8-Unit Apartment
For Sale
$2,400,000
740-742 West Princess Anne Road, Norfolk, VA 23517
Historic multifamily property near Downtown Norfolk, major medical institutions, and the Ghent submarket.
Property Size16,344 SF
Days on Market189
Property Features for 740-742 West Princess Anne Road
General Information
Standard status
Active
Size
16,344 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
8
Building Details
Building Size
16,344 SF
Year Built
1919
Units
8
Listing Agency:
S.L. Nusbaum Realty Co.
Listed By:
Ben Leon · License #0225061641
(757) 640-2272
Source:
Commercialcafe
Added: Apr 11
Changed: Oct 7
Last Checked: Oct 16 at 6:21AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of S.L. Nusbaum Realty Co.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The Mercer is an 8-unit apartment property constructed in 1919. The multifamily complex is positioned near the intersection of West Princess Anne Road and Colley Avenue in Norfolk, within the Ghent submarket.
The property is near Downtown Norfolk, Norfolk General Hospital, EVMS, and CHKD. Its location also places it within an area associated with professional services and medical-related tenants, providing relevant context for multifamily ownership and leasing considerations.
The property is near Downtown Norfolk, Norfolk General Hospital, EVMS, and CHKD. Its location also places it within an area associated with professional services and medical-related tenants, providing relevant context for multifamily ownership and leasing considerations.
Key Highlights
- 8‑unit multifamily complex
- Built in 1919
- Located in Norfolk’s Ghent submarket
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$192,251
Cap Rate
8.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,845,020
$3.8M
Cap Rate 7%
$2,746,443
$2.7M
Cap Rate 9%
$2,136,122
$2.1M
Market Conditions
NOI Build-Up for 16,344 SF
Gross rent
$368.7K $22.56/SF
− Vacancy
−$19.2K −$1.17/SF
EGI
$349.5K $21.39/SF
− OpEx
−$157.3K −$9.62/SF
NOI
$192.3K $11.76/SF
Area
Norfolk, VA
Vacancy
5.20%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,845,020
Cap Rate 7%
$2,746,443
Cap Rate 9%
$2,136,122
Alternative Uses
Best Use
Apartment 5plus
$2.75M
$2.40M – $3.20M
NOI $192,251 @ 7.0% cap · market cap 8.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.47M
$3.03M – $4.05M
NOI $242,700 @ 7.0% cap · market cap 10.11%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
3,511
Businesses Nearby
Explore this area
Business Placement
Demographics for 23517, VA
5,237
Population
2,901
Households
1.8
Avg Household Size
33
Median Age
55%
College-Educated
97%
High-School Grad
0.8 sq mi
ZIP Area
6,546
Density / Sq Mi
$63,556
Median Household Income
$46,689
Median Earnings
$1,397
Median Rent
$355,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Historic multifamily property near Downtown Norfolk, major medical institutions, and the Ghent submarket.
Where is this apartment building located?
The property is located at 740-742 West Princess Anne Road Norfolk, VA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 8‑unit multifamily complex; Built in 1919; Located in Norfolk’s Ghent submarket
