2500 Leo St Norfolk, VA 23504

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.