Renovated 4-Unit
For Sale
$599,999
1601 Elm Avenue, Portsmouth, VA 23704
Multi Family Residential, Over/Under, Side by Side, Portsmouth, VA
Property Size3,800 SF
Price / SF$157.89
Days on Market49
Property Features for 1601 Elm Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
URH
Subdivision
PRENTIS PARK
Elementary school
Brighton Elementary
Middle school
IC Norcom Middle
Standard status
Active
Size
3,800 SF
Taxes and HOA fees
Tax Annual Amount
5965
Building Details
Year built
1910
Roof type
Shingle
Architectural style
Other
Listing Agency:
Heavenly Realty
(757) 937-8205
Listed By:
Marjorae Suggs
(757) 912-0642
Added: Sep 3
Changed: Oct 2
Last Checked: Oct 21 at 2:06PM
MLS# 10651878
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 3,800-square-foot quadplex contains four occupied residences. A substantial interior and exterior rehabilitation was completed approximately five years ago, with work including stainless steel appliances, granite countertops, replacement cabinetry, updated flooring, bathtubs, and toilets. The building dates to 1910 and has a shingle roof.
The property is zoned URH. Tenants pay their own utility costs.
The property is zoned URH. Tenants pay their own utility costs.
Key Highlights
- Four occupied residential units
- 3,800 square feet
- 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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Open Analytics
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 - All four residences are occupied, with tenants responsible for their utility costs.
Where is this quadplex located?
The property is located at 1601 Elm Avenue 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 occupied residential units; 3,800 square feet; Rehabilitation completed approximately 5 years ago
