Brick Triplex with Screened
New
For Sale
$300,000
3824 Turnpike Rd, Portsmouth, VA 23701
Three-unit brick property with separate entrances, shared laundry, storage, and substantial outdoor space.
Property Size2,171 SF
Lot Size0.50 Acres
Price / SF$138.19
Days on Market2
Property Features for 3824 Turnpike Rd
General Information
Standard status
Active
Size
2,171 SF
Lot size
0.50 Acres
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Amenities
screened porch
shared laundry area
storage shed
Building Details
Year Built
1950
Buildings
1
Construction
Cape Cod
Listing Agency:
Real Broker LLC
Listed By:
Kalynn Wachs
(855) 450-0442
Source:
Horakrealtygroup
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:25AM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
Built in 1950, this 2,171-square-foot brick Cape Cod contains three residential units with distinct access points. Unit A is vacant and includes front and rear entry, while Units B and C are occupied and generating rental income. Unit B is positioned above with its own front entrance, and Unit C sits beside Unit A with rear access. A screened porch and shared laundry area connect Units A and C.
The property occupies approximately half an acre at 3824 Turnpike Rd in Portsmouth, Virginia. It is set back from the road beneath mature trees and includes a storage shed along with outdoor space. The existing configuration offers a combination of current occupancy, a vacant unit, and separate unit access within a brick residential structure.
The property occupies approximately half an acre at 3824 Turnpike Rd in Portsmouth, Virginia. It is set back from the road beneath mature trees and includes a storage shed along with outdoor space. The existing configuration offers a combination of current occupancy, a vacant unit, and separate unit access within a brick residential structure.
Key Highlights
- Three‑unit property with 2,171 square feet
- Units B and C occupied and producing rental income
- Unit A is vacant with front and rear access
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
$18,854
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
6.28%
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%
$377,080
$377.1K
Cap Rate 7%
$269,343
$269.3K
Cap Rate 9%
$209,489
$209.5K
Market Conditions
NOI Build-Up for 2,171 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
$29.2K $13.44/SF
− Vacancy
−$2.2K −$1.03/SF
EGI
$26.9K $12.41/SF
− OpEx
−$8.1K −$3.72/SF
NOI
$18.9K $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%
$377,080
Cap Rate 7%
$269,343
Cap Rate 9%
$209,489
Alternative Uses
Best Use
Multifamily LT 5
$269.3K
$235.7K – $314.2K
NOI $18,854 @ 7.0% cap · market cap 6.28%
Second Best
Apartment 5plus
$248.3K
$217.3K – $289.7K
NOI $17,382 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$691.2K
$604.8K – $806.4K
NOI $48,382 @ 7.0% cap · market cap 16.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
466
Businesses Nearby
Explore this area
Business Placement
Demographics for 23701, VA
24,629
Population
10,318
Households
2.4
Avg Household Size
41
Median Age
23%
College-Educated
90%
High-School Grad
7.7 sq mi
ZIP Area
3,199
Density / Sq Mi
$63,389
Median Household Income
$44,633
Median Earnings
$1,313
Median Rent
$218,900
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?
Triplex - Three-unit brick property with separate entrances, shared laundry, storage, and substantial outdoor space.
Where is this triplex located?
The property is located at 3824 Turnpike Rd Portsmouth, VA.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Three‑unit property with 2,171 square feet; Units B and C occupied and producing rental income; Unit A is vacant with front and rear access
