Building Details

Year Built 1919

Buildings 1

Units 8

Listing Agency: S.L. Nusbaum Realty Co

Listed By: Ben Leon · License #VA 0225061641 Show Phone

Source: Crexi

Added: Apr 14 Changed: Sep 12 Last Checked: Oct 14 at 11:44PM

Report an Issue

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

Investment Insights

Based on property information with market context.

The Mercer is an 8-unit apartment property comprising 16,344 square feet and dating to 1919. The building offers an established multifamily configuration in Norfolk’s Ghent submarket, with the property name and apartment use providing a clear identity within the local rental market.

The property is positioned near the intersection of West Princess Anne Road and Colley Avenue. Downtown Norfolk, Norfolk General Hospital, EVMS, and CHKD are all identified as nearby destinations, connecting the asset to both the city center and major medical facilities. Its location supports consideration by operators seeking an apartment building near established employment and institutional nodes.

Key Highlights

• 8‑unit apartment property with 16,344 square feet
• 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 (±1% cap)

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 (±1% cap)

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

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Carpet & Flooring Store (Bike/Boat/Book/etc) Store Locksmith Butcher Catering Service Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Mixed-Use Property with Retail

5010 Princess Anne Rd E, Norfolk, VA 23502

$2,149,849

17,500 SF

View details

Mixed-Use Property in Norfolk, VA

2811 Colonial Ave, Norfolk, VA 23508

$1,900,000

0.86 Acres

View details

Eighteen-Unit One-Bedroom Apartment

9324 1st View St, Norfolk, VA 23503

$2,325,000

0.40 Acres

View details

Norfolk Multifamily Investment Opportunity

717 Guy Ave, Norfolk, VA 23505

$4,000,000

2.08 Acres

View details

Townhome-Style Apartment Building

307 W Little Creek Rd, Norfolk, VA 23505

$1,400,000

View details

Renovated Multifamily Building Near Ocean

350 Staten St, Norfolk, VA 23503

$1,390,000

3,700 SF

View details

Norfolk Multifamily Investment Opportunity

230 E 40th St, Norfolk, VA 23504

Contact for pricing

32,793 SF

View details

24-Unit Apartment Building

2500 Leo St, Norfolk, VA 23504

$2,550,000

View details

12-Unit Brick Apartment Building

1414 Hampton Blvd, Norfolk, VA 23507

$1,950,000

View details

10-Unit Brick Apartment Building

734 Johnson Ave, Norfolk, VA 23504

$1,150,000

View details

Remodeled 6-Unit Apartment Building

1005 Hillside Ave, Norfolk, VA 23503

$970,000

View details

Six-Unit Brick Apartment Building

1419 Goff St, Norfolk, VA 23504

$795,000

View details

Frequently Asked Questions

What type of property is this?

Apartment building - Historic multifamily property near Downtown Norfolk and several major medical institutions.

Where is this apartment building located?

The property is located at 740 W Princess Anne Rd 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 apartment property with 16,344 square feet; Built in 1919; Located in Norfolk’s Ghent submarket