556 Broad St, Portsmouth, VA 23707-2033
- Apartment buildings
- 6,168 SF
- 0.26 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 556 Broad St
- Year built
- 1973
- Construction
- BRICK
- Lot size
- 0.26 lot acres
- Zone code
- HR
- Property type
- Apartment buildings
- APN
- 0148-0470
- APU
- 1480470
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Jan 30, 2023 | — | Seabadger Properties Portsmouth LLC | Seabadger Properties Portsmouth LLC | Intrafamily Transfer · related | $1.2M · Bayport Credit Union |
| Jul 14, 2020 | $510,000 | Chonsky Properties LLC | Mary A Jordan | Grant Deed | $407k · Abnb FCU |
| Jan 3, 2013 | $440,000 | Mary A Jordan | Mccarty,robert W | Grant Deed | $160k · Patricia T Sessoms |
| Jun 6, 2012 | $350,000 | Robert W Mccarty | Sessoms,patricia T | Grant Deed | $190k · Monarch Bank |
| — | — | Mary A Jordan | — | Deed Of Trust · related | $500k · Towne Bk |
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.
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Location Insight
- Map
- Local Demand
- City
- Portsmouth
- County
- Portsmouth City
- State
- Virginia
- Longitude
- -76.3355
- Latitude
- 36.845
- CBSA code
- 47260
- CBSA name
- VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA
