6255 Alexander St
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6255 Alexander St
18 Unit Apartment Building $1,575,000 ($87,500/Unit) 6.99% Cap Rate Norfolk, VA 23513
Investment Highlights
- 18 Units: Mix of One- & Two-Bedrooms
- Immediate organic rent growth opportunity, prime candidate for interior upgrade initiative
- Within 10 minutes from Norfolk International Airport, IKEA, and Simon Premium Outlet Mall
Executive Summary
The property consists of eighteen units total. There are eight, one-bedroom one-bathroom units and ten, two-bedroom one-bathroom units across two , two story buildings built in 1977 and situated on 0.46 acres.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| 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 | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $1,575,000 | Property Subtype | Apartment |
| Price Per Unit | $87,500 | Lot Size | 0.46 AC |
| Sale Type | Investment | Building Size | 12,300 SF |
| Cap Rate | 6.99% | Average Occupancy | 94% |
| No. Units | 18 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1977/2004 |
| Price | $1,575,000 |
| Price Per Unit | $87,500 |
| Sale Type | Investment |
| Cap Rate | 6.99% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Lot Size | 0.46 AC |
| Building Size | 12,300 SF |
| Average Occupancy | 94% |
| No. Stories | 2 |
| Year Built/Renovated | 1977/2004 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | 600 |
| 2+1 | 10 | - | 750 |
PROPERTY TAXES
| Parcel Number | 27688450 | Improvements Assessment | $1,191,700 |
| Land Assessment | $50,300 | Total Assessment | $1,242,000 |
PROPERTY TAXES
Parcel Number
27688450
Land Assessment
$50,300
Improvements Assessment
$1,191,700
Total Assessment
$1,242,000
zoning
| Zoning Code | MF-NS |
| MF-NS |
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6255 Alexander St
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