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New Market Apartments 600 74th St 12 Unit Apartment Building $1,500,000 ($125,000/Unit) 6.49% Cap Rate Newport News, VA 23605
Investment Highlights
- 10 units with new bathrooms
- 5 units with new water heaters
- Freshly painted stairs & walkways (2024)
- Brand new HVAC in all 12 units (2025)
- 6 units with new carpet
- On-site security system
Executive Summary
This updated 12-unit multifamily property offers a rare combination of immediate income, extensive recent upgrades, and long-term value. With a strong rental history and five stable Section 8 tenants, investors can enjoy consistent returns from day one. This property offers an excellent blend of stable income and minimal future capital expenditure needs thanks to comprehensive recent improvements. The strong in-place cash flow, plus potential to further increase rents or fully lease remaining units, makes this a standout opportunity in today’s market. The owner pays for water, sewer, and trash.
100% leased. Monthly gross rent income: $12,561/month; average $80/unit/month for utilities, water, trash paid by owner; Routine maintenance: 20% or less of rent income. Tax:$8,968; Insurance: $2,688.
100% leased. Monthly gross rent income: $12,561/month; average $80/unit/month for utilities, water, trash paid by owner; Routine maintenance: 20% or less of rent income. Tax:$8,968; Insurance: $2,688.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $125,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.48 AC |
| Cap Rate | 6.49% | Building Size | 11,400 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1966/2025 |
| Property Subtype | Apartment | Parking Ratio | 1.14/1,000 SF |
| Zoning | C2 / R4 - C2/R4 | ||
| Price | $1,500,000 |
| Price Per Unit | $125,000 |
| Sale Type | Investment |
| Cap Rate | 6.49% |
| Sale Condition | 1031 Exchange |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.48 AC |
| Building Size | 11,400 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1966/2025 |
| Parking Ratio | 1.14/1,000 SF |
| Zoning | C2 / R4 - C2/R4 |
Amenities
Unit Amenities
- Air Conditioning
- Ceiling Fans
- Kitchen
- Carpet
- Dining Room
Site Amenities
- Security System
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 12 | $975.00 | 950 - 11,400 |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 279.00-02-14 | Total Assessment | $760,000 |
| Land Assessment | $120,000 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $640,000 | Tax Year | 2025 |
Property Taxes
Parcel Number
279.00-02-14
Land Assessment
$120,000
Improvements Assessment
$640,000
Total Assessment
$760,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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New Market Apartments | 600 74th St
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