516 Dinwiddie St
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516 Dinwiddie St
12 Unit Apartment Building $975,000 ($81,250/Unit) 8.83% Cap Rate Norfolk, VA 23523
Investment Highlights
- 516-522 Dinwiddie Street is a fully occupied, 12-unit complex offering one-bedroom, one-bath units at 675, 825, and 850 square feet.
- The tenants pay for all utilities, enabling great cash flow. This offering stands at an impressive 8.8% cap rate and 7.82 Gross Rent Multiplier.
- Nestled within Downtown Norfolk’s Opportunity Zone and ideally located in the proximity of two shipyards presenting strong renter demand.
- The complex is professionally managed and is offered to the market with low deferred maintenance.
Executive Summary
516-522 Dinwiddie Street proudly presents a 12-unit complex fully occupied with strong cash flow for a savvy real estate investment opportunity. The building spans 9,536 square feet among three stories. There are four one-bedroom, one-bath units at 675 square feet, four more at 825 square feet, and the largest four offered at 850 square feet. The residents cover all utilities such as water, trash, electricity, and gas. Very minimal maintenance is needed on the property and is professionally managed. The site is in the proximity of two shipyards with its strategic Norfolk location, easily catering to strong renter demand in the area. The property has a solid rental income of $124,620 annually and a $86,104 projected NOI.
Property Facts
| Price | $975,000 | Apartment Style | Low Rise |
| Price Per Unit | $81,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 8.83% | Building Size | 9,536 SF |
| Gross Rent Multiplier | 7.82 | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1912 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $975,000 |
| Price Per Unit | $81,250 |
| Sale Type | Investment |
| Cap Rate | 8.83% |
| Gross Rent Multiplier | 7.82 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 9,536 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1912 |
| Opportunity Zone |
Yes |
Unit Amenities
- Cable Ready
- Heating
- Ceiling Fans
- Kitchen
- Double Pane Windows
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | 675 - 850 |
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PROPERTY TAXES
| Parcel Number | 18707400 | Improvements Assessment | $768,200 |
| Land Assessment | $39,000 | Total Assessment | $807,200 |
PROPERTY TAXES
Parcel Number
18707400
Land Assessment
$39,000
Improvements Assessment
$768,200
Total Assessment
$807,200
zoning
| Zoning Code | R-8 (Residential) |
| R-8 (Residential) |
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516 Dinwiddie St
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