7-Unit Apartment
406 South Armistead Ave, Hampton, VA 23669
For Sale
New
$724,000
The occupied multifamily property combines recent building upgrades with a mix of month-to-month and longer-term leases.
Property Size5,210 SF
Lot Size0.52 Acres
Price / SF$138.96
Days on Market3
Property Features for 406 South Armistead Ave
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Occupancy
Site & Location
Neighborhood
Additional Details
Multifamily Units
Tenant in Place
Building Details
Year Built
Stories
Units
Tenancy
Listing Agency:
Keller Williams Town Center
(757) 963-5455
Listed By:
Maria Gauvin
(757) 509-4556
Source:
Jamesallengroup
Added: Nov 11
Last Checked: Nov 13 at 4:57AM
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 Keller Williams Town Center
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Investment Insights
Based on property information with market context.
Built in 1890, this 7-unit apartment property at 406 South Armistead Ave in Hampton contains approximately 5,210 square feet across a site of approximately 0.5186 acres (22,591 SF). Improvements include a roof installed in 2021, mini-split systems, electrical updates, and new flooring and windows in 5 of the 7 units. The property is fully occupied, with both month-to-month and longer-term tenancies. Zoning is RM.
The front portion of the site is being reviewed for possible subdivision. Any division or development would require governmental approval and buyer due diligence; no value for a potential parcel is included in the current financial projections.
The front portion of the site is being reviewed for possible subdivision. Any division or development would require governmental approval and buyer due diligence; no value for a potential parcel is included in the current financial projections.
Key Highlights
- 7 apartment units; fully occupied
- Approximately 5,210 SF of building area on 0.5186 acres (22,591 SF)
- Roof replaced in 2021; mini‑split systems and electrical updates
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,533
Cap Rate
7.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,110,660
$1.1M
Cap Rate 7%
$793,329
$793.3K
Cap Rate 9%
$617,033
$617.0K
Market Conditions
NOI Build-Up for 5,210 SF
Gross rent
$106.3K $20.40/SF
− Vacancy
−$5.3K −$1.02/SF
EGI
$101.0K $19.38/SF
− OpEx
−$45.4K −$8.72/SF
NOI
$55.5K $10.66/SF
Area
Hampton, VA
Vacancy
5.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,110,660
Cap Rate 7%
$793,329
Cap Rate 9%
$617,033
Alternative Uses
Best Use
Apartment 5plus
$793.3K
$694.2K – $925.6K
NOI $55,533 @ 7.0% cap · market cap 7.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.35M
$1.19M – $1.58M
NOI $94,843 @ 7.0% cap · market cap 13.10%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
7
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
912
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - The occupied multifamily property combines recent building upgrades with a mix of month-to-month and longer-term leases.
Where is this apartment building located?
The property is located at 406 South Armistead Ave Hampton, VA.
What is the asking price?
The asking price for this property is $724,000.
What are key features of this property?
This property features: 7 apartment units; fully occupied; Approximately 5,210 SF of building area on 0.5186 acres (22,591 SF); Roof replaced in 2021; mini‑split systems and electrical updates
