Rehabilitated Waterfront
New
For Sale
$650,000
1601 Elm Avenue, Portsmouth, VA 23704
Multi Family Residential, Over/Under, Side by Side, Portsmouth, VA
Property Size3,800 SF
Price / SF$171.05
Days on Market4
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
Utilities
Water front features
Waterfront
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: Sep 6
Last Checked: Sep 6 at 4:06AM
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.
Investment Insights
Based on property information with market context.
This four-unit residential property contains approximately 3,800 square feet and was built in 1910. The building received an extensive renovation approximately 5 years ago, with updated kitchens featuring stainless steel appliances, granite countertops, and new cabinetry. Additional improvements included flooring, bathtubs, and toilets. The property has a shingle roof and waterfront features.
All four units are rented, and tenants are responsible for their own utilities. The property is located at 1601 Elm Avenue in Portsmouth, Virginia, within ZIP Code 23704, and is zoned URH.
All four units are rented, and tenants are responsible for their own utilities. The property is located at 1601 Elm Avenue in Portsmouth, Virginia, within ZIP Code 23704, and is zoned URH.
Key Highlights
- Four‑unit property with approximately 3,800 square feet
- All four units are rented; tenants pay their own utilities
- Extensive renovation 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 - Four-unit residential property with tenant-paid utilities and full occupancy.
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 $650,000.
What are key features of this property?
This property features: Four‑unit property with approximately 3,800 square feet; All four units are rented; tenants pay their own utilities; Extensive renovation completed approximately 5 years ago
