For Sale
$1,575,000

6255 Alexander StNorfolk, VA 23513

18-unit apartment building, high growth potential.

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional 18-unit apartment building at 6255 Alexander Street in Norfolk, Virginia, presents a compelling investment opportunity. The property, built in 1977, comprises two two-story buildings situated on a 0.46-acre lot, totaling 11,950 square feet. The unit mix includes eight one-bedroom, one-bathroom units and ten two-bedroom, one-bathroom units, offering a diverse tenant base. Currently generating a NOI of $11,027, a pro-forma NOI of $124,755 projects significant upside potential. The asking price is $1,575,000, translating to $87,500 per unit and $131.80 per square foot. The property benefits from its convenient location, offering easy access to major roadways including I-64, I-264, and I-564, as well as proximity to Granby Street, Norfolk International Airport, IKEA, and the Simon Premium Outlet Mall. The existing units present an immediate opportunity for value enhancement through interior upgrades, further boosting profitability. This property is an ideal investment for those seeking strong returns and significant appreciation potential in a prime Norfolk location. The current cap rate is 0.70%, with a pro-forma cap rate of 7.92%, showcasing the substantial growth potential.

Highlights

  • 18-unit apartment building with a mix of one- and two-bedroom units.
  • Excellent location with easy access to I-64, I-264, I-564, and Granby Street.
  • Minutes from Norfolk International Airport, IKEA, and the Simon Premium Outlet Mall.
  • Significant value-add opportunity through interior unit upgrades to increase NOI and property value.

Property Details for 6255 Alexander St

Property type
Apartment buildings
Square Feet
11,950 SF
Year Built
1977
Lot Size (sq. ft)
20,038 SF
Units
18

Location Insight

City
Norfolk
County
Norfolk City
State
Virginia
Latitude
36.8932504
Longitude
-76.2370716
6255 Alexander St, Norfolk, Virginia

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6255 Alexander St
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