1000 Gates Ave 12 Unit Apartment Building $2,800,000 ($233,333/Unit) 6.20% Cap Rate Norfolk, VA 23507

EXECUTIVE SUMMARY

For sale: a stunning 12-unit, all-brick apartment building in Norfolk's sought-after Ghent neighborhood. This 3-story building includes 3 one-bedroom, 1-bath units; 6 two-bedroom, 1-bath units; and 3 three-bedroom, 2-bath units, generating a total monthly rent of $19,775. The property boasts a 6.2% cap rate and underwent complete renovations in 2018, including new kitchens with granite countertops and high-end cabinetry, new bathrooms, and new electrical and plumbing systems. Each unit features a washer/dryer and mini-split HVAC systems, with tenants paying all utilities. The freshly sealed roof ensures low maintenance. Conveniently located near EVMS and multiple military bases, this fully occupied property is one of the best in Ghent. Don't miss this exceptional investment opportunity.

PROPERTY FACTS

Price $2,800,000
Price Per Unit $233,333
Sale Type Investment
Cap Rate 6.20%
Sale Condition 1031 Exchange
No. Units 12
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low-Rise
Building Class C
Lot Size 0.20 AC
Building Size 14,811 SF
Average Occupancy 100%
No. Stories 3
Year Built/Renovated 1918/2018

AMENITIES

  • Smoke Detector

UNIT AMENITIES

  • Air Conditioning
  • Cable Ready
  • Dishwasher
  • Disposal
  • Washer/Dryer
  • Heating
  • Ceiling Fans
  • Eat-in Kitchen
  • Kitchen
  • Granite Countertops
  • Hardwood Floors
  • Refrigerator
  • Stainless Steel Appliances
  • Range
  • Tub/Shower
  • Sunroom

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
3+2 3 - 1,290
2+1 6 - 950 - 1,050
1+1 3 - 790
Walk Score®
Walker's Paradise (91)

PROPERTY TAXES

ZONING

Zoning Code R-15
  • Listing ID: 31917974

  • Date on Market: 5/24/2024

  • Last Updated:

  • Address: 1000 Gates Ave, Norfolk, VA 23507