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Parkhurst Apartments 990 Chicago Ave 32 Unit Apartment Building $4,400,000 ($137,500/Unit) 7.32% Cap Rate Harrisonburg, VA 22802
Investment Highlights
- Current 100% Occupancy of 32 One Bedroom Apartments
- Professionally Managed With All Lease Agreement & Documents in Good Order
- Solid Cash Flow From Rent & Laundry Facility
Executive Summary
Unique investment opportunity! Parkhurst Apartments are located at 990, 992 and 994 Chicago Avenue, close to EMU and downtown Harrisonburg. Comprised of three buildings with brick exterior walls, a composition shingle roof, and concrete slab and community laundry room, on approximately 1.67 acres. The properties consist of 32 one-bedroom apartments. Several of these have been upgraded with LVP flooring! These efficient apartments are 475 square feet with baseboard heat and wall mount air conditioning units are currently averaging $982 a month in rent per unit. The buildings were constructed in 1986 and have been maintained well with recent updates like new exterior decking and roof replacement. Currently 100% occupancy. Solid cash flow with $31,500 monthly rent gross rents plus additional income from the laundry! Professionally managed with all lease agreements and documents in good order.
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
|
| Net Operating Income |
-
|
-
|
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 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | $4,400,000 | Building Class | C |
| Price Per Unit | $137,500 | Lot Size | 1.67 AC |
| Sale Type | Investment | Building Size | 15,232 SF |
| Cap Rate | 7.32% | Average Occupancy | 100% |
| No. Units | 32 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1986 |
| Property Subtype | Apartment | Parking Ratio | 4.2/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R3 | ||
| Price | $4,400,000 |
| Price Per Unit | $137,500 |
| Sale Type | Investment |
| Cap Rate | 7.32% |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.67 AC |
| Building Size | 15,232 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1986 |
| Parking Ratio | 4.2/1,000 SF |
| Zoning | R3 |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 32 | - | - |
1 1
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Parkhurst Apartments | 990 Chicago Ave
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