2500 Leo St Norfolk, VA 23504

Property Details for 2500 Leo St

Year built

1969

Lot size

0.93 lot acres

Property size

18,000 SF

Property type

Commercial real estate

Description

This exceptional 24-unit apartment building, located at 2500 Leo Street in Norfolk, Virginia, presents a compelling investment opportunity. The property boasts 18,000 square feet situated on a 0.93-acre lot, offering a compelling price per square foot of $149.44 and a price per unit of $112,083.33. Built in 1969, the complex comprises three two-story buildings, each housing eight units. All 24 units are two-bedroom, one-bathroom apartments, featuring recently renovated interiors. The property enjoys a strong net operating income (NOI) of $174,161, translating to an attractive 6.47% capitalization rate. Its strategic location provides quick and easy access to major roadways including I-64, I-264, and I-564, as well as the vibrant Granby Street area. Furthermore, the property benefits from its proximity to key employment centers, situated within a 10-minute radius of Norfolk International Airport, IKEA, and the Simon Premium Outlet Mall. The asking price for this well-maintained multifamily property is $2,690,000. This presents a rare chance to acquire a high-performing asset in a desirable Norfolk location with significant potential for future growth and appreciation. The zip code is 23504.