1000 Gates Ave Norfolk, VA 23507

This exceptional 12-unit apartment building, located at 1000 Gates Ave in Norfolk, Virginia's desirable Ghent neighborhood, presents a compelling investment opportunity. The property, a three-story, all-brick structure built in 1918 and completely renovated in 2018, offers a mix of unit sizes: three one-bedroom/one-bathroom, six two-bedroom/one-bathroom, and three three-bedroom/two-bathroom units. The building boasts a total of 14,811 square feet situated on a 0.2-acre lot, zoned R-15. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $170,269, representing a 6.08% cap rate. The asking price is $2,800,000, or $233,333.33 per unit, and the price per square foot is $202.55. Significant renovations in 2018 included new kitchens with granite countertops and high-end cabinetry, updated bathrooms, and complete replacement of electrical and plumbing systems. Each unit features a washer/dryer and mini-split HVAC systems, with tenants responsible for all utilities. A freshly sealed roof ensures minimal maintenance. The property's prime location near Eastern Virginia Medical School (EVMS) and several military bases contributes to its strong rental demand. This stabilized investment is offered under a 1031 exchange-eligible sale condition and features simple ownership.