Four-Bedroom
For Sale
$245,000
Pending
7 Barney Place, Portsmouth, VA 23702
Two-unit residential property with one occupied unit and one available for immediate occupancy.
Property Size2,340 SF
Days on Market52
Property Features for 7 Barney Place
General Information
Standard status
Pending
Size
2,340 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1928
Listing Agency:
Liz Moore & Associates LLC
Listed By:
Patriot Property Management
(757) 478-4881
Source:
757patriotproperty
Added: Sep 5
Changed: Oct 25
Last Checked: Oct 26 at 3:36PM
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 Liz Moore & Associates LLC
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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 / Yr
$20,322
Cap Rate
8.29%
Suggested Prices Based on Cap Rates
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
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 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 8.29%
Second Best
Apartment 5plus
$267.6K
$234.2K – $312.3K
NOI $18,735 @ 7.0% cap · market cap 7.65%
Theoretical Best
Office A
$745.0K
$651.9K – $869.1K
NOI $52,148 @ 7.0% cap · market cap 21.28%
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
382
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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 $245,000.
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
