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Azalea Garden Apartments 3475 Azalea Garden Rd 20 Unit Apartment Building $2,000,000 ($100,000/Unit) 6% Cap Rate Norfolk, VA 23513
Investment Highlights
- 20 Units: All One-Bedroom & One-Bathroom Units
- Optimal Location to Major Employers: Norfolk Air Station, Little Creek Base, Norfolk Naval Shipyard
- Recently Renovated Interiors
Executive Summary
Marcus & Millichap is pleased to present the pricing and financial analysis for Azalea Garden Apartments located at 3475 Azalea Garden Road in Norfolk, VA.
The property consists of twenty units total. There are twenty, one-bedroom and one bathroom units. Azalea Garden was built in 1973 and situated on +/- 0 .54 acres.
The property consists of twenty units total. There are twenty, one-bedroom and one bathroom units. Azalea Garden was built in 1973 and situated on +/- 0 .54 acres.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $100,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.73 AC |
| Cap Rate | 6% | Building Size | 15,116 SF |
| Gross Rent Multiplier | 8.13 | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1973 |
| Property Subtype | Apartment | Parking Ratio | 2.47/1,000 SF |
| Zoning | R-14 | ||
| Price | $2,000,000 |
| Price Per Unit | $100,000 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Gross Rent Multiplier | 8.13 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.73 AC |
| Building Size | 15,116 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1973 |
| Parking Ratio | 2.47/1,000 SF |
| Zoning | R-14 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Freezer
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Walking/Biking Trails
- Storage Space
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | 650 |
| 2+1 | 10 | - | - |
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Property Taxes
| Parcel Number | 45020955 | Improvements Assessment | $1,593,800 |
| Land Assessment | $128,200 | Total Assessment | $1,722,000 |
Property Taxes
Parcel Number
45020955
Land Assessment
$128,200
Improvements Assessment
$1,593,800
Total Assessment
$1,722,000
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Azalea Garden Apartments | 3475 Azalea Garden Rd
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