Building Details

Year built 1950

Roof type Shingle

Architectural style Other

Listing Agency: Real Broker LLC D***@therealbrokerage.com

Listed By: Kalynn Wachs Show Phone

Added: Sep 3 Changed: Oct 2 Last Checked: Oct 19 at 1:06AM

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MLS# 10651361

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Investment Insights

Based on property information with market context.

This 2,171-square-foot brick Cape Cod contains three residences in an over-under and side-by-side arrangement. Unit A is the largest and is vacant; Units B and C are occupied. Unit B sits above Unit A and has a separate front entrance, while Unit C is beside Unit A with rear access. Units A and C share a screened porch and laundry area. The property also includes a storage shed and approximately half an acre of outdoor space.

Built in 1950, the property has a shingle roof and UR zoning. Unit A has both front and rear access, providing separate entry points to the largest residence.

Key Highlights

• Three‑unit brick property with over‑under and side‑by‑side residences
• Largest residence is vacant; the other two units are occupied
• 2,171 square feet on approximately half an acre

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$18,854

Cap Rate

6.28%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$377,080 $377.1K

Cap Rate 7%

$269,343 $269.3K

Cap Rate 9%

$209,489 $209.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,171 SF

Gross rent

$29.2K $13.44/SF

− Vacancy

−$2.2K −$1.03/SF

EGI

$26.9K $12.41/SF

− OpEx

−$8.1K −$3.72/SF

NOI

$18.9K $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%

$377,080

Cap Rate 7%

$269,343

Cap Rate 9%

$209,489

Alternative Uses

Best Use

Multifamily LT 5

$269.3K

$235.7K – $314.2K (±1% cap)

NOI $18,854 @ 7.0% cap · market cap 6.28%

Second Best

Apartment 5plus

$248.3K

$217.3K – $289.7K (±1% cap)

NOI $17,382 @ 7.0% cap · market cap 5.79%

Theoretical Best

Office A

$691.2K

$604.8K – $806.4K (±1% cap)

NOI $48,382 @ 7.0% cap · market cap 16.13%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Skin Care Clinic Parking Lot & Garage Electrical Service (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

466

Businesses Nearby

Explore this area Business Placement

Demographics for 23701, VA

24,629

Population

10,318

Households

2.4

Avg Household Size

41

Median Age

23%

College-Educated

90%

High-School Grad

7.7 sq mi

ZIP Area

3,199

Density / Sq Mi

$63,389

Median Household Income

$44,633

Median Earnings

$1,313

Median Rent

$218,900

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - The largest residence is vacant, while the other two units are occupied; shared laundry and a screened porch connect two units.

Where is this triplex located?

The property is located at 3824 Turnpike Road Portsmouth, VA.

What is the asking price?

The asking price for this property is $300,000.

What are key features of this property?

This property features: Three‑unit brick property with over‑under and side‑by‑side residences; Largest residence is vacant; the other two units are occupied; 2,171 square feet on approximately half an acre