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323 Dinwiddie St

3 Unit Apartment Building $525,000 USD ($175,000 USD/Unit) 7.30% Cap Rate Portsmouth, VA 23704

Investment Highlights

  • 3-Unit Historic Multi-family Investment Property Olde Towne Portsmouth, VA
  • Upside Potential for increased Rent ands improved NOI with conversion to electric heat pumps for HVAC
  • Perfect candidate for Historic Tax Credits
  • Turn-key investment with limited deferred maintenance and immediate cash flow
  • 3-Units; 3-Beds 1-Bath; each unit 1,975 SF w/ 850 SF private balcony
  • Built in 1910 with $175,000+ in improvements in the last 5-years

Executive Summary

3-Unit Historic Multi-family Investment Property Olde Towne Portsmouth, VA
Turn-key investment with limited deferred maintenance and immediate cash flow
Walking distance to Portsmouth Naval Hospital
5,925 SF; 0.155 acres
Zoning: HR – Historic Residential
Built in 1910 with $175,000+ in improvements in the last 5-years
Perfect candidate for Historic Tax Credits
3-Units; 3-Beds 1-Bath; each unit 1,975 SF w/ 850 SF private balcony
Parking Street with a Permit
Private gated backyard
Access controlled entry
Tenants pay electric / cooling with window AC's
Landlord pays heat gas-fired steam boiler and water/sewer
Upside Potential for increased Rent and improved NOI with conversion to electric heat pumps for HVAC
Occupancy: 100%

Attachments

Cash Flow Analysis
Survey
Elevation Certificate
Real Estate Assessment Card 2025

Financial Summary (Pro forma - 2024)

Annual (USD) Annual Per SF (USD)
Gross Rental Income $63,866 $10.78
Other Income $1,500 $0.25
Vacancy Loss $975 $0.16
Effective Gross Income $64,391 $10.87
Taxes $6,429 $1.09
Operating Expenses $19,582 $3.30
Total Expenses $26,011 $4.39
Net Operating Income $38,380 $6.48

Financial Summary (Pro forma - 2024)

Gross Rental Income (USD)
Annual $63,866
Annual Per SF $10.78
Other Income (USD)
Annual $1,500
Annual Per SF $0.25
Vacancy Loss (USD)
Annual $975
Annual Per SF $0.16
Effective Gross Income (USD)
Annual $64,391
Annual Per SF $10.87
Taxes (USD)
Annual $6,429
Annual Per SF $1.09
Operating Expenses (USD)
Annual $19,582
Annual Per SF $3.30
Total Expenses (USD)
Annual $26,011
Annual Per SF $4.39
Net Operating Income (USD)
Annual $38,380
Annual Per SF $6.48

Property Facts

Price $525,000 USD Property Subtype Apartment
Price Per Unit $175,000 USD Apartment Style Low Rise
Sale Type Investment Lot Size 0.15 AC
Cap Rate 7.30% Building Size 5,925 SF
Gross Rent Multiplier 9.1 Average Occupancy 100%
No. Units 3 No. Stories 3
Property Type Multifamily Year Built/Renovated 1910/2022
Price $525,000 USD
Price Per Unit $175,000 USD
Sale Type Investment
Cap Rate 7.30%
Gross Rent Multiplier 9.1
No. Units 3
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Lot Size 0.15 AC
Building Size 5,925 SF
Average Occupancy 100%
No. Stories 3
Year Built/Renovated 1910/2022

Amenities

  • Smoke Detector

Unit Amenities

  • Air Conditioning
  • Balcony
  • Cable Ready
  • Dishwasher
  • Fireplace
  • Washer/Dryer
  • Heating
  • Ceiling Fans
  • Crown Molding
  • Kitchen
  • Hardwood Floors
  • Refrigerator
  • Oven
  • Yard
  • Built-In Bookshelves
  • Dining Room
  • Garden

Site Amenities

  • Fenced Lot
  • Trash Pickup - Curbside
  • Walking/Biking Trails

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
3+1 3 $1,800 USD 1,975
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Walk Score ®
Very Walkable (84)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®
Learn How It Works Detailed Scores

zoning

Zoning Code HR (Historic Residential)
HR (Historic Residential)
(757) 952-6660

  • Listing ID: 32877463

  • Date on Market: 8/19/2024

  • Last Updated:

  • Address: 323 Dinwiddie St, Portsmouth, VA 23704

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VIDEOS
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323 Dinwiddie St, Portsmouth, VA for sale Primary Photo- Image 1 of 20
323 Dinwiddie St
323 Dinwiddie St, Portsmouth, VA for sale Building Photo- Image 2 of 20
Main Entry
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View from 3rd Floor Balcony
323 Dinwiddie St, Portsmouth, VA for sale Other- Image 4 of 20
View from 2nd Floor Balcony
323 Dinwiddie St, Portsmouth, VA for sale Floor Plan- Image 5 of 20
Apartment Floor Plan
323 Dinwiddie St, Portsmouth, VA for sale Interior Photo- Image 6 of 20
Living Room with Fireplace
323 Dinwiddie St, Portsmouth, VA for sale Interior Photo- Image 7 of 20
Dining Room
323 Dinwiddie St, Portsmouth, VA for sale Interior Photo- Image 8 of 20
Kitchen
323 Dinwiddie St, Portsmouth, VA for sale Interior Photo- Image 9 of 20
Master Bedroom
323 Dinwiddie St, Portsmouth, VA for sale Interior Photo- Image 10 of 20
Kitchen
323 Dinwiddie St, Portsmouth, VA for sale Other- Image 11 of 20
Built-In Cabinet
323 Dinwiddie St, Portsmouth, VA for sale Interior Photo- Image 12 of 20
Washer & Dryer
323 Dinwiddie St, Portsmouth, VA for sale Interior Photo- Image 13 of 20
Built-in Cabinet
323 Dinwiddie St, Portsmouth, VA for sale Interior Photo- Image 14 of 20
Water Closet
323 Dinwiddie St, Portsmouth, VA for sale Interior Photo- Image 15 of 20
Bath Vanity
323 Dinwiddie St, Portsmouth, VA for sale Interior Photo- Image 16 of 20
Tub Shower
323 Dinwiddie St, Portsmouth, VA for sale Interior Photo- Image 17 of 20
Apartment Entry Landing
323 Dinwiddie St, Portsmouth, VA for sale Interior Photo- Image 18 of 20
Entry Stairwell
323 Dinwiddie St, Portsmouth, VA for sale Other- Image 19 of 20
1st Floor 850 SF Private Balcony

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323 Dinwiddie St
(757) 952-6660 x

323 Dinwiddie St

Michael Allen

(757) 952-6660

(757) 952-6660

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