6255 Alexander St Norfolk, VA 23513

Property Details for 6255 Alexander St

Year built

1977

Lot size

0.46 lot acres

Property size

11,950 SF

Property type

Commercial real estate

Description

This exceptional 18-unit apartment building at 6255 Alexander Street in Norfolk, Virginia, presents a compelling investment opportunity. The property, built in 1977, comprises two two-story buildings situated on a 0.46-acre lot, totaling 11,950 square feet. The unit mix includes eight one-bedroom, one-bathroom units and ten two-bedroom, one-bathroom units, offering a diverse tenant base. Currently generating a NOI of $11,027, a pro-forma NOI of $124,755 projects significant upside potential. The asking price is $1,575,000, translating to $87,500 per unit and $131.80 per square foot. The property benefits from its convenient location, offering easy access to major roadways including I-64, I-264, and I-564, as well as proximity to Granby Street, Norfolk International Airport, IKEA, and the Simon Premium Outlet Mall. The existing units present an immediate opportunity for value enhancement through interior upgrades, further boosting profitability. This property is an ideal investment for those seeking strong returns and significant appreciation potential in a prime Norfolk location. The current cap rate is 0.70%, with a pro-forma cap rate of 7.92%, showcasing the substantial growth potential.