3-Unit Triplex with Central
320 London St, Portsmouth, VA 23704
For Sale
New
$385,000
Central air conditioning serves all three apartments, including one currently vacant unit.
Property Size3,430 SF
Price / SF$112.24
Days on Market5
Property Features for 320 London St
General Information
Standard status
Size
Property subtype
Zoning
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Amenities
central AC
Building Details
Year Built
Stories
Units
Listing Agency:
LPT Realty LLC
(877) 366-2213
Listed By:
Chris Harris
Source:
Hoggerealestate
Added: Nov 10
Last Checked: Nov 13 at 11:47AM
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 LPT Realty LLC
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.
This triplex contains three apartments within a 3,430-square-foot building constructed in 1870. The mix includes one two-bedroom, one-bathroom residence and two one-bedroom, one-bathroom residences; each of the latter measures 700 square feet. One apartment is vacant. All three units have central air conditioning and automatic one-year renewals with a 60-day renewal notice period.
The property is at 320 London St in Olde Towne Portsmouth and is zoned HLO.
The property is at 320 London St in Olde Towne Portsmouth and is zoned HLO.
Key Highlights
- Three apartments in a 3,430‑square‑foot building
- Unit mix: one 2‑bedroom, 1‑bathroom apartment and two 1‑bedroom, 1‑bathroom apartments
- Each of the two 1‑bedroom apartments measures 700 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,788
Cap Rate
7.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$595,760
$595.8K
Cap Rate 7%
$425,543
$425.5K
Cap Rate 9%
$330,978
$331.0K
Market Conditions
NOI Build-Up for 3,430 SF
Gross rent
$46.1K $13.44/SF
− Vacancy
−$3.5K −$1.03/SF
EGI
$42.6K $12.41/SF
− OpEx
−$12.8K −$3.72/SF
NOI
$29.8K $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%
$595,760
Cap Rate 7%
$425,543
Cap Rate 9%
$330,978
Alternative Uses
Best Use
Multifamily LT 5
$425.5K
$372.4K – $496.5K
NOI $29,788 @ 7.0% cap · market cap 7.74%
Second Best
Apartment 5plus
$392.3K
$343.3K – $457.7K
NOI $27,462 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$1.09M
$955.5K – $1.27M
NOI $76,439 @ 7.0% cap · market cap 19.85%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,691
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
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 - Central air conditioning serves all three apartments, including one currently vacant unit.
Where is this triplex located?
The property is located at 320 London St Portsmouth, VA.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Three apartments in a 3,430‑square‑foot building; Unit mix: one 2‑bedroom, 1‑bathroom apartment and two 1‑bedroom, 1‑bathroom apartments; Each of the two 1‑bedroom apartments measures 700 square feet
