8-Unit Multifamily Portfolio
Multifamily | 8 Units | $119,500/unit
Listing Contacts
Active
Asking Price:Unpriced
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Address (3 locations)
2400 Ballentine Blvd, Norfolk, VA 23509
Show on Map3218 Flanders Ave, Norfolk, VA 23509
Show on Map3224 Flanders Ave, Norfolk, VA 23509
Show on MapDate Added
Aug 22, 2024
Days on Market
211 days
Time Since Last Update
17 days
Details
Property TypeMultifamily
SubtypeApartment Building
ClassC
Square Footage5,126 - 8,364
Units8
Year Built1986/1940/1941
ZoningR8
Lot Size (acres).12 - .19
APN12741901; 00501465; 00500800
Price/Unit$119,500 92,250
Marketing Description
This 8-unit multi-family portfolio, comprising two duplexes and one quadplex, represents a compelling investment opportunity. With stable income, convenient locations, and significant value add potential, it combines low vacancy rates, convenient amenities, and appreciation potential. Norfolk is situated in the heart of a region with over 1.8 million people and serves a large community of active-duty personnel and retirees. It is home to the Navy's largest concentration of naval forces. The presence of military personnel and related trades ensures a consistent demand for rental properties.
Investment Highlights
- Roof – Replaced in 2013
- Parking: On-Street & Off-Street Parking
- Utilities: Separately Metered Water, Gas, & Electric
- A/C Unit
- Electric Stove
- Electric Refrigerators
- Electric baseboard heat except for natural gas heater for 2400 Ballentine Blvd. #B
- Value- Add Opportunity with immediate rent growth and additional income potential through minor interior upgrades.
- Proximity to schools, shopping centers, public transport, and employment hubs.
- Consistent rental income with strong tenant retention
- Month-to-month tenants offering flexibility for buyers
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