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2500 Leo Street Apartments 2500 Leo St 24 Unit Apartment Building $2,500,000 ($104,167/Unit) 7.10% Cap Rate Norfolk, VA 23504
Investment Highlights
- The property consists of 24 apartment units with a consistent two-bedroom, one-bath floor plan configuration.
- Convenient access to Interstate 264 enhances connectivity throughout Norfolk and the Hampton Roads region.
- Established multifamily use provides a foundation for future capital improvement and asset management initiatives.
- Centralized ownership of all units within a single location supports operational and management efficiencies.
- The asset is located near major employment drivers including defense, maritime, healthcare, and educational institutions.
- Residents benefit from proximity to downtown Norfolk, neighborhood services, and regional transportation corridors.
Executive Summary
Attention Investors! 19 out of 24 units are tenant occupied. The 15 units not reflected on data input have identical specs to the listed units. No showings without a ratified contract. Please make offer contingent upon seeing inside of units. Please do not disturb the tenants under any circumstances. Current total monthly rent on this building is $21,225.00.
Property Facts
| Price | $2,500,000 | Building Class | C |
| Price Per Unit | $104,167 | Lot Size | 0.93 AC |
| Sale Type | Investment | Building Size | 10,120 SF |
| Cap Rate | 7.10% | Average Occupancy | 83% |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | SF-T - SF-T (Single Family-Traditional) preserves architectural character and lot configurations, while strictly regulating additions and Short-Term Rentals | ||
| Price | $2,500,000 |
| Price Per Unit | $104,167 |
| Sale Type | Investment |
| Cap Rate | 7.10% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.93 AC |
| Building Size | 10,120 SF |
| Average Occupancy | 83% |
| No. Stories | 2 |
| Year Built | 1969 |
| Opportunity Zone |
Yes |
| Zoning | SF-T - SF-T (Single Family-Traditional) preserves architectural character and lot configurations, while strictly regulating additions and Short-Term Rentals |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Pet Play Area
- Walk-Up
- Smoke Detector
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 23911700 | Improvements Assessment | $1,580,000 |
| Land Assessment | $364,600 | Total Assessment | $1,944,600 |
Property Taxes
Parcel Number
23911700
Land Assessment
$364,600
Improvements Assessment
$1,580,000
Total Assessment
$1,944,600
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2500 Leo Street Apartments | 2500 Leo St