Property Description:
For Sale By Owner: (2) Fully-Rented, 6-Unit Brick Apartment Buildings in Norfolk, VA:
Addresses: 511 & 540 Ashlawn Drive, Norfolk, VA 23505
FSBO Price: $1,200,000.00
Listing Website: p.reiblackbook.com/2804797
Direct Photos Link: p.reiblackbook.com/p2/photos/2804797
* Please Do Not Disturb Tenants - All Units Rented and Occupied! *
* 24 Total Bedrooms, 12 Total Bathrooms, 8,976 Total Living Sqft *
Both Properties (All Units) Fully Renovated in 2021!
Upgraded, Rewired and Separated Electrical
NEW Central HVAC
NEW Roofs
NEW Windows
NEW Flooring (Luxury Vinyl)
NEW Kitchens
NEW Water Heaters
NEW Bathrooms
NEW Light Fixtures
NEW Drywall/Paint
511 Ashlawn Dr:
Two-Story, 6-Unit Brick Apartment Building w/
12 Bedrooms, 6 Full Bathrooms, 4,488 Living Sqft
Built 1979 on 0.16-Acres
Includes 2,481 Sqft Paved Parking Lot
Central HVAC - New Electric Mini Split Systems
Plus Electric Baseboard Heat
Zoning: MF-NS [ Multi-Family - Neighborhood-Scale ]
540 Ashlawn Dr:
Two-Story, 6-Unit Brick Apartment Building w/
12 Bedrooms, 6 Full Bathrooms, 4,488 Living Sqft
Built 1979 on 0.17-Acres
Includes 3,162 Sqft Paved Parking Lot
Central HVAC - New Electric Heat Pumps w/ Ductwork
Plus Electric Baseboard Heat
Zoning: MF-NS [ Multi-Family - Neighborhood-Scale ]
12 Total Rental Units
Each Unit: 2 Bedrooms, 1 Bathroom, 748 Living Sqft
Current Gross Rents are $6,500/month per building ($13,050/month Total)!
All tenants have paid Double Security Deposits ($2,100-$2,200 each)
Landlord pays Water, Sewer, and Trash
Tenants responsible for Electric (All Separated)
$156,600 rental income per year
Water/Sewer average cost for both properties is $448 per month ($5,376 per year total)
Dumpster/trash cost for both buildings is $498.60 per month ($5,983.20 per year total).
Annual insurance premium per property is $3,710.54 ($7,421.08 per year total).
Yearly tax payment per property is $5,187.50 ($10,375 per year total).
Cap Rate: 10.62%
Contact 804-409-3006 Today!
Check out our full inventory and sign up for our Buyers' list here:
u128584.h.reiblackbook.com/cashbuyer2/join/