Household Size
36
Median Age
26%
College-Educated
87%
High-School Grad
3.9 sq mi
ZIP Area
3,671
Density / Sq Mi
$51,070
Median Household Income
$37,932
Median Earnings
$1,076
Median Rent
$222,100
Median Home Value
Check the figures for this property
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 - Over/under configuration includes one vacant three-bedroom, two-bath residence and a second unit that is currently occupied.
Where is this duplex located?
The property is located at 416 Maryland Avenue Portsmouth, VA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,450‑square‑foot duplex with over/under configuration; One vacant unit includes 3 bedrooms and 2 full bathrooms; Both units remodeled within the last 6 months
