556 Broad StPortsmouth, VA 23707

Property Details for 556 Broad St

Year built

1973

Construction

BRICK

Lot size

0.26 AC

Property size (Sq ft)

6,168 SF

Zone code

HR

Property type

Apartment buildings

APN

0148-0470

APU

1480470

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,615,073

  6.5%

  $1,490,837

  7%

  $1,384,348

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,225,005

  Geo Method

  $1,596,682

• Alternative Use

  Use

  Valuation

  Residential

  $1,490,837

  Hospitality

  $1,365,598

  Educational

  $1,136,162

  Medical

  $1,175,236

  Retail

  $1,767,363

Location Insight

City

Portsmouth

County

Portsmouth City

State

Virginia

Latitude

36.845

Longitude

-76.3355

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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