Renovated Quadplex with
For Sale
$325,000
1261 N King St, Hampton, VA 23669
Four-unit residential property offering renovated interiors, established tenancy, and flexibility for an owner-occupant.
Property Size2,400 SF
Price / SF$135.42
Days on Market22
Property Features for 1261 N King St
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Building Details
Year Built
1949
Listing Agency:
Turn Key Real Estate LLC
(757) 639-4216
Listed By:
Laura Drummond
Source:
Horakrealtygroup
Added: Aug 8
Changed: Aug 29
Last Checked: Aug 25 at 4:53AM
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 Turn Key Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1949, this 2,400-square-foot quadplex contains four one-bedroom, one-bath residences. Three units have been renovated, while the remaining unit is vacant and available for occupancy or leasing. The configuration supports multiple residential leases within one property and includes a mix of updated and existing interiors.
One unit is occupied by a long-term tenant, and two additional units are leased, providing established tenancy across three residences. The vacant unit creates flexibility for an owner-occupant or a new lease arrangement. The property is located at 1261 N King St in Hampton, Virginia 23669.
One unit is occupied by a long-term tenant, and two additional units are leased, providing established tenancy across three residences. The vacant unit creates flexibility for an owner-occupant or a new lease arrangement. The property is located at 1261 N King St in Hampton, Virginia 23669.
Key Highlights
- Four 1‑bedroom, 1‑bath units within a 2,400‑square‑foot quadplex
- Three of the four residences have been renovated
- One unit is vacant for owner occupancy or a new lease
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
$27,712
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
8.53%
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%
$554,240
$554.2K
Cap Rate 7%
$395,886
$395.9K
Cap Rate 9%
$307,911
$307.9K
Market Conditions
NOI Build-Up for 2,400 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
$41.8K $17.40/SF
− Vacancy
−$2.2K −$0.90/SF
EGI
$39.6K $16.50/SF
− OpEx
−$11.9K −$4.95/SF
NOI
$27.7K $11.55/SF
Area
Hampton, VA
Vacancy
5.20%
Lease Rate
$17.40 /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%
$554,240
Cap Rate 7%
$395,886
Cap Rate 9%
$307,911
Alternative Uses
Best Use
Multifamily LT 5
$395.9K
$346.4K – $461.9K
NOI $27,712 @ 7.0% cap · market cap 8.53%
Second Best
Apartment 5plus
$365.5K
$319.8K – $426.4K
NOI $25,582 @ 7.0% cap · market cap 7.87%
Theoretical Best
Office A
$624.1K
$546.1K – $728.2K
NOI $43,690 @ 7.0% cap · market cap 13.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
297
Businesses Nearby
Explore this area
Business Placement
Demographics for 23669, VA
41,030
Population
17,589
Households
2.3
Avg Household Size
38
Median Age
31%
College-Educated
94%
High-School Grad
12.1 sq mi
ZIP Area
3,391
Density / Sq Mi
$66,999
Median Household Income
$41,874
Median Earnings
$1,202
Median Rent
$246,400
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?
Quadplex - Four-unit residential property offering renovated interiors, established tenancy, and flexibility for an owner-occupant.
Where is this quadplex located?
The property is located at 1261 N King St Hampton, VA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bath units within a 2,400‑square‑foot quadplex; Three of the four residences have been renovated; One unit is vacant for owner occupancy or a new lease
