757-478-9920
601 Graydon Ave, Norfolk, VA for Sale
Apartments - FOR SALE
1/27
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601 Graydon Ave
Norfolk, VA 23507
Ghent


HIGHLIGHTS

  • Investors are presented the opportunity to step into a fully-renovated historic asset in Ghent with little to no capex needs. Day 1 steady cash flow.
  • Being fully renovated and stabilized at 100%, investors are presented an opportunity to step into a year 1 cash on cash return north of 6%.
  • The current owners recently placed new agency debt on the asset at a rate of 5.86% with 5 years of Interest Only payments over the 10 year term.
  • Ownership spent $700,000 in 2022/23 on renovations throughout the property. They also just completed a roof replacement valued at $60,000.

OVERVIEW

CBRE is pleased to present 601 Graydon Ave. (“The Property”). Investors are presented the opportunity step into a beautifully renovated, cash flowing opportunity in the historic neighborhood of Ghent. ??????? Norfolk’s historic Ghent neighborhood is renowned for its picturesque streets, boutique shops, and eclectic restaurants, making it a highly sought-after destination for both locals and visitors alike. As one of the city’s most vibrant and affluent neighborhoods, Ghent offers a unique blend of small-town charm and urban sophistication, with easy access to Norfolk’s scenic waterfront, vibrant arts scene, and thriving downtown area. Ownership recently completed a full renovation of 100% of the units to include new or refurbished flooring, new kitchens with stone counter tops, fully renovated bathrooms, modern refurbished hardware, and paint throughout in the interior and exterior. The location along with quality of units provides tenants a perfect option to live, work, and play. Walkable to a plethora of local restaurants, local bars, the Naro Expanded Cinema, the Elizabeth River Trail, the Hague and the Chrysler Museum, Downtown Norfolk, and surrounding historic neighborhoods, and city parks.

FOR SALE DETAILS

PRICE

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# OF UNITS

15

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1912

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.24 AC

LAND SF

10,367 SF

ZONING

HCG2

APN/PARCEL ID

41794600

ASK ABOUT THIS PROPERTY

757-478-9920

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757-478-9920

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