Victorian
New
For Sale
$399,900
229 S Armistead Ave, Hampton, VA 23669
A remodeled upstairs apartment complements two lower units that are currently leased.
Property Size2,429 SF
Price / SF$164.64
Days on Market2
Property Features for 229 S Armistead Ave
General Information
Standard status
Active
Size
2,429 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1883
Construction
Victorian
Listing Agency:
BHHS RW Towne Realty
Listed By:
Inlet Realty
(757) 276-3330
Source:
Inletrealty
Added: Oct 19
Last Checked: Oct 19 at 5:50AM
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 BHHS RW Towne Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Dating to 1883, this 2,429-square-foot Victorian residence has been configured as a triplex. The upper apartment has two bedrooms and one bathroom and has been remodeled; the two lower units are currently rented.
The property occupies a corner lot less than half a mile from Hampton Yacht Club and nearby dining establishments.
The property occupies a corner lot less than half a mile from Hampton Yacht Club and nearby dining establishments.
Key Highlights
- Three‑unit configuration in an 1883 Victorian residence
- 2,429 square feet on a corner lot
- Remodeled upper apartment with 2 bedrooms and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,047
Cap Rate
7.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$560,940
$560.9K
Cap Rate 7%
$400,671
$400.7K
Cap Rate 9%
$311,633
$311.6K
Market Conditions
NOI Build-Up for 2,429 SF
Gross rent
$42.3K $17.40/SF
− Vacancy
−$2.2K −$0.90/SF
EGI
$40.1K $16.50/SF
− OpEx
−$12.0K −$4.95/SF
NOI
$28.0K $11.55/SF
Area
Hampton, VA
Vacancy
5.20%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$560,940
Cap Rate 7%
$400,671
Cap Rate 9%
$311,633
Alternative Uses
Best Use
Multifamily LT 5
$400.7K
$350.6K – $467.5K
NOI $28,047 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$369.9K
$323.6K – $431.5K
NOI $25,891 @ 7.0% cap · market cap 6.47%
Theoretical Best
Office A
$631.7K
$552.7K – $737.0K
NOI $44,218 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
912
Businesses Nearby
Explore this area
Business Placement
Demographics for 23669, VA
41,030
Population
17,589
Households
2.3
Avg Household Size
38
Median Age
31%
College-Educated
94%
High-School Grad
12.1 sq mi
ZIP Area
3,391
Density / Sq Mi
$66,999
Median Household Income
$41,874
Median Earnings
$1,202
Median Rent
$246,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - A remodeled upstairs apartment complements two lower units that are currently leased.
Where is this triplex located?
The property is located at 229 S Armistead Ave Hampton, VA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Three‑unit configuration in an 1883 Victorian residence; 2,429 square feet on a corner lot; Remodeled upper apartment with 2 bedrooms and 1 bathroom
