Four-Bedroom
New
For Sale
$250,000
7 Barney Place, Portsmouth, VA 23702
Two-unit residential property with one occupied unit and one available for immediate occupancy.
Property Size2,340 SF
Price / SF$106.84
Days on Market5
Property Features for 7 Barney Place
General Information
Standard status
Active
Size
2,340 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1928
Listing Agency:
BHHS RW Towne Realty
Listed By:
Patriot Property Management
(757) 478-4881
Source:
757patriotproperty
Added: Sep 5
Changed: Sep 7
Last Checked: Sep 8 at 5:23AM
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 BHHS RW Towne Realty
Investment Insights
Based on property information with market context.
Built in 1928, this duplex contains two residential units, each configured with 4 bedrooms and 2 full bathrooms. One unit has a long-term tenant in place, while the second unit is vacant, creating distinct occupancy positions within the property. The building includes 2,340 of property size as reported and is offered in its existing condition.
The property is located at 7 Barney Place in Portsmouth, Virginia 23702. Both units share the same four-bedroom, two-bathroom layout, providing consistency across the duplex. The sale is offered on an as-is, where-is basis.
The property is located at 7 Barney Place in Portsmouth, Virginia 23702. Both units share the same four-bedroom, two-bathroom layout, providing consistency across the duplex. The sale is offered on an as-is, where-is basis.
Key Highlights
- Two‑unit duplex at 7 Barney Place, Portsmouth, VA 23702
- Each unit offers 4 bedrooms and 2 full bathrooms
- One unit has a long‑term tenant in place
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
$20,322
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
8.13%
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%
$406,440
$406.4K
Cap Rate 7%
$290,314
$290.3K
Cap Rate 9%
$225,800
$225.8K
Market Conditions
NOI Build-Up for 2,340 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
$31.4K $13.44/SF
− Vacancy
−$2.4K −$1.03/SF
EGI
$29.0K $12.41/SF
− OpEx
−$8.7K −$3.72/SF
NOI
$20.3K $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%
$406,440
Cap Rate 7%
$290,314
Cap Rate 9%
$225,800
Alternative Uses
Best Use
Multifamily LT 5
$290.3K
$254.0K – $338.7K
NOI $20,322 @ 7.0% cap · market cap 8.13%
Second Best
Apartment 5plus
$267.6K
$234.2K – $312.3K
NOI $18,735 @ 7.0% cap · market cap 7.49%
Theoretical Best
Office A
$745.0K
$651.9K – $869.1K
NOI $52,148 @ 7.0% cap · market cap 20.86%
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
382
Businesses Nearby
Explore this area
Business Placement
Demographics for 23702, VA
12,239
Population
5,278
Households
2.3
Avg Household Size
33
Median Age
9%
College-Educated
91%
High-School Grad
2.4 sq mi
ZIP Area
5,100
Density / Sq Mi
$48,288
Median Household Income
$35,716
Median Earnings
$1,228
Median Rent
$188,600
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-unit residential property with one occupied unit and one available for immediate occupancy.
Where is this duplex located?
The property is located at 7 Barney Place Portsmouth, VA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two‑unit duplex at 7 Barney Place, Portsmouth, VA 23702; Each unit offers 4 bedrooms and 2 full bathrooms; One unit has a long‑term tenant in place
