Harbour House
12 Unit Apartment Building | $3,400,000 ($283,333/Unit) | 5.84% Cap Rate | Norfolk, VA 23510
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,400,000
- Property Type
-
Multifamily
- Square Feet
- 17,061 SF
Listing Contacts
Austin Newman, SIOR
Verified Profile
Nathan Shor
Verified Profile
- Property Info
Property 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 5.84% CAP rate. Page 13 of this OM illustrates the Upside potential of this asset in that the existing rents are below market.
Property Details
- Class
- C
- Year Built
- 1954
- Stories
- 3
- Property Subtype
- Dormitory
- Lot Size (sq. ft)
- 9,583 SF
- Units
- 12
Highlights
- Located downtown in the Freemason Historic District.
- Walking distance to shops and restaurants.
- Convenient to medical school and hospital complex.
- Value-add upside.
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