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843 Jerome Ave 8 Unit Apartment Building $850,000 ($106,250/Unit) Norfolk, VA 23518
INVESTMENT HIGHLIGHTS
- Value-add opportunity with immediate rent growth and additional income potential through minor interior upgrades
- Short-term leases offering flexibility for buyer
- Proximity to schools, shopping centers, public transport, and employment hubs
EXECUTIVE SUMMARY
This 8-unit multifamily complex represents a great investment opportunity. With stable income, convenient locations, and significant value-add potential, it combines low vacancy rates, convenient amenities, and appreciation potential. Norfolk is situated in the heart of a region with over 1.8 million people and serves a large community of active-duty personnel and retirees. It is home to the Navy's largest concentration of naval forces. The presence of military personnel and related trades ensures a consistent demand for rental properties.
PROPERTY FACTS
| Price | $850,000 | Lot Size | 0.23 AC |
| Price Per Unit | $106,250 | Building Size | 5,936 SF |
| Sale Type | Investment | Average Occupancy | 75% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1979 |
| Property Subtype | Apartment | Parking Ratio | 1.85/1,000 SF |
| Apartment Style | Low-Rise | Cross Streets | Elton Ave |
| Building Class | C | ||
| Zoning | C-C - Community Commercial | ||
| Price | $850,000 |
| Price Per Unit | $106,250 |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 5,936 SF |
| Average Occupancy | 75% |
| No. Stories | 2 |
| Year Built | 1979 |
| Parking Ratio | 1.85/1,000 SF |
| Cross Streets | Elton Ave |
| Zoning | C-C - Community Commercial |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Pet Play Area
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | - | - |
1 1
Walk Score®
Very Walkable (76)
PROPERTY TAXES
| Parcel Number | 00501475 | Improvements Assessment | $501,300 |
| Land Assessment | $94,300 | Total Assessment | $595,600 |
PROPERTY TAXES
Parcel Number
00501475
Land Assessment
$94,300
Improvements Assessment
$501,300
Total Assessment
$595,600
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843 Jerome Ave
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