6249 Alexander StNorfolk, VA 23513

  • Residential income properties
  • 4,672 SF
For Sale
$615,000 View listing

Property Details for 6249 Alexander St

Year built
1985
Lot size
0.23 AC
Property size (Sq ft)
4,672 SF
Property type
Residential income properties
Property subtype
Multifamily properties

Description

This exceptional 6-unit apartment building in Norfolk, VA, presents a compelling investment opportunity. Boasting a strong 6.91% cap rate and 100% occupancy, this two-story, 4,672 square foot building offers significant potential for income generation. Built in 1985 and extensively renovated in 2022, the property features a new roof, updated window A/C units, and baseboard heaters. Multiple units have undergone complete remodeling, showcasing modern finishes (as seen in provided photos). The exterior has also received fresh paint, enhancing curb appeal. Situated on a 0.23-acre lot zoned R-13, this property provides a solid foundation for future growth. The asking price is $615,000, translating to $102,500 per unit. The building's Net Operating Income (NOI) is $42,506. This turnkey investment is ideal for those seeking immediate cash flow and long-term appreciation in a thriving Norfolk market. The property's recent renovations minimize immediate capital expenditure needs, allowing investors to focus on maximizing returns. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a desirable location.

6249 Alexander St, Norfolk, Virginia

Location Insight

City
Norfolk
County
Norfolk City
State
Virginia
Latitude
36.8933
Longitude
-76.2365

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