40 Afton | 40 Afton Pky
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40 Afton 40 Afton Pky
12 Unit Apartment Building For Sale Portsmouth, VA 23702
Investment Highlights
- Recent Capex: New Water Heater - Nov. 23' - $16k
- Value Add Opportunity: Upgrade kitchens and outdoor common area to include grills
Executive Summary
Afton Apartments presents investors with the unique opportunity to capitalize on the upside of a beautiful building located within the Cradock Historic District in Portsmouth, VA. With average rents in Portsmouth at $1,220 per unit, Afton sits $332 below market, presenting immediate upside for the next owner to bring rents in line with the market while systematically implementing a value add renovation program.
The property’s location within the historic district also gives buyers the opportunity to further drive the bottom line by executing federal and state historic tax credits.
The property’s location within the historic district also gives buyers the opportunity to further drive the bottom line by executing federal and state historic tax credits.
Property Facts Under Contract
| Sale Type | Investment | Lot Size | 0.14 AC |
| No. Units | 12 | Building Size | 9,585 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low Rise | Year Built/Renovated | 1930/2007 |
| Building Class | C | Cross Streets | Prospect Pkwy |
| Sale Type | Investment |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 9,585 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1930/2007 |
| Cross Streets | Prospect Pkwy |
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Eat-in Kitchen
- Refrigerator
- Range
- Double Pane Windows
- Window Coverings
Site Amenities
- Picnic Area
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | - | - |
| 2+1 | 3 | - | - |
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PROPERTY TAXES
| Parcel Number | 0405-0011 | Improvements Assessment | $788,700 |
| Land Assessment | $216,000 | Total Assessment | $1,004,700 |
PROPERTY TAXES
Parcel Number
0405-0011
Land Assessment
$216,000
Improvements Assessment
$788,700
Total Assessment
$1,004,700
zoning
| Zoning Code | HLB (HISTORIC DISTRICT) |
| HLB (HISTORIC DISTRICT) |
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40 Afton | 40 Afton Pky
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