323 Dinwiddie St Portsmouth, VA 23704

Property Details for 323 Dinwiddie St

Year built

1910

Lot size

0.16 lot acres

Property size

5,925 SF

Property type

Commercial real estate

APN

0008-0370

Description

This exceptional three-unit apartment building in Olde Towne Portsmouth, Virginia presents a compelling investment opportunity. Located at 323 Dinwiddie Street, this 5,925 square foot property boasts a 7.30% cap rate and a strong net operating income (NOI) of $38,300, reflecting a 100% occupancy rate. Each of the three units offers 1,975 square feet of living space, including a spacious 850 square foot private balcony. Built in 1910 and extensively renovated in 2022 and 2023, the property features a private gated backyard and access-controlled entry, enhancing security and tenant appeal. The building is situated on a 0.155-acre lot and includes four parking spaces. Zoned HR-Historic Residential, this property is ideally positioned within walking distance of Portsmouth Naval Hospital. The current utility setup includes tenants paying for electricity and cooling (window AC units), while the landlord covers heat (gas-fired steam boiler) and water/sewer. This turnkey investment offers immediate cash flow with limited deferred maintenance and significant upside potential through potential conversion to electric heat pumps for HVAC. The asking price is $525,000, or $175,000 per unit. The property's historical significance may also qualify it for potential Historic Tax Credits. This is a rare opportunity to acquire a stabilized multifamily investment in a desirable location.