HIGHLIGHTS
- Eight large 2-bedroom, 2-bath residences, each approximately 1,650 square feet.
- Central air conditioning and in-unit washers and dryers in all units.
- Recent capital improvements, providing a well-maintained property ready for future growth.
- Off-street parking for residents, a premium in the Ghent submarket.
- Close proximity to medical institutions, Downtown Norfolk, and major employment centers.
- Located in a vibrant neighborhood with dining, retail, and cultural amenities within walking distance.
OVERVIEW
The Mercer Apartment complex is an 8- unit multifamily complex located near the intersection of West Princess Anne Road and Colley Avenue in Norfolk in the sought after Ghent submarket. With close proximity to Downtown Norfolk, Norfolk General Hospital, EVMS, and CHKD, this property makes for an ideal investment property which consistently attracts a wide range of professional services/medical related tenants.
FOR SALE DETAILS
PRICE
$2,400,000 USD
PRICE/SF
$147 USD /SF
# OF UNITS
8
PRICE/UNIT
$300,000
CAP RATE
6.27%
% LEASED
100%
SALE TYPE
Investment
BUILDING DETAILS
PROPERTY NAME
The Mercer Building
PROPERTY TYPE
Multi-Family
APARTMENT STYLE
Mid-Rise
PROPERTY SUBTYPE
Apartments
TOTAL BUILDING SIZE
-
STORIES
4
YEAR BUILT
1919
PARKING SPACES
-
LAND DETAILS
LAND ACRES
0.16 AC
LAND SF
7,052 SF
ZONING
HCG2
APN/PARCEL ID
02729600
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757-640-2272
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757-640-2272
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