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 Market222
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
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Annual Amount
2810
Building Details
Year built
1915
Roof type
Shingle, Slate
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: Oct 26
Last Checked: Nov 3 at 8:06PM
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.
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Investment Insights
Based on property information with market context.
This 2,450-square-foot duplex dates to 1915 and is arranged as two residences, one above the other. Both units underwent complete remodeling within the last six months. The vacant residence has three bedrooms and two full bathrooms; the other unit has tenants in place.
The property is four blocks from the bay, with new construction underway in the surrounding area.
The property is four blocks from the bay, with new construction underway in the surrounding area.
Key Highlights
- 2,450 square feet across two residential units
- Both units completely remodeled within the last 6 months
- Vacant unit has 3 bedrooms and 2 full bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,277
Cap Rate
5.01%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
202
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two distinct residences provide a combination of tenant occupancy and a vacant three-bedroom home.
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 feet across two residential units; Both units completely remodeled within the last 6 months; Vacant unit has 3 bedrooms and 2 full bathrooms
