Property Description:
Address: 121 W 32nd St, Norfolk, VA 23504
FSBO Price: $1,400,000.00
Listing Website: p.reiblackbook.com/2815941
Direct Photos' Link: p.reiblackbook.com/p2/photos/2815941
Located within Park Place East Opportunity Zone and HUB Zone!
Close Proximity to VA Zoological Park & the Ghent Historic District!
- More info: visitnorfolk.com/neighborhoods/ghent/
Two-Story, Multifamily Brick Apartment Building w/
10 Total Units
6/10 Units have been Upgraded and Fully Renovated!
19 Total Bedrooms, 10 Total Full Bathrooms, 7,168 Living Sqft
Built 1966 on 0.2531-Acres
Zoning: MF-NS [Multi-Family - Neighborhood-Scale]
HUB Zone Name: PARK PLACE (EAST)
Opportunity Zone Name: PARK PLACE (EAST)
Tourism Zone Name: Downtown Norfolk
Market Rents: $1,350 /month per unit
NEW HVAC
NEW Windows
NEW Kitchens
NEW Cabinets
NEW Stainless Steel Appliances
NEW Granite Countertops
NEW Bathrooms
NEW Tiled Surrounds
NEW Flooring
NEW Drywall/Paint
NEW Concrete Driveway
Electric Meters All Separated
Breakdown:
(1) 1 Bed, 1 Bath Unit - Currently rented for $900/month (Not renovated; Easy to convert to 2 beds once vacant)
(3) 2 Bed 1 Bath Units - Currently rented for $1050/month each (Not renovated)
(4) 2 Bed 1 Bath Units - Currently rented for $1200/month each (Renovated)
(1) 2 Bed, 1 Bath Unit - Currently rented for $1300/month (Renovated; Washer & Dryer included)
(1) 2 Bed, 1 Bath Unit - Currently rented for $1350/month (Renovated; Washer & Dryer included)
Total Gross Rents: $11,500.00/month
Landlord pays Water & Trash
$138,000 rental income per year
Water/Sewer average cost is $798.00 per month ($9,576 per year total)
Dumpster/trash cost is $191.66 per month ($2,299.92 per year total).
Annual insurance premium is $4,593.00.
Yearly tax payment is $8,449.00.
Existing Cap Rate: 8.08%
Cap Rate if all Units were at $1350/month: 9.79%
Contact 804-409-3006 for Your Next Investment Property Today!