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516 Dinwiddie St 12 Unit Apartment Building $925,000 ($77,083/Unit) 8.26% Cap Rate Norfolk, VA 23523
INVESTMENT HIGHLIGHTS
- 516-522 Dinwiddie Street is a fully occupied, 12-unit complex offering one-bedroom, one-bath units at 675, 825, and 850 square feet.
- Property is nestled within Norfolk’s Opportunity Zone and ideally located in the proximity of 2 shipyards, presenting strong renter demand.
- Tenants pay for all utilities, enabling great cash flow – currently boasting an impressive 9.31% cap rate and 7.82 Gross Rent Multiplier.
- The complex is professionally managed and is offered to the market with low deferred maintenance.
EXECUTIVE SUMMARY
516 Dinwiddie Street offers a 12-unit apartment complex, fully occupied with strong cash flow for a savvy real estate investment opportunity. The property has a solid rental income of $124,620 annually and a $76,434 projected NOI.
The building spans 9,536 square feet across three stories. There are four one-bedroom, one-bath units at 675 square feet, four more at 825 square feet, and the largest unit offered at 850 square feet. The residents cover all utilities, such as water, trash, electricity, and gas. Very minimal maintenance is needed on the property, and it is professionally managed, limiting the time and effort commitments needed by a new owner.
516 Dinwiddie Street is in proximity of two shipyards with its strategic Norfolk location, easily catering to strong renter demand in the area. The property is a fixture of the area, seen by more than 12,000 vehicles passing on Berkley Avenue each day. Within 3 miles live more than 109,000 residents, including 61% who currently rent their homes. This large pool of potential residents contributed more than $172 million in household segment spending during 2024.
The building spans 9,536 square feet across three stories. There are four one-bedroom, one-bath units at 675 square feet, four more at 825 square feet, and the largest unit offered at 850 square feet. The residents cover all utilities, such as water, trash, electricity, and gas. Very minimal maintenance is needed on the property, and it is professionally managed, limiting the time and effort commitments needed by a new owner.
516 Dinwiddie Street is in proximity of two shipyards with its strategic Norfolk location, easily catering to strong renter demand in the area. The property is a fixture of the area, seen by more than 12,000 vehicles passing on Berkley Avenue each day. Within 3 miles live more than 109,000 residents, including 61% who currently rent their homes. This large pool of potential residents contributed more than $172 million in household segment spending during 2024.
PROPERTY FACTS Under Contract
| Price | $925,000 | Apartment Style | Low-Rise |
| Price Per Unit | $77,083 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 8.26% | Building Size | 9,536 SF |
| Gross Rent Multiplier | 7.42 | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1912 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R-8 - Residential | ||
| Price | $925,000 |
| Price Per Unit | $77,083 |
| Sale Type | Investment |
| Cap Rate | 8.26% |
| Gross Rent Multiplier | 7.42 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 9,536 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1912 |
| Opportunity Zone |
Yes |
| Zoning | R-8 - Residential |
AMENITIES
UNIT AMENITIES
- Cable Ready
- Heating
- Ceiling Fans
- Kitchen
- Double Pane Windows
SITE AMENITIES
- 24 Hour Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 12 | - | 675 - 850 |
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PROPERTY TAXES
| Parcel Number | 18707400 | Improvements Assessment | $981,500 |
| Land Assessment | $39,000 | Total Assessment | $1,020,500 |
PROPERTY TAXES
Parcel Number
18707400
Land Assessment
$39,000
Improvements Assessment
$981,500
Total Assessment
$1,020,500
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516 Dinwiddie St
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