Fully Occupied 4-Unit
For Sale
$640,000
12020 Winfree Street, Chester, VA 23831
MULTI_FAMILY - Other - Chester, VA
Property Size2,716 SF
Lot Size0.75 Acres
Price / SF$235.64
Days on Market175
Property Features for 12020 Winfree Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
R7
Parking features
Off Street
Patio and Porch features
Porch
Appliances
ElectricWaterHeater
Lot features
Split Possible
Elementary school
Curtis
Middle school
Elizabeth Davis
High school
Thomas Dale
Subdivision
52 - Chesterfield
Standard status
Active
APN
790-65-54-60-400-000
Size
2,716 SF
Lot size
0.75 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CHESTER L PT 410A BK P-2
Tax Annual Amount
3015
Legal Description
CHESTER L PT 410A BK P-2
Utilities
Sewer type
Septic Tank
Water source
Public
Building Details
Year built
1915
Floors in Building
2
Number of units
4
Building materials
Drywall, Frame, VinylSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
HAAS Realty Group
(804) 349-5788
Listed By:
Susan Haas · License #0225083094
(804) 349-5788
Added: Feb 28
Changed: Jul 17
Last Checked: Aug 22 at 2:06PM
MLS# 2604831
Copyright © 2026 Central Virginia Regional Multiple Listing Service. 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 fully occupied 4-unit multifamily property offers three 2-bedroom apartments and one 1-bedroom unit. Units have separate electric meters and individual furnaces, while the landlord pays for water. Inside, the apartments feature open layouts with natural light, hardwood floors, and tall ceilings. Kitchens and bathrooms have been modernized, and the building has seen recent exterior and major component updates, including a roof replacement about three years ago and window replacements about one year ago.
The property is located in Chesterfield County, convenient to Rt 10 W and Hundred Rd. It sits near Thomas Dale High School and is across from Chester Village and the YMCA, with national retail stores nearby. The site also provides access to I-95, I-64, and Rt 288 roughly 2.5 miles away.
For buyers, the current income setup includes all four units leased with separate utility metering, which can simplify tenant billing. The lot is described as subdividable, offering the possibility to build a single-family home by-right or pursue another multi-family development with approvals, subject to applicable requirements.
The property is located in Chesterfield County, convenient to Rt 10 W and Hundred Rd. It sits near Thomas Dale High School and is across from Chester Village and the YMCA, with national retail stores nearby. The site also provides access to I-95, I-64, and Rt 288 roughly 2.5 miles away.
For buyers, the current income setup includes all four units leased with separate utility metering, which can simplify tenant billing. The lot is described as subdividable, offering the possibility to build a single-family home by-right or pursue another multi-family development with approvals, subject to applicable requirements.
Key Highlights
- Fully occupied 4‑unit multi‑family property with separate electric meters and furnaces
- (3) 2‑bedroom units and (1) 1‑bedroom unit
- Roof replaced 3 years ago; windows replaced 1 year ago
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
Multi-tenant
Tenancy
Turnkey business
Opportunity
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 - Four fully occupied units with modern interiors and a subdividable lot for potential additional residence or multifamily.
Where is this quadplex located?
The property is located at 12020 Winfree Street 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: Fully occupied 4‑unit multi‑family property with separate electric meters and furnaces; (3) 2‑bedroom units and (1) 1‑bedroom unit; Roof replaced 3 years ago; windows replaced 1 year ago
