Waterfront Quadplex
New
For Sale
$449,000
411 Lee Street, Hampton, VA 23669
Multi Family Residential, Converted S.F., Hampton, VA
Property Size2,338 SF
Price / SF$192.04
Days on Market5
Property Features for 411 Lee Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R8
Subdivision
WEST HAMPTON
Lot features
Shed
Elementary school
A.W.E. Bassette Elementary
Middle school
C. Alton Lindsay Middle
Directions
use gps
Standard status
Active
Size
2,338 SF
Taxes and HOA fees
Tax Annual Amount
2164
Utilities
Water front features
Waterfront
Building Details
Year built
1895
Roof type
Shingle, Metal
Architectural style
Other
Listing Agency:
Mid-Atlantic Residential
(757) 327-0668
Listed By:
Heath Spencer
(757) 880-0627
Added: Sep 15
Changed: Sep 18
Last Checked: Sep 19 at 10:06PM
MLS# 10653657
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 waterfront residential income property includes a triplex at 411 Lee Street and a single-family residence at 409 Lee Street. The vacant unit has been renovated, while the remaining units are available for viewing after contract ratification. Several detached structures occupy the backyard and may provide additional usable space for income-producing purposes.
The property contains 2,338 square feet and was built in 1895. It is zoned R8 and features both shingle and metal roofing. The two-building configuration provides a combination of multifamily and single-family residential improvements within one sale.
The property contains 2,338 square feet and was built in 1895. It is zoned R8 and features both shingle and metal roofing. The two-building configuration provides a combination of multifamily and single-family residential improvements within one sale.
Key Highlights
- Triplex at 411 Lee Street plus single‑family residence at 409 Lee Street
- 2,338 square feet across the combined property
- Waterfront features
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
$26,996
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
6.01%
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%
$539,920
$539.9K
Cap Rate 7%
$385,657
$385.7K
Cap Rate 9%
$299,956
$300.0K
Market Conditions
NOI Build-Up for 2,338 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
$40.7K $17.40/SF
− Vacancy
−$2.1K −$0.90/SF
EGI
$38.6K $16.50/SF
− OpEx
−$11.6K −$4.95/SF
NOI
$27.0K $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%
$539,920
Cap Rate 7%
$385,657
Cap Rate 9%
$299,956
Alternative Uses
Best Use
Multifamily LT 5
$385.7K
$337.5K – $449.9K
NOI $26,996 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$356.0K
$311.5K – $415.4K
NOI $24,921 @ 7.0% cap · market cap 5.55%
Theoretical Best
Office A
$608.0K
$532.0K – $709.4K
NOI $42,561 @ 7.0% cap · market cap 9.48%
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
677
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Combined residential buildings offer multiple income-producing units with a renovated vacant unit and detached backyard structures.
Where is this quadplex located?
The property is located at 411 Lee Street Hampton, VA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Triplex at 411 Lee Street plus single‑family residence at 409 Lee Street; 2,338 square feet across the combined property; Waterfront features
