This Property is Not Active


121 W 32nd St, Norfolk, VA 23504

Multiple Family / 0 Bedroom(s)

Property Status:  Not Available | $1,400,000.00 | 


Property Photos


FSBO: Fully-Rented, 10-Unit Brick Apartment Building in Park Place, Norfolk, VA!


Property Status:
Not Available | $1,400,000.00
Property Details:
Multiple Family / 0 BR
Property Style:
5+ Units
Year Built:
1966
Finished Sq Ft:
7,168
Basement:
No Basement
Owner / Agent:
Individual Owner
Property Features:
Central Air
Security System
Contact Info
USA Home Buyers
(804) 409-3006

View on Individual's Website
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!



Legal Disclaimer:
Tidewater Real Estate Investors Group is not responsible for the properties or the information listed here. Each Property is independently owned.  Click on the link above to contact the Property Owner about this property.

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Tidewater Real Estate Investors Group
  • (800) 874-4976
  • P.O. Box 5193
  • Virginia Beach, VA 23471

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