Side-by-Side
New
For Sale
$250,000
7 Barney Place, Portsmouth, VA 23702
Multi Family Residential, Side by Side, Portsmouth, VA
Property Size2,340 SF
Price / SF$106.84
Days on Market7
Property Features for 7 Barney Place
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
HR
Subdivision
CRADOCK
Elementary school
Cradock Elementary
Middle school
Cradock Middle
Standard status
Active
Size
2,340 SF
Taxes and HOA fees
Tax Annual Amount
3422
Utilities
Water front features
Waterfront
Building Details
Year built
1928
Roof type
Shingle
Architectural style
Other
Listing Agency:
Prodigy Realty
(757) 805-2515
Listed By:
Alysia Work
(757) 636-5187
Added: Sep 3
Changed: Sep 4
Last Checked: Sep 8 at 11:06PM
MLS# 10652081
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 side-by-side duplex contains 2,340 square feet and was built in 1928. Each residence includes 4 bedrooms and 2 full bathrooms, creating matching layouts across the property. The building has a shingle roof and is offered in its current condition.
One unit is occupied by a long-term tenant, while the other is vacant. The property is identified as waterfront and carries HR zoning. Located at 7 Barney Place in Portsmouth, Virginia, the duplex is within the 23702 ZIP code.
One unit is occupied by a long-term tenant, while the other is vacant. The property is identified as waterfront and carries HR zoning. Located at 7 Barney Place in Portsmouth, Virginia, the duplex is within the 23702 ZIP code.
Key Highlights
- Side‑by‑side duplex with 2,340 square feet
- Each unit offers 4 bedrooms and 2 full bathrooms
- One residence has a long‑term tenant; the other is vacant
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 waterfront property with one occupied residence and a second unit available for new 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: Side‑by‑side duplex with 2,340 square feet; Each unit offers 4 bedrooms and 2 full bathrooms; One residence has a long‑term tenant; the other is vacant
