1000 Gates Ave - Apartments FOR SALE


Norfolk, VA 23507
$2,800,000 USD
757-276-3330
1000 Gates Ave, Norfolk, VA for Sale
$2,800,000 USD
Apartments - FOR SALE
1/42
null | 6.2% Cap Rate

1000 Gates Ave
Norfolk, VA 23507


OVERVIEW

For sale: a stunning 12-unit, all-brick apartment building in Norfolk's sought-after Ghent neighborhood. This 3-story building includes 3 one-bedroom, 1-bath units; 6 two-bedroom, 1-bath units; and 3 three-bedroom, 2-bath units, generating a total monthly rent of $19,775. The property boasts a 6.2% cap rate and underwent complete renovations in 2018, including new kitchens with granite countertops and high-end cabinetry, new bathrooms, and new electrical and plumbing systems. Each unit features a washer/dryer and mini-split HVAC systems, with tenants paying all utilities. The freshly sealed roof ensures low maintenance. Conveniently located near EVMS and multiple military bases, this fully occupied property is one of the best in Ghent. Don't miss this exceptional investment opportunity.

FOR SALE DETAILS

PRICE

$2,800,000 USD

PRICE/SF

$189 USD /SF

# OF UNITS

12

PRICE/UNIT

$233,333

CAP RATE

6.2%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1918

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.2 AC

LAND SF

8,712 SF

ZONING

R-15

APN/PARCEL ID

04934000

ASK ABOUT THIS PROPERTY

Christian PhillipsInlet Realty and Property ManagementMore Info
757-276-3330

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Christian PhillipsInlet Realty and Property ManagementMore Info
757-276-3330

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.