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The Mercer Building 742 W Princess Anne Rd 8 Unit Apartment Building $3,306,000 CAD ($413,250 CAD/Unit) 6.27% Cap Rate Norfolk, VA 23517
Investment Highlights
- Eight large 2-bedroom, 2-bath residences, each approximately 1,650 square feet.
- Recent capital improvements, providing a well-maintained property ready for future growth.
- Close proximity to medical institutions, Downtown Norfolk, and major employment centers.
- Central air conditioning and in-unit washers and dryers in all units.
- Off-street parking for residents, a premium in the Ghent submarket.
- Located in a vibrant neighborhood with dining, retail, and cultural amenities within walking distance.
Executive Summary
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.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $3,306,000 CAD | Building Class | C |
| Price Per Unit | $413,250 CAD | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 16,344 SF |
| Cap Rate | 6.27% | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 4 |
| Property Type | Multifamily | Year Built/Renovated | 1919/2010 |
| Property Subtype | Apartment | Cross Streets | Colley Ave |
| Apartment Style | Mid-Rise | ||
| Zoning | HCG2 | ||
| Price | $3,306,000 CAD |
| Price Per Unit | $413,250 CAD |
| Sale Type | Investment |
| Cap Rate | 6.27% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 16,344 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built/Renovated | 1919/2010 |
| Cross Streets | Colley Ave |
| Zoning | HCG2 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Washer/Dryer
- Heating
- Kitchen
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Wheelchair Accessible (Rooms)
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 8 | - | 2,000 |
1 1
Very walkable
80/100
Moderately drivable
70/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 02729600 | Improvements Assessment | $1,791,896 CAD |
| Land Assessment | $262,399 CAD | Total Assessment | $2,054,295 CAD |
Property Taxes
Parcel Number
02729600
Land Assessment
$262,399 CAD
Improvements Assessment
$1,791,896 CAD
Total Assessment
$2,054,295 CAD
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The Mercer Building | 742 W Princess Anne Rd
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