Five-Unit Multifamily
367 Middle Street Portsmouth, VA 23704
367 Middle Street, Portsmouth, VA, 23704
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For Sale
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Well-maintained 5-unit multifamily property with a mix of 2-bedroom and 1-bedroom, 1-bath units.
Property Size3,080 SF
Price / SF$211.04
Days on Market44
Property Features for 367 Middle Street
General Information
- Standard status
- Active
- Size
- 3,080 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1852
Listing agency
Coastal Group, Inc.
(757) 233-9595
Listed by
Glenn Russell · License #VA 0226006588
Source
Crexi
Added: Jun 10 Updated: Jul 23 at 5:32AM Checked: Jul 23 at 5:32AM
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 Coastal Group, Inc.
Investment Insights
Based on property information with market context.
Well-maintained five-unit multifamily property offered for sale, featuring two 2-bedroom, 1-bath units and three 1-bedroom, 1-bath units. The unit mix provides multiple floorplan options for tenants, and select units convey furnished.
Located in Portsmouth’s Olde Towne Historic District, the property is described as being just blocks from the Elizabeth River waterfront and the Portsmouth-Norfolk Ferry. The surrounding area includes restaurants, coffee shops, museums, parks, and entertainment venues.
This income-focused configuration includes a total of five residential units, with furnishing conveyed for select units, supporting straightforward leasing and tenant transition needs.
Located in Portsmouth’s Olde Towne Historic District, the property is described as being just blocks from the Elizabeth River waterfront and the Portsmouth-Norfolk Ferry. The surrounding area includes restaurants, coffee shops, museums, parks, and entertainment venues.
This income-focused configuration includes a total of five residential units, with furnishing conveyed for select units, supporting straightforward leasing and tenant transition needs.
Key Highlights
- Well‑maintained 5‑unit multifamily property built in 1852
- Unit mix includes two 2‑bedroom, 1‑bath units and three 1‑bedroom, 1‑bath units
- Select units are furnished, allowing for furnished, mid‑term, or executive rentals
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $48.8k | $15.84 |
| − Vacancy | −$4.0k | −$1.28 |
| EGI | $44.8k | $14.56 |
| − OpEx | −$20.2k | −$6.55 |
| NOI | $24.7k | $8.01 |
3,080 SF · lease $15.84/SF/yr · vacancy 8.10% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$352.3K
$308.2K – $411.0K
NOI $24,659 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$980.6K
$858.0K – $1.14M
NOI $68,639 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Well-maintained 5-unit multifamily property with a mix of 2-bedroom and 1-bedroom, 1-bath units.
Where is this apartment building located?
The property is located at 367 Middle Street 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: Well‑maintained 5‑unit multifamily property built in 1852; Unit mix includes two 2‑bedroom, 1‑bath units and three 1‑bedroom, 1‑bath units; Select units are furnished, allowing for furnished, mid‑term, or executive rentals
