556 Broad St Portsmouth, VA 23707-2033

Property Details for 556 Broad St

Year built

1973

Construction

BRICK

Lot size

0.26 lot acres

Property size

6,168 SF

Zone code

HR

Property type

Apartment buildings

APN

0148-0470

APU

1480470

Description

This exceptional 8-unit apartment building presents a compelling investment opportunity in Portsmouth, Virginia. Located at 556 Broad Street, this Class B property boasts 6,168 square feet on an 11,194 square foot lot. Built in 1973, the building offers a strong net operating income (NOI) of $59,266, translating to a 7.23% cap rate. The asking price is $820,000, or $102,500 per unit. The property benefits from its prime location, providing easy access to major highways like I-264, the Midtown Tunnel, downtown Portsmouth, and significant local amenities including the Naval Hospital and Coast Guard Base. This strategic location contributes to a high occupancy rate and consistent rental income. The well-maintained units have undergone recent updates, ensuring tenant satisfaction and minimizing turnover. This translates to a strong rental history and significant potential for long-term value appreciation. The property's simple ownership structure further enhances its appeal to discerning investors seeking a stable and profitable addition to their portfolio. This is a rare opportunity to acquire a well-positioned multifamily asset in a thriving market with strong potential for future growth. The property features a mix of spacious and updated units, appealing to a diverse tenant base. This is a turnkey investment ready for immediate income generation.