Language and Region
Currency

This feature is unavailable at the moment.

We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.

Please check back in a few minutes. We apologize for the inconvenience.

- LoopNet Team

You must register your contact information to view secure information on this listing.

Email*

Please enter a valid email address.

Note: To send this property to multiple individuals, insert a semi-colon between each recipient's email address.

Send me a copy

962 characters remaining

LoopNet has taken a strong stance against the practice of sending unsolicited commercial emails, also known as "spam." Please send these emails only to people you know who would be interested in this property. If someone asks you not to send these emails to them, please comply.

thank you

Your email has been sent!

323 Dinwiddie St

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

.mosaic-column{display:inline-block!important;height:100%!important;width:auto!important}.mosaic-tile i{display:none!important}.mosaic-tile img{height:100%!important;width:auto!important}

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%

Cash Flow Analysis

Survey

Elevation Certificate

Real Estate Assessment Card 2025

Financial Summary (Pro forma - 2024)	Annual	Annual Per SF
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
Annual	$63,866
Annual Per SF	$10.78

Other Income
Annual	$1,500
Annual Per SF	$0.25

Vacancy Loss
Annual	$975
Annual Per SF	$0.16

Effective Gross Income
Annual	$64,391
Annual Per SF	$10.87

Taxes
Annual	$6,429
Annual Per SF	$1.09

Operating Expenses
Annual	$19,582
Annual Per SF	$3.30

Total Expenses
Annual	$26,011
Annual Per SF	$4.39

Net Operating Income
Annual	$38,380
Annual Per SF	$6.48

Property Facts

Price	$525,000	Property Subtype	Apartment
Price Per Unit	$175,000	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
Price Per Unit	$175,000
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