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Colonial 819 Colonial Ave 16 Unit Apartment Building $2,850,000 ($178,125/Unit) 5.45% Cap Rate Norfolk, VA 23507
INVESTMENT HIGHLIGHTS
- Heavy daytime foot traffic
- Prime location in Ghent
EXECUTIVE SUMMARY
Welcome to West Colonial Apartments—an updated 16-unit community in the heart of Ghent at 819 Colonial Ave, Norfolk. Each spacious 2-bedroom home offers the flexibility to easily convert to a 3-bedroom, maximizing rental potential and cash flow. Renovated interiors feature modern finishes, refreshed kitchens and baths, and well-maintained systems, making the property turnkey for investors. The building’s prime location places residents minutes from EVMS, shopping, dining, and downtown Norfolk. With excellent condition “as-is” and strong market demand for adaptable layouts, West Colonial Apartments presents a rare opportunity to acquire a stable, income-producing asset with room for value-add growth.
PROPERTY FACTS
| Price | $2,850,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $178,125 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 5.45% | Building Size | 22,790 SF |
| Gross Rent Multiplier | 10.27 | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2000 |
| Property Subtype | Apartment | ||
| Zoning | HC-G2 | ||
| Price | $2,850,000 |
| Price Per Unit | $178,125 |
| Sale Type | Investment |
| Cap Rate | 5.45% |
| Gross Rent Multiplier | 10.27 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 22,790 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 2000 |
| Zoning | HC-G2 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 16 | $1,648 | 1,400 |
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Walk Score®
Very Walkable (74)
PROPERTY TAXES
| Parcel Number | 41794475 | Improvements Assessment | $1,517,100 |
| Land Assessment | $194,100 | Total Assessment | $1,711,200 |
PROPERTY TAXES
Parcel Number
41794475
Land Assessment
$194,100
Improvements Assessment
$1,517,100
Total Assessment
$1,711,200
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Colonial | 819 Colonial Ave
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