Rehabilitated
New
For Sale
$650,000
1601 Elm Ave, Portsmouth, VA 23704
Fully leased four-unit property with tenant-paid utilities and updated interior finishes.
Property Size3,800 SF
Price / SF$171.05
Days on Market2
Property Features for 1601 Elm Ave
General Information
Standard status
Active
Size
3,800 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Year Built
1910
Listing Agency:
Morewitz Realty Inc
Listed By:
Inlet Realty
(757) 276-3330
Source:
Inletrealty
Added: Sep 5
Last Checked: Sep 6 at 7:25AM
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 Morewitz Realty Inc
Investment Insights
Based on property information with market context.
This Portsmouth quadplex contains four rental units and is fully leased. The property dates to 1910 and received an extensive renovation approximately 5 years ago. Updates include stainless steel appliances, granite countertops, replacement cabinetry, refreshed flooring, bathtubs, toilets, and additional interior improvements.
Located at 1601 Elm Ave, the property is structured with tenants responsible for all utilities. The combination of completed unit upgrades, full occupancy, and a four-unit configuration provides a straightforward multifamily asset profile.
Located at 1601 Elm Ave, the property is structured with tenants responsible for all utilities. The combination of completed unit upgrades, full occupancy, and a four-unit configuration provides a straightforward multifamily asset profile.
Key Highlights
- Four‑unit quadplex at 1601 Elm Ave, Portsmouth, VA 23704
- Fully rented property
- Extensive top‑to‑bottom rehabilitation completed approximately 5 years 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
$33,001
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
5.08%
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%
$660,020
$660.0K
Cap Rate 7%
$471,443
$471.4K
Cap Rate 9%
$366,678
$366.7K
Market Conditions
NOI Build-Up for 3,800 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
$51.1K $13.44/SF
− Vacancy
−$3.9K −$1.03/SF
EGI
$47.1K $12.41/SF
− OpEx
−$14.1K −$3.72/SF
NOI
$33.0K $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%
$660,020
Cap Rate 7%
$471,443
Cap Rate 9%
$366,678
Alternative Uses
Best Use
Multifamily LT 5
$471.4K
$412.5K – $550.0K
NOI $33,001 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$434.6K
$380.3K – $507.1K
NOI $30,424 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,685 @ 7.0% cap · market cap 13.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
701
Businesses Nearby
Explore this area
Business Placement
Demographics for 23704, VA
19,505
Population
9,538
Households
2
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
4.5 sq mi
ZIP Area
4,334
Density / Sq Mi
$44,739
Median Household Income
$34,488
Median Earnings
$1,279
Median Rent
$197,400
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 leased four-unit property with tenant-paid utilities and updated interior finishes.
Where is this quadplex located?
The property is located at 1601 Elm Ave Portsmouth, VA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four‑unit quadplex at 1601 Elm Ave, Portsmouth, VA 23704; Fully rented property; Extensive top‑to‑bottom rehabilitation completed approximately 5 years ago
