843 Jerome Ave 8 Unit Apartment Building $850,000 ($106,250/Unit) Norfolk, VA 23518
INVESTMENT HIGHLIGHTS
- Value-add opportunity with immediate rent growth and additional income potential through minor interior upgrades
- Short-term leases offering flexibility for buyer
- Proximity to schools, shopping centers, public transport, and employment hubs
EXECUTIVE SUMMARY
This 8-unit multifamily complex represents a great investment opportunity. With stable income, convenient locations, and significant value-add potential, it combines low vacancy rates, convenient amenities, and appreciation potential. Norfolk is situated in the heart of a region with over 1.8 million people and serves a large community of active-duty personnel and retirees. It is home to the Navy's largest concentration of naval forces. The presence of military personnel and related trades ensures a consistent demand for rental properties.
PROPERTY FACTS
| Price | $850,000 |
| Price Per Unit | $106,250 |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 5,936 SF |
| Average Occupancy | 75% |
| No. Stories | 2 |
| Year Built | 1979 |
| Parking Ratio | 1.85/1,000 SF |
| Cross Streets | Elton Ave |
| Zoning | C-C - Community Commercial |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Pet Play Area
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | - | - |
1 of 1
Walk Score®
Very Walkable (76)
PROPERTY TAXES
| Parcel Number | 00501475 | Improvements Assessment | $421,900 |
| Land Assessment | $94,300 | Total Assessment | $516,200 |
