6249 Alexander St Norfolk, VA 23513
- Commercial real estate
- 4,672 SF
- 0.23 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 6249 Alexander St
- Year built
- 1985
- Lot size
- 0.23 lot acres
- Property size
- 4,672 SF
- Property type
- Commercial real estate
Description
This exceptional 6-unit apartment building in Norfolk, VA, presents a compelling investment opportunity. Boasting a strong 6.91% cap rate and 100% occupancy, this two-story, 4,672 square foot building offers significant potential for income generation. Built in 1985 and extensively renovated in 2022, the property features a new roof, updated window A/C units, and baseboard heaters. Multiple units have undergone complete remodeling, showcasing modern finishes (as seen in provided photos). The exterior has also received fresh paint, enhancing curb appeal. Situated on a 0.23-acre lot zoned R-13, this property provides a solid foundation for future growth. The asking price is $615,000, translating to $102,500 per unit. The building's Net Operating Income (NOI) is $42,506. This turnkey investment is ideal for those seeking immediate cash flow and long-term appreciation in a thriving Norfolk market. The property's recent renovations minimize immediate capital expenditure needs, allowing investors to focus on maximizing returns. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a desirable location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Norfolk
- County
- Norfolk City
- State
- Virginia
- Longitude
- -76.236509684137
- Latitude
- 36.893267174732
