1000 Gates AVE, Norfolk VA, 23507

Active

1000 Gates AVE

Norfolk VA, 23507

$2,800,000

Active

Residential

Built in 1918

For sale: a stunning 12-unit, all-brick apartment building in Norfolk's sought-after Ghent neighborhood. This 3-story building includes 3 one-bedroom, 1-bath units; 6 two-bedroom, 1-bath units; and 3 three-bedroom, 2-bath units, generating a total monthly rent of $19,775. The property boasts a 6.2% cap rate and underwent complete renovations in 2018, including new kitchens with granite countertops and high-end cabinetry, new bathrooms, and new electrical and plumbing systems. Each unit features a washer/dryer and mini-split HVAC systems, with tenants paying all utilities. The freshly sealed roof ensures low maintenance. Conveniently located near EVMS and multiple military bases, this fully occupied property is one of the best in Ghent. Don't miss this exceptional investment opportunity.

10543035

MLSⓇ ID

July 17, 2024

Listed

August 23, 2024

Updated

Map

1000 Gates AVE
Norfolk VA, 23507

Interior Features

Total Stories: 3
Interior Features: Ceramic Tile, Wood
Appliances: Electric Water Heater
Laundry Description: Main Level
Floor Description: Ceramic Tile, Wood
Fireplace: No
Cooling: Yes
Cooling Description: Central Air
Heating: Yes
Heating Description: Heat Pump

Exterior/Building Features

Sewer: Public Sewer

School Information

High School: Maury
Elementary School: Walter Herron Taylor Elementary

Other Property Details

Area Name: 11 - West Norfolk
Taxes: $21,240
Tax Frequency: Annually
Garage: No
Parking: Off Street, On Street
View: No
County: Norfolk
Water Source: Public
Pool: No

Courtesy of Inlet Realty

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