Waterfront Duplex with Solar
New
For Sale
$325,000
804 City Park Avenue, Portsmouth, VA 23701
Multi Family Residential, Portsmouth, VA
Property Size1,878 SF
Price / SF$173.06
Days on Market6
Property Features for 804 City Park Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Subdivision
SIMONSDALE
Elementary school
Simonsdale Elementary
Middle school
William E. Waters Middle
Standard status
Active
Size
1,878 SF
Taxes and HOA fees
Tax Annual Amount
3534
Utilities
Water front features
Waterfront
Amenities
solar panels
Building Details
Year built
1941
Roof type
Shingle
Listing Agency:
RE/MAX Elevate · RE/MAX International
(757) 873-3636
Listed By:
Sabrina Thomas
(757) 873-3636
Added: Aug 24
Changed: Aug 26
Last Checked: Aug 29 at 4:06AM
MLS# 10650597
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 waterfront duplex contains 1,878 square feet and was built in 1941. The property includes solar panels and a shingle roof, providing notable physical features for a two-unit residential income asset.
Unit A is occupied under a lease extending through June 30, 2027. Unit B is currently being marketed for occupancy. The property is located at 804 City Park Avenue in Portsmouth, Virginia, within ZIP code 23701.
Unit A is occupied under a lease extending through June 30, 2027. Unit B is currently being marketed for occupancy. The property is located at 804 City Park Avenue in Portsmouth, Virginia, within ZIP code 23701.
Key Highlights
- Waterfront duplex at 804 City Park Avenue, Portsmouth, VA 23701
- 1,878 square feet of total property size
- Solar panels installed at the property
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
$16,310
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
5.02%
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%
$326,200
$326.2K
Cap Rate 7%
$233,000
$233.0K
Cap Rate 9%
$181,222
$181.2K
Market Conditions
NOI Build-Up for 1,878 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
$25.2K $13.44/SF
− Vacancy
−$1.9K −$1.03/SF
EGI
$23.3K $12.41/SF
− OpEx
−$7.0K −$3.72/SF
NOI
$16.3K $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%
$326,200
Cap Rate 7%
$233,000
Cap Rate 9%
$181,222
Alternative Uses
Best Use
Multifamily LT 5
$233.0K
$203.9K – $271.8K
NOI $16,310 @ 7.0% cap · market cap 5.02%
Second Best
Apartment 5plus
$214.8K
$188.0K – $250.6K
NOI $15,036 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$597.9K
$523.2K – $697.5K
NOI $41,852 @ 7.0% cap · market cap 12.88%
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
275
Businesses Nearby
Explore this area
Business Placement
Demographics for 23701, VA
24,629
Population
10,318
Households
2.4
Avg Household Size
41
Median Age
23%
College-Educated
90%
High-School Grad
7.7 sq mi
ZIP Area
3,199
Density / Sq Mi
$63,389
Median Household Income
$44,633
Median Earnings
$1,313
Median Rent
$218,900
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 - One unit is leased through June 2027, while the second unit is currently available for occupancy.
Where is this duplex located?
The property is located at 804 City Park Avenue Portsmouth, VA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Waterfront duplex at 804 City Park Avenue, Portsmouth, VA 23701; 1,878 square feet of total property size; Solar panels installed at the property
