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Property profile & analytics
OFF-MARKET
Estimated value
$825,000
Apartment buildings
359 Middle St Portsmouth, VA 23704-2821
Entity Owned
1-yr Hold
Property ID
US87-0981422
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1900
Construction
BRICK
Total area
11,958 SF
Lot
0.12 ac (5,314 SF)
Zoning code
HR
APN
0008-1160
UPID
US87-0981422
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
-
Freelance Ventures LLC. Clothes Market
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$881k
Blend (final)
Blend
$825k
Owner & transaction history
Portsmouth Mutifamily 1 LLC · 1 yrs held
Portsmouth Mutifamily 1 LLC
since 2024
1 recorded transaction
Zoning & alternative use
HR · Portsmouth, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The HR sub district is intended for residential uses, but also allows some public and institutional uses.
Zone name
Historic Residential
General category
CIVIC_INSTITUTIONAL
Zone area
314.13 ac
Source
Realmo
Top alternative use upside
Office building
$1.3M
+14.1%
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)
$1,105,000
Current use
OFFICE BUILDING
$1,265,000
Change: +14% · Conversion: Moderate
WAREHOUSE, STORAGE
$1,085,000
Change: -2% · Conversion: Difficult
Blend value · Realmo final
$825k
Range $743k – $908k · ±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
$69 / 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
$10,755
Tax year 2023
Assessed value
$830,320
Assessed 2023
Previous assessed
$830,320
+0.0% YoY
Effective rate
1.30%
On assessed value
Assessed land
$180,980
Assessed improvement
$649,340
Land market value
$180,980
Improvement market value
$649,340
Total market value
$830,320
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
1900
Construction
BRICK
Heating
STEAM
Cooling
YES
Stories
3
Units
14
Bathrooms
14
Total area
11,958 SF
Lot
0.12 ac (5,314 SF)
Zoning code
HR
APN
0008-1160
UPID
US87-0981422
Jurisdiction
PORTSMOUTH CITY
Zoning & alternative use
HR · Portsmouth, VAZoning HR · permitted uses
HR · Portsmouth, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The HR sub district is intended for residential uses, but also allows some public and institutional uses.
Zone name
Historic Residential
General category
CIVIC_INSTITUTIONAL
Zone area
314.13 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$1.1M
OFFICE BUILDING
Est. value
$1.3M
WAREHOUSE, STORAGE
Est. value
$1.1M
APARTMENT HOUSE (5+ UNITS) Current
OFFICE BUILDING
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
1900
Construction
BRICK
Heating
STEAM
Cooling
Yes
Stories
3
Units
14
Bathrooms
14
Lot
0.12 ac
Current owner
From public records · entity-resolved
Portsmouth Mutifamily 1 LLC
Entity
Mailing address
9646 PO BOX 6157TH ST, NORFOLK, VA 23508-0157
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 15, 2024
$2,236,319
Portsmouth Mutifamily 1 LLC
Middle Court North LLC
Special Warranty Deed
$5,600,000 · 1st Advantage Federal Credit Union
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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