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Sunnybrook Apartments 824 Post Ave 48 Unit Apartment Building $5,625,000 ($117,188/Unit) 6.95% Cap Rate Chesapeake, VA 23324
Investment Highlights
- The community consists of 48 apartment units with a mix of one-bedroom and two-bedroom floor plans.
- Convenient connectivity to Interstate 464, Interstate 64, and Interstate 264 supports regional accessibility.
- Location within the Hampton Roads region provides access to multiple employment centers across Chesapeake, Norfolk, Portsmouth, and Virginia Beach.
- Centralized ownership and management of a single-site apartment community support operational efficiencies.
Executive Summary
Sunnybrook Apartments (824 Post Ave and 2127 Chesapeake Drive, Chesapeake, VA) is a 48-unit multifamily community in the Hampton Roads metro, positioned for cash flow and upside. The property offers an attractive unit mix of forty-four (44) 2BR/1BA and four (4) 1BR/1BA apartments, supporting broad renter demand. Offered at a $5,625,000 list price, buyers may benefit from assumable financing of approximately $3.5M at 5.7% interest (subject to lender approval), helping reduce interest-rate uncertainty and enhance leverage. The Chesapeake location provides convenient access to retail, dining and commuter routes. A compelling value-add story exists through rent optimization, interior upgrades and operational efficiencies as units turn. Ideal for 1031 exchange or portfolio expansion. Contact broker for offering memorandum, rent roll and financials. Tours by appointment only - please do not disturb residents.
Property Facts
| Price | $5,625,000 | Apartment Style | Garden |
| Price Per Unit | $117,188 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.96 AC |
| Cap Rate | 6.95% | Building Size | 32,596 SF |
| Gross Rent Multiplier | 8.97 | Average Occupancy | 100% |
| No. Units | 48 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1970 |
| Property Subtype | Apartment | Parking Ratio | 0.27/1,000 SF |
| Zoning | RMF1: MULT - 352 - 352 | ||
| Price | $5,625,000 |
| Price Per Unit | $117,188 |
| Sale Type | Investment |
| Cap Rate | 6.95% |
| Gross Rent Multiplier | 8.97 |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.96 AC |
| Building Size | 32,596 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1970 |
| Parking Ratio | 0.27/1,000 SF |
| Zoning | RMF1: MULT - 352 - 352 |
Amenities
Unit Amenities
- Air Conditioning
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
| 2+1 | 44 | - | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 1390000001822 | Improvements Assessment | $1,586,100 |
| Land Assessment | $290,400 | Total Assessment | $1,876,500 |
Property Taxes
Parcel Number
1390000001822
Land Assessment
$290,400
Improvements Assessment
$1,586,100
Total Assessment
$1,876,500
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Sunnybrook Apartments | 824 Post Ave
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