Duplex Residential Income
For Sale
$270,000
88 Paul Jones Street, Portsmouth, VA 23702
MULTI_FAMILY - Portsmouth, VA
Property Size2,200 SF
Price / SF$122.73
Days on Market180
Property Features for 88 Paul Jones Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
UR
Subdivision
CRADOCK
Elementary school
Cradock Elementary
Middle school
Cradock Middle
Standard status
Active
Size
2,200 SF
Taxes and HOA fees
Tax Annual Amount
2639
Utilities
Water front features
Waterfront
Building Details
Year built
1941
Roof type
Shingle
Architectural style
Other
Listing Agency:
ONYX Realty Professionals LLC
(757) 278-3945
Listed By:
Angela Carlile
(757) 278-3945
Added: Feb 6
Changed: Jul 18
Last Checked: Aug 5 at 2:06PM
MLS# 10619292
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 for-sale duplex provides a residential income configuration within a total building size of 2,200 square feet. The property is zoned UR, supporting a residential income use as reflected in the listing.
The asset is located at 88 Paul Jones Street in Portsmouth, Virginia 23702. This offering may be suitable for buyers seeking a duplex format as part of a portfolio or owner-occupied residential income strategy.
The asset is located at 88 Paul Jones Street in Portsmouth, Virginia 23702. This offering may be suitable for buyers seeking a duplex format as part of a portfolio or owner-occupied residential income strategy.
Key Highlights
- Waterfront property
- Built in 1941
- Shingle roof
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $29.6k | $13.44 |
| − Vacancy | −$2.3k | −$1.03 |
| EGI | $27.3k | $12.41 |
| − OpEx | −$8.2k | −$3.72 |
| NOI | $19.1k | $8.68 |
2,200 SF · lease $13.44/SF/yr · vacancy 7.69% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$272.9K
$238.8K – $318.4K
NOI $19,106 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$251.6K
$220.2K – $293.6K
NOI $17,614 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$700.4K
$612.9K – $817.1K
NOI $49,028 @ 7.0% cap · market cap 18.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
167
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 - For sale duplex totaling 2,200 square feet, zoned UR, located at 88 Paul Jones Street in Portsmouth.
Where is this duplex located?
The property is located at 88 Paul Jones Street Portsmouth, VA.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: Waterfront property; Built in 1941; Shingle roof
