Renovated Four-Unit
New
For Sale
$425,000
329 S Armistead Ave, Hampton, VA 23669
Four updated apartments share a covered front porch and off-street parking near downtown and the waterfront.
Property Size2,460 SF
Price / SF$172.76
Days on Market3
Property Features for 329 S Armistead Ave
General Information
Standard status
Active
Size
2,460 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Amenities
large covered front porch
Building Details
Year Built
1900
Buildings
1
Listing Agency:
homecoin.com
Listed By:
Jonathan Minerick · License #10311209448
(888) 400-2513
Source:
Horakrealtygroup
Added: Sep 13
Last Checked: Sep 14 at 3:35PM
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 homecoin.com
Investment Insights
Based on property information with market context.
Built in 1900, this 2,460-square-foot quadplex contains four apartments, each configured with one bedroom and one bathroom. The property has undergone renovation, with updated interiors and appliances included in the sale. A large covered front porch and off-street parking serve the building.
The property is located at 329 S Armistead Ave in Hampton, one block from Historic Downtown Hampton and three blocks from the waterfront. Its four-unit layout places all apartments within a single building, providing a straightforward residential income configuration.
The property is located at 329 S Armistead Ave in Hampton, one block from Historic Downtown Hampton and three blocks from the waterfront. Its four-unit layout places all apartments within a single building, providing a straightforward residential income configuration.
Key Highlights
- Four‑unit quadplex with 2,460 square feet
- Each apartment includes 1 bedroom and 1 bathroom
- Renovated interiors with updated appliances included
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
$28,405
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
6.68%
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%
$568,100
$568.1K
Cap Rate 7%
$405,786
$405.8K
Cap Rate 9%
$315,611
$315.6K
Market Conditions
NOI Build-Up for 2,460 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
$42.8K $17.40/SF
− Vacancy
−$2.2K −$0.90/SF
EGI
$40.6K $16.50/SF
− OpEx
−$12.2K −$4.95/SF
NOI
$28.4K $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 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%
$568,100
Cap Rate 7%
$405,786
Cap Rate 9%
$315,611
Alternative Uses
Best Use
Multifamily LT 5
$405.8K
$355.1K – $473.4K
NOI $28,405 @ 7.0% cap · market cap 6.68%
Second Best
Apartment 5plus
$374.6K
$327.8K – $437.0K
NOI $26,221 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$639.7K
$559.8K – $746.4K
NOI $44,782 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four updated apartments share a covered front porch and off-street parking near downtown and the waterfront.
Where is this quadplex located?
The property is located at 329 S Armistead Ave Hampton, VA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Four‑unit quadplex with 2,460 square feet; Each apartment includes 1 bedroom and 1 bathroom; Renovated interiors with updated appliances included
