Rehabilitated
For Sale
$599,999
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$157.89
Days on Market47
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:
Gloucester Realty Corporation
Listed By:
Inlet Realty
(757) 276-3330
Source:
Inletrealty
Added: Sep 5
Changed: Oct 21
Last Checked: Oct 20 at 8:39PM
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 Gloucester Realty Corporation
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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 / Yr
$33,001
Cap Rate
5.50%
Suggested Prices Based on Cap Rates
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
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 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 5.50%
Second Best
Apartment 5plus
$434.6K
$380.3K – $507.1K
NOI $30,424 @ 7.0% cap · market cap 5.07%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,685 @ 7.0% cap · market cap 14.11%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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 $599,999.
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
