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Property profile & analytics
OFF-MARKET
Estimated value
$4,360,000
Apartment buildings
1600 Ss St Portsmouth, VA 23704-4006
Entity Owned
16-yr Hold
Free & Clear
Property ID
US87-0733674
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
2010
Total area
72,756 SF
Lot
2.81 ac (122,404 SF)
Zoning code
GR
APN
0101-0670
UPID
US87-0733674
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
South Bay Apartments Apartment Building
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.33M
Blend (final)
Blend
$4.36M
Owner & transaction history
South Bay Apartments LLC · 16 yrs held
South Bay Apartments LLC
since 2010
7 recorded transactions
Zoning & alternative use
GR · Portsmouth, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The General Residential GR district is established to accommodate primarily single family detached, attached residential, and two to four family dwellings, subject to design standards to ensure their compatibility with the single family character of the district, at moderate densities.
Zone name
General Residential
General category
RESIDENTIAL
Zone area
3,183.55 ac
Source
Realmo
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Portsmouth submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Portsmouth submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$6,740,000
Current use
WAREHOUSE, STORAGE
$6,595,000
Change: -2% · Conversion: Difficult
Blend value · Realmo final
$4.36M
Range $3.92M – $4.80M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$60 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$54,357
Tax year 2023
Assessed value
$4,083,200
Assessed 2023
Previous assessed
$4,083,200
+0.0% YoY
Effective rate
1.33%
On assessed value
Assessed land
$1,080,000
Assessed improvement
$3,003,200
Land market value
$1,080,000
Improvement market value
$3,003,200
Total market value
$4,083,200
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
2010
Heating
FORCED AIR
Cooling
YES
Stories
2
Units
60
Bathrooms
61
Total area
72,756 SF
Lot
2.81 ac (122,404 SF)
Zoning code
GR
APN
0101-0670
UPID
US87-0733674
Jurisdiction
PORTSMOUTH CITY
Zoning & alternative use
GR · Portsmouth, VAZoning GR · permitted uses
GR · Portsmouth, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The General Residential GR district is established to accommodate primarily single family detached, attached residential, and two to four family dwellings, subject to design standards to ensure their compatibility with the single family character of the district, at moderate densities.
Zone name
General Residential
General category
RESIDENTIAL
Zone area
3,183.55 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$6.7M
WAREHOUSE, STORAGE
Est. value
$6.6M
APARTMENT HOUSE (5+ UNITS) Current
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2010
Heating
FORCED AIR
Cooling
Yes
Stories
2
Units
60
Bathrooms
61
Lot
2.81 ac
Current owner
From public records · entity-resolved
South Bay Apartments LLC
Entity
Free & Clear · 16 yrs held
Mailing address
PO BOX 8585, RICHMOND, VA 23226-0585
Ownership since
2010
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 11, 2010
—
South Bay Apartments LLC
—
Grant Deed
related
$1,200,000 · Towne Bank
Jan 5, 2010
$583,440
South Bay Apartments LLC
Portsmouth Redev & Hsng Author
Grant Deed
related
—
—
—
South Bay Apartments LLC
—
Deed Of Trust
related
$360,000 · Virginia Supportive Housing
—
—
South Bay Apartments LLC
—
Deed Of Trust
related
$360,000 · Virginia Supportive Housing
—
—
South Bay Apartments LLC
—
Deed Of Trust
related
$625,000 · Virginia Supportive Housing
—
—
South Bay Apartments LLC
—
Deed Of Trust
related
$208,969 · Virginia Supportive Housing
—
—
South Bay Apartments LLC
—
Deed Of Trust
related
$360,000 · Virginia Supportive Housing
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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