Renovated 4-Unit
New
For Sale
$425,000
329 S Armistead Avenue, Hampton, VA 23669
Multi Family Residential, Over/Under, Side by Side, Hampton, VA
Property Size2,460 SF
Price / SF$172.76
Days on Market6
Property Features for 329 S Armistead Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R13
Subdivision
ALL OTHERS AREA 102
Elementary school
A.W.E. Bassette Elementary
Middle school
C. Alton Lindsay Middle
Directions
Go south off Settlers Landing Dr on to S Armistead Ave.
Standard status
Active
Size
2,460 SF
Taxes and HOA fees
Tax Annual Amount
3950
Utilities
Water front features
Waterfront
Amenities
covered front porch
off street parking
Building Details
Year built
1900
Roof type
Metal
Architectural style
Other
Listing Agency:
homecoin.com
(888) 400-2513
Listed By:
Jonathan Minerick · License #0225248917
(404) 388-9441
Added: Sep 10
Changed: Sep 14
Last Checked: Sep 15 at 12:06AM
MLS# 10652697
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 2,460-square-foot quadplex contains four one-bedroom, one-bath apartments within a single building. The property was built in 1900 and has been renovated, with appliances conveying to the buyer. A metal roof, off-street parking, and a large covered front porch add practical features for the property’s residential configuration.
The property is located one block from Historic Downtown Hampton and three blocks from the waterfront. It is zoned R13 and positioned at 329 S Armistead Avenue in Hampton, Virginia.
The property is located one block from Historic Downtown Hampton and three blocks from the waterfront. It is zoned R13 and positioned at 329 S Armistead Avenue in Hampton, Virginia.
Key Highlights
- Four one‑bedroom, one‑bath apartments under one roof
- 2,460 square feet on a 0.00‑acre site
- Renovated property with appliances conveying
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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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
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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 one-bedroom apartments share a well-maintained building with off-street parking and a covered front porch.
Where is this quadplex located?
The property is located at 329 S Armistead Avenue 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 one‑bedroom, one‑bath apartments under one roof; 2,460 square feet on a 0.00‑acre site; Renovated property with appliances conveying
