For Sale
$820,000

556 Broad StPortsmouth, VA 23707

8-Unit Apartment Building, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional 8-unit apartment building presents a compelling investment opportunity in Portsmouth, Virginia. Located at 556 Broad Street, this Class B property boasts 6,168 square feet on an 11,194 square foot lot. Built in 1973, the building offers a strong net operating income (NOI) of $59,266, translating to a 7.23% cap rate. The asking price is $820,000, or $102,500 per unit. The property benefits from its prime location, providing easy access to major highways like I-264, the Midtown Tunnel, downtown Portsmouth, and significant local amenities including the Naval Hospital and Coast Guard Base. This strategic location contributes to a high occupancy rate and consistent rental income. The well-maintained units have undergone recent updates, ensuring tenant satisfaction and minimizing turnover. This translates to a strong rental history and significant potential for long-term value appreciation. The property's simple ownership structure further enhances its appeal to discerning investors seeking a stable and profitable addition to their portfolio. This is a rare opportunity to acquire a well-positioned multifamily asset in a thriving market with strong potential for future growth. The property features a mix of spacious and updated units, appealing to a diverse tenant base. This is a turnkey investment ready for immediate income generation.

Highlights

  • 8-unit apartment building in Portsmouth, VA, offering a 7.23% cap rate and $59,266 NOI.
  • Prime location near I-264, Midtown Tunnel, downtown, Naval Hospital, and Coast Guard Base.
  • High occupancy rate and strong rental history.
  • Well-maintained units with recent updates, minimizing turnover.

Property Details for 556 Broad St

Property type
Apartment buildings
Square Feet
6,168 SF
Class
B
Year Built
1973
Buildings
1
Units
8

Location Insight

City
Portsmouth
County
Portsmouth City
State
Virginia
Latitude
36.8450147
Longitude
-76.3354849
556 Broad St, Portsmouth, Virginia

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556 Broad St
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