990 Chicago Ave - Apartments FOR SALE


Harrisonburg, VA 22802
$4,400,000 USD
540-421-3556
990 Chicago Ave, Harrisonburg, VA for Sale
$4,400,000 USD
Apartments - FOR SALE
1/47
null | 7.32% Cap Rate

990 Chicago Ave
Harrisonburg, VA 22802


HIGHLIGHTS

  • Current 100% Occupancy of 32 One Bedroom Apartments
  • Solid Cash Flow From Rent & Laundry Facility
  • Professionally Managed With All Lease Agreement & Documents in Good Order

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$4,400,000 USD

PRICE/SF

$289 USD /SF

# OF UNITS

32

PRICE/UNIT

$137,500

CAP RATE

7.32%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Parkhurst Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1986

PARKING SPACES

64

LAND DETAILS

LAND ACRES

1.67 AC

LAND SF

72,745 SF

ZONING

R3

APN/PARCEL ID

047-P-1

ASK ABOUT THIS PROPERTY

Kemper FunkhouserFunkhouser CommercialMore Info
540-421-3556

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540-421-3556

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