6249 Alexander StNorfolk, VA 23513

Property Details for 6249 Alexander St

Year built

1985

Lot size

0.23 AC

Property size (Sq ft)

4,672 SF

Property type

Apartment buildings

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.

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.8933

Longitude

-76.2365

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