Renovated Duplex with Two
For Sale
$349,900
922 Holladay Street, Portsmouth, VA 23704
Multi Family Residential, Over/Under, Portsmouth, VA
Property Size3,030 SF
Price / SF$115.48
Days on Market62
Property Features for 922 Holladay Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RS-60
Subdivision
PARK VIEW - 039
Elementary school
Park View Elementary
Middle school
William E. Waters Middle
Standard status
Active
Size
3,030 SF
Taxes and HOA fees
Tax Annual Amount
4198
Utilities
Water front features
Waterfront
Amenities
washer/dryer hookups
Building Details
Year built
1895
Roof type
Shingle
Architectural style
Other
Listing Agency:
1st Class Real Estate Flagship
(757) 995-1301
Listed By:
Malisa Hawkins
(757) 553-8843
Added: Jun 29
Changed: Aug 19
Last Checked: Aug 29 at 7:06PM
MLS# 10641931
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 two-unit duplex at 922 Holladay Street contains 3,030 square feet and was built in 1895. Renovations completed within the past 5 years include a new shingle roof, replacement windows, updated HVAC systems, refreshed flooring, and contemporary finishes. Both residences are vacant and include washer/dryer hookups.
The lower unit provides three bedrooms and 1.5 baths, while the upper unit offers three bedrooms and one full bath. The upper residence features hardwood flooring and stainless steel appliances; both units have been remodeled. The property is zoned RS-60 and includes an adjacent lot at 908 Holladay St. Waterfront features are also identified for the property.
The lower unit provides three bedrooms and 1.5 baths, while the upper unit offers three bedrooms and one full bath. The upper residence features hardwood flooring and stainless steel appliances; both units have been remodeled. The property is zoned RS-60 and includes an adjacent lot at 908 Holladay St. Waterfront features are also identified for the property.
Key Highlights
- 3,030‑square‑foot duplex with two residential units
- Renovations completed within the past 5 years
- New shingle roof, windows, HVAC systems, flooring, and interior finishes
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
$26,314
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
7.52%
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%
$526,280
$526.3K
Cap Rate 7%
$375,914
$375.9K
Cap Rate 9%
$292,378
$292.4K
Market Conditions
NOI Build-Up for 3,030 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
$40.7K $13.44/SF
− Vacancy
−$3.1K −$1.03/SF
EGI
$37.6K $12.41/SF
− OpEx
−$11.3K −$3.72/SF
NOI
$26.3K $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%
$526,280
Cap Rate 7%
$375,914
Cap Rate 9%
$292,378
Alternative Uses
Best Use
Multifamily LT 5
$375.9K
$328.9K – $438.6K
NOI $26,314 @ 7.0% cap · market cap 7.52%
Second Best
Apartment 5plus
$346.6K
$303.2K – $404.3K
NOI $24,259 @ 7.0% cap · market cap 6.93%
Theoretical Best
Office A
$964.6K
$844.1K – $1.13M
NOI $67,525 @ 7.0% cap · market cap 19.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,459
Businesses Nearby
Explore this area
Business Placement
Demographics for 23704, VA
19,505
Population
9,538
Households
2
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
4.5 sq mi
ZIP Area
4,334
Density / Sq Mi
$44,739
Median Household Income
$34,488
Median Earnings
$1,279
Median Rent
$197,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Recently updated interiors offer modern finishes, stainless steel appliances, and washer/dryer hookups in both units.
Where is this duplex located?
The property is located at 922 Holladay Street Portsmouth, VA.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 3,030‑square‑foot duplex with two residential units; Renovations completed within the past 5 years; New shingle roof, windows, HVAC systems, flooring, and interior finishes
