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367 Middle St 5 Unit Apartment Building $650,000 ($130,000/Unit) 6.94% Cap Rate Portsmouth, VA 23704
Investment Highlights
- Historic
- Cash Flowing
Executive Summary
Rare opportunity to acquire a well-maintained 5-unit multifamily property in the heart of Portsmouth's highly sought-after Olde Towne Historic District.? The property consists of two 2-bedroom, 1-bath units and three 1-bedroom, 1-bath units, offering an attractive unit mix that appeals to a broad tenant base.? Positioned in one of Hampton Roads' most walkable and desirable neighborhoods, the property is just blocks from the Elizabeth River waterfront, Portsmouth-Norfolk Ferry, restaurants, coffee shops, museums, parks, and entertainment venues.?
Surrounded by major employment centers including Naval Medical Center Portsmouth, Norfolk Naval Shipyard, and Rivers Casino Portsmouth, the asset benefits from strong and consistent rental demand.? Select units convey furnished, creating additional upside through furnished, mid-term, or executive rental strategies.? Combining stable cash flow, a proven rental history, limited local multifamily inventory, and long-term appreciation potential, this turnkey asset presents an exceptional opportunity for investors seeking both current income and future growth in a supply-constrained waterfront market.?
Contact List Agent Alex Winfield for more information. (757)478-5676
Surrounded by major employment centers including Naval Medical Center Portsmouth, Norfolk Naval Shipyard, and Rivers Casino Portsmouth, the asset benefits from strong and consistent rental demand.? Select units convey furnished, creating additional upside through furnished, mid-term, or executive rental strategies.? Combining stable cash flow, a proven rental history, limited local multifamily inventory, and long-term appreciation potential, this turnkey asset presents an exceptional opportunity for investors seeking both current income and future growth in a supply-constrained waterfront market.?
Contact List Agent Alex Winfield for more information. (757)478-5676
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Property Facts
| Price | $650,000 | Apartment Style | Low-Rise |
| Price Per Unit | $130,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.07 AC |
| Cap Rate | 6.94% | Building Size | 3,036 SF |
| Gross Rent Multiplier | 8.66 | Average Occupancy | 80% |
| No. Units | 5 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1852 |
| Property Subtype | Apartment | ||
| Zoning | HR - Historic and Design Overlay Districts | ||
| Price | $650,000 |
| Price Per Unit | $130,000 |
| Sale Type | Investment |
| Cap Rate | 6.94% |
| Gross Rent Multiplier | 8.66 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 3,036 SF |
| Average Occupancy | 80% |
| No. Stories | 3 |
| Year Built | 1852 |
| Zoning | HR - Historic and Design Overlay Districts |
Amenities
Unit Amenities
- Cable Ready
- Dishwasher
- Fireplace
- Kitchen
- Refrigerator
- Oven
- Range
- Yard
- Family Room
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 3 | - | 720 |
| 1+1 | 2 | - | 450 |
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Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 0008-1180 | Improvements Assessment | $415,490 |
| Land Assessment | $180,800 | Total Assessment | $596,290 |
Property Taxes
Parcel Number
0008-1180
Land Assessment
$180,800
Improvements Assessment
$415,490
Total Assessment
$596,290
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367 Middle St
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