3700 Washington Ave Newport News, VA 23607-2727

Property Details for 3700 Washington Ave

Year built

1930

Construction

FRAME

Lot size

0.20 lot acres

Property size

9,339 SF

Zone code

C3

Property type

Commercial real estate

APN

304020328

APU

304020328

Description

This exceptional mixed-use property in Newport News, VA, presents a lucrative investment opportunity. Located at 3700 Washington Ave, this 9,339 square foot building comprises two structures, each two stories high, built in 1930 and situated on an 8,895 square foot lot. The property is zoned for mixed use and currently features seven spacious one-bedroom, one-bathroom apartments, generating significant rental income. In addition to the residential units, there are three or four income-producing commercial spaces, including a restaurant and storefront, offering diverse revenue streams. The asking price is $725,000, translating to $77.63 per square foot. Major infrastructure improvements, including plumbing and electrical upgrades, have already been completed, significantly reducing renovation costs. The property is offered as an LLC ownership. Further customization is possible, with options to add a studio apartment or a laundry facility to enhance the property's appeal and rental income. This is a rare chance to acquire a well-located, multi-faceted property with significant upside potential in a thriving Virginia market. The property's strong foundation and existing income streams make it an ideal investment for both seasoned investors and those seeking a high-return opportunity. Don't miss this chance to acquire a prime mixed-use property in a desirable location.