337 W Bute St - Apartments FOR SALE


Norfolk, VA 23510- Downtown Norfolk
$3,400,000 USD
804-869-3492
337 W Bute St, Norfolk, VA for Sale
$3,400,000 USD
Apartments - FOR SALE
1/14
null | 6.58% Cap Rate

337 W Bute St
Norfolk, VA 23510
Downtown Norfolk


HIGHLIGHTS

  • Located downtown in the Freemason Historic District.
  • Walking distance to shops and restaurants.
  • Convenient to medical school and hospital complex.
  • Value-add upside.

OVERVIEW

S.L. Nusbaum Realty Co. is pleased to present to qualified purchasers the Harbour House building located in the West Freemason Street Area Historic District in Norfolk, VA. The West Freemason Street Area Historic District encompasses 48 contributing buildings in a primarily residential section on the western edge of the center city of Norfolk. It developed between the late-18th and early-20th centuries and includes notable examples of the Federal, Greek Revival, and Late Victorian styles. Notable buildings include Kenmure House, Glisson House, Whittle House, McCullough Row, and the Camp-Hubard house. Located in the district is the separately listed Allmand-Archer House. It was listed on the National Register of Historic Places in 1972. The property, containing a total of 12,000 SF on approximately 0.221 AC, is for sale for $3,400,000 at a 6.58% CAP rate. Page 13 of this OM illustrates the Upside potential of this asset in that the existing rents are below market.

FOR SALE DETAILS

PRICE

$3,400,000 USD

PRICE/SF

$283 USD /SF

# OF UNITS

12

PRICE/UNIT

$283,333

CAP RATE

6.58%

% LEASED

92%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Harbour House

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Dormitory

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1954

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.22 AC

LAND SF

9,583 SF

ZONING

HC-WF1

APN/PARCEL ID

33089510

ASK ABOUT THIS PROPERTY

Austin Newman, SIORS.L. Nusbaum Realty Co.More Info
804-869-3492

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Austin Newman, SIORS.L. Nusbaum Realty Co.More Info
804-869-3492

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.