1000 Gates Ave
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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 | Apartment Style | Low-Rise |
| Price Per Unit | $233,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 6.20% | Building Size | 14,811 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1918/2018 |
| Property Subtype | Apartment |
| 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 |
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Walk Score®
Walker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 04934000 | Improvements Assessment | $1,824,100 |
| Land Assessment | $271,900 | Total Assessment | $2,096,000 |
PROPERTY TAXES
Parcel Number
04934000
Land Assessment
$271,900
Improvements Assessment
$1,824,100
Total Assessment
$2,096,000
ZONING
| Zoning Code | R-15 |
| R-15 |
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Inlet Realty and Property Management
1000 Gates Ave
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