Dinwiddie Place Apartments (12 Units)

$975,000

516 Dinwiddie Street, Norfolk, VA 23523

For Sale

Multifamily Mid High Rise

Active

Last Updated: 12/02/2024

Details:

Cap Rate: 8.27%

Pro Forma Cap Rate : 8.98%

NOI: $80,592.65

Building Size: 9,536 sqft

Lot Area: 7,792 sqft

Occupancy: 100%

Class: C

Units: 12

Price Per Sqft: $102.24

Zoning: R-8

Price Per Unit: $81,250

Year Built: 1912

Floors: 3

Year Last Renovated: 2018

Construction Status: Brick

Roof: Rubber Membrane and 30yr Architectural Shingles

HVAC: Electric Baseboard Heat, Window AC Units, Ceiling Fans

Floor: LVP, Laminate, Carpet

Restrooms: 12

Investment Strategy: Value Add

Offered by

Leo Sutton

Principal Broker

Adam Sutton

#0225197664

Request Info to Unlock

Highlights:

The Tenants pay for all of their Utilities (separately metered). Landlord pays for common area lighting.
Professionally Managed.
Easy access to I264, Downtown Norfolk, Downtown Portsmouth, and Naval Bases.
Walking distance to local Shipyards.

Description:

FOR SALE - $975,000 - A Beautiful 3 Story, 12 Unit, Brick Building, with full basement, Value-add opportunity. The property is being offered As-Is.

The Current Tax Assessment is: $924,100.

Located in the heart of the Hampton Roads region, DINWIDDIE PLACE APARTMENTS offer a prime investment opportunity for prospective Multifamily/Low-Rise/Garden investors. The area boasts proximity to key attractions like Norfolk Naval Shipyard, BAE Systems Norfolk Ship Repair, Colonna’s Shipyard, Virginia Zoo, and Ocean View Beach Park, making it an appealing location for potential Tenants. With its convenient access to major transportation routes, including Interstates I464 and I264, and vibrant local amenities, the area presents an exciting prospect for those looking to invest in the thriving Norfolk, VA market.

NOTE: The Tenants pay for all of their Utilities (separately metered). Landlord pays for common area lighting.

Introducing an exciting investment opportunity at DINWIDDIE PLACE APARTMENTS, situated at 516-522 Dinwiddie St in Norfolk, VA 23523. This prime property is presented by SVN, a global leader in commercial real estate services, known for driving outstanding results for clients. Featuring an expert team of over 2,000 advisors, SVN offers a unique Shared Value Network to maximize success. Through specialty practices in areas such as multifamily, industrial, and more, SVN advisors collaborate globally to unlock new opportunities for your assets. Experience the SVN advantage with the 9.6% Report, showcasing higher returns on properties sold through cooperation. By reaching a wider audience, SVN elevates property values and ensures superior outcomes for owners. Don't miss out on DINWIDDIE PLACE APARTMENTS - a smart investment choice in a thriving location. Contact us today to explore this exceptional opportunity with SVN.

If you require additional information, please don’t hesitate to reach out.