Side-by-Side
New
For Sale
$299,900
827 Mt Vernon Avenue, Portsmouth, VA 23707
Multi Family Residential, Side by Side, Portsmouth, VA
Property Size2,336 SF
Price / SF$128.38
Days on Market5
Property Features for 827 Mt Vernon Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
IL
Subdivision
MOUNT HERMON
Elementary school
Waterview Elementary
Middle school
Churchland Middle
Standard status
Active
Size
2,336 SF
Taxes and HOA fees
Tax Annual Amount
2785
Utilities
Water front features
Waterfront
Building Details
Year built
1918
Roof type
Shingle
Architectural style
Other
Listing Agency:
Shaffer Realty LLC
(757) 468-5000
Listed By:
Marty Miller
(757) 284-6068
Added: Sep 11
Changed: Sep 14
Last Checked: Sep 15 at 3:06AM
MLS# 10653295
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 2,336 square feet across two residential units. Each unit provides 3 bedrooms and 1 bathroom, along with central air and heating. Tenants are responsible for their own utilities. The property was built in 1918, has a shingle roof, and is identified with IL zoning and waterfront features.
The property is located on Mt Vernon Avenue in Portsmouth, near Olde Towne, Naval Hospital, the shipyard, the port, and interstate access. Both units are occupied, and tenant privacy should be maintained during any visit.
The property is located on Mt Vernon Avenue in Portsmouth, near Olde Towne, Naval Hospital, the shipyard, the port, and interstate access. Both units are occupied, and tenant privacy should be maintained during any visit.
Key Highlights
- Two‑unit side‑by‑side duplex with 2,336 square feet
- Each unit has 3 bedrooms and 1 bathroom
- Central air and heating in both units
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
$20,287
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
6.76%
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%
$405,740
$405.7K
Cap Rate 7%
$289,814
$289.8K
Cap Rate 9%
$225,411
$225.4K
Market Conditions
NOI Build-Up for 2,336 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%
$405,740
Cap Rate 7%
$289,814
Cap Rate 9%
$225,411
Alternative Uses
Best Use
Multifamily LT 5
$289.8K
$253.6K – $338.1K
NOI $20,287 @ 7.0% cap · market cap 6.76%
Second Best
Apartment 5plus
$267.2K
$233.8K – $311.7K
NOI $18,703 @ 7.0% cap · market cap 6.24%
Theoretical Best
Office A
$743.7K
$650.7K – $867.7K
NOI $52,059 @ 7.0% cap · market cap 17.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
593
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer three bedrooms, one bathroom, central air and heating, and separately paid utilities.
Where is this duplex located?
The property is located at 827 Mt Vernon Avenue Portsmouth, VA.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two‑unit side‑by‑side duplex with 2,336 square feet; Each unit has 3 bedrooms and 1 bathroom; Central air and heating in both units
