Updated Four-Unit
New
For Sale
$640,000
12020 Winfree St, Chester, VA 23831
Fully occupied multifamily property with refreshed interiors, separate electric meters, and a subdividable lot.
Property Size2,716 SF
Price / SF$235.64
Days on Market4
Property Features for 12020 Winfree St
General Information
Standard status
Active
Size
2,716 SF
Property subtype
Multi-Family
Occupancy
100%
Net Operating Income
$39,365
Units
Unit Mix
3 x 2BR, 1 x 1BR
Multifamily Units
4
Additional Details
Cap Rate
6.1%
Highway Access
Yes
Building Details
Year Built
1915
Listing Agency:
HAAS Realty Group
(804) 349-5788
Listed By:
Susan Haas · License #0225083094
Source:
Riverfoxrealty
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 28 at 8:16PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of HAAS Realty Group
Investment Insights
Based on property information with market context.
This 1915 quadplex contains four apartments: three two-bedroom units and one one-bedroom unit. Each apartment has a separate electric meter and furnace, while the landlord pays water. Interior features include modern kitchens and bathrooms, hardwood floors, tall ceilings, open layouts, and natural light. The roof was replaced 3 years ago, and the windows were replaced 1 year ago.
The property is located on Winfree St near Rt 10 W. Hundred Rd, Thomas Dale High School, Chester Village, the YMCA, and national retail stores. Access to I-95, I-64, and Rt 288 is approximately 2.5mi away. The lot is subdividable for a single-family home by-right or another multifamily property with approvals. The property is fully occupied and reports a 6.1% cap rate.
The property is located on Winfree St near Rt 10 W. Hundred Rd, Thomas Dale High School, Chester Village, the YMCA, and national retail stores. Access to I-95, I-64, and Rt 288 is approximately 2.5mi away. The lot is subdividable for a single-family home by-right or another multifamily property with approvals. The property is fully occupied and reports a 6.1% cap rate.
Key Highlights
- Four units: (3) 2‑bedroom apartments and (1) 1‑bedroom apartment
- Fully occupied property with 6.1% cap rate
- Subdividable lot for a single‑family home by‑right or another multifamily property with approvals
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
$28,859
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
4.51%
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%
$577,180
$577.2K
Cap Rate 7%
$412,271
$412.3K
Cap Rate 9%
$320,656
$320.7K
Market Conditions
NOI Build-Up for 2,716 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
$43.7K $16.08/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$41.2K $15.18/SF
− OpEx
−$12.4K −$4.55/SF
NOI
$28.9K $10.63/SF
Area
Chesterfield County, VA
Vacancy
5.60%
Lease Rate
$16.08 /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%
$577,180
Cap Rate 7%
$412,271
Cap Rate 9%
$320,656
Alternative Uses
Best Use
Multifamily LT 5
$412.3K
$360.7K – $481.0K
NOI $28,859 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$359.4K
$314.5K – $419.3K
NOI $25,160 @ 7.0% cap · market cap 3.93%
Theoretical Best
Healthcare Medical
$5.44M
$4.76M – $6.35M
NOI $380,916 @ 7.0% cap · market cap 59.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
540
Businesses Nearby
Explore this area
Business Placement
Demographics for 23831, VA
37,216
Population
15,430
Households
2.4
Avg Household Size
40
Median Age
37%
College-Educated
94%
High-School Grad
23.6 sq mi
ZIP Area
1,577
Density / Sq Mi
$92,092
Median Household Income
$52,114
Median Earnings
$1,560
Median Rent
$300,200
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?
Quadplex - Fully occupied multifamily property with refreshed interiors, separate electric meters, and a subdividable lot.
Where is this quadplex located?
The property is located at 12020 Winfree St Chester, VA.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: Four units: (3) 2‑bedroom apartments and (1) 1‑bedroom apartment; Fully occupied property with 6.1% cap rate; Subdividable lot for a single‑family home by‑right or another multifamily property with approvals
