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Harbour House

Multifamily | NEW 6.58% CAP RATE

Listing Contacts

Active

Asking Price: $3,400,000
Address 

337 W Bute St, Norfolk, VA 23510

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Date Added
Feb 23, 2023
Days on Market
752 days
Time Since Last Update
5 days

Details

Property TypeMultifamily
SubtypeApartment Building
Square Footage12,000
Cap Rate6.58%
Year Built1954
Lot Size (acres)0.221

Marketing Description

S.​L.​ Nusbaum Realty Co.​ is pleased to present to qualified purchasers the Harbour House building located in the West Freemason Street Area Historic District in Norfolk, VA.​

The West Freemason Street Area Historic District encompasses 48 contributing buildings in a primarily residential section on the western edge of the center city of Norfolk.​ It developed between the late-18th and early-20th centuries and includes notable examples of the Federal, Greek Revival, and Late Victorian styles.​ Notable buildings include Kenmure House, Glisson House, Whittle House, McCullough Row, and the Camp-Hubard house.​ Located in the district is the separately listed Allmand-Archer House.​ It was listed on the National Register of Historic Places in 1972.​

The property, containing a total of 12,000 SF on approximately 0.221 AC, is for sale for $3,400,000  at a 6.58% CAP rate.​ Page 13 of the OM illustrates the Upside potential of this asset in that the existing rents are below market.​

Investment Highlights

  • ​Built in 1954
  • ​12,000 SF on 0.221 AC
  • ​Six 2-bedroom, 2-bath units
  • ​Six 1-bedroom, 1-bath units
  • ​All units have in-unit laundry
  • ​Onsite Parking
  • ​100% Keyless Entry Property
  • ​All units updated in 2022

Valuation Calculator

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Due Diligence

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Listing Contacts


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