323 Dinwiddie StPortsmouth, VA 23704

  • Residential income properties
  • 5,925 SF
For Sale
$525,000 View listing

Property Details for 323 Dinwiddie St

Year built
1910
Lot size
0.16 AC
Property size (Sq ft)
5,925 SF
Property type
Residential income properties
Property subtype
Multifamily properties

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.

323 Dinwiddie St, Portsmouth, Virginia

Location Insight

City
Portsmouth
County
Portsmouth City
State
Virginia
Latitude
36.8391
Longitude
-76.3026

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