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Sunnybrook Apartments 2127-2129 Chesapeake Dr

48 Unit Apartment Building $5,900,000 ($122,917/Unit) 7.39% Cap Rate Chesapeake, VA 23324

Investment Highlights

  • Remodeled units in past two years
  • Strong ROI potential
  • Low maintenance costs

Executive Summary

Sunnybrook Apartments is a 48 unit complex consisting of 7 buildings. 44 two bed/one bath, and 4 one bed/one bath garden style apartments with washers and dryers in all but one building. Numerous improvements within the last 18 months, including kitchen and bathroom updates, LVP flooring throughout, and extensive exterior brick and landscaping updating. Lovely, open common areas provide a homey, community back yard feeling. Extensive parking can easily accommodate 100% occupancy. Tenants pay all utilities other than trash removal. Rental prices have increased over 21% in the past 12 months and Sunnybrook currently holds 99% occupancy. Location is prime! Just minutes away from shipyard, schools, retail, and even a quaint neighborhood park with a lake. This established project will not disappoint!

Financial Summary (Pro forma - 2024)

Annual Annual Per SF
Gross Rental Income - -
Other Income - -
Vacancy Loss - -
Effective Gross Income - -
Net Operating Income $504,728 $13.39

Financial Summary (Pro forma - 2024)

Gross Rental Income
Annual -
Annual Per SF -
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual -
Annual Per SF -
Net Operating Income
Annual $504,728
Annual Per SF $13.39

Property Facts

Price $5,900,000
Price Per Unit $122,917
Sale Type Investment
Cap Rate 7.39%
Gross Rent Multiplier 10.1
No. Units 48
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 2.10 AC
Building Size 37,700 SF
Average Occupancy 96%
No. Stories 2
Year Built 1966

Unit Amenities

  • Kitchen
  • Refrigerator
  • Range
  • Tub/Shower

Site Amenities

  • Laundry Facilities

PROPERTY TAXES

PROPERTY TAXES

Parcel Numbers
Multiple
  • 1390000001900
  • 1390000001901
Land Assessment
$1,200,600
Improvements Assessment
$469,100
Total Assessment
$1,669,700

zoning

Zoning Code RMF-1
RMF-1
  • Listing ID: 30755455

  • Date on Market: 1/24/2024

  • Last Updated:

  • Address: 2127-2129 Chesapeake Dr, Chesapeake, VA 23324

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