2500 Leo St, Norfolk, VA 23504
- Commercial real estate
- 18,000 SF
- 0.93 lot acres
Current Use by Public Records
- Lafayette Garden Properties / Garden Center / Landscaping
Property Details for 2500 Leo St
- Year built
- 1969
- Lot size
- 0.93 lot acres
- 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.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Norfolk
- County
- Norfolk City
- State
- Virginia
- Longitude
- -76.2761289
- Latitude
- 36.8702506
