1143-1147 Chesapeake Avenue, Chesapeake, VA 23324

Property Status: Available (Wholesale) | For Sale: $350,000.00

10 Bedrooms / 6 Baths / Multiple Family

5 apartments, 1 commercial space - Good part of South Norfolk

Property Status:
This Property is currently...
  • Status: Available (Wholesale)
  • For Sale: $350,000.00
Property Details:
10 Bedrooms / 6 Baths / Multiple Family
Property Style:
5+ Units
Year Built:
Finished Sq Ft:
1 Car Attached
No Basement
Owner / Agent:
Property Features:
Central Air
Contact Info
Property: This is a six unit, mix use facility. There are five apartments and one commercial space. One of the five apartments is a one bedroom, but with renovation, can easily be converted into a two bedroom. The other four units are 2/1’s. The last unit, above the store, is a MASSIVE 2/1 with a dining room and living room. With renovation, you can easily turn it into a 3 bedroom. The store front will need renovation but light. The store front has a garage entrance in the back. Location: This neighborhood is in a decent part of South Norfolk. Right across the street is a beautiful Victorian and on the other side, is another Victorian being renovated. There are churches on both corners. Not too far away is historic South Norfolk which just went under a massive renovation. Roof: Fully Replaced Outside Windows: Fully Replaced Siding: None Doors: One door needs replaced but the rest are fine, just need paint. This is a part of the renovation budget. Gutters: Need some repair, but again, in the renovation budget. HVAC: All units are gas packs for easily maintenance and accessibility. Well maintained. Parking Lot: Will need to be filled in with crush & run but we built that into the renovation budget. Plumbing: No plumbing issues Water: Central water heater for the property located in the back of the store. Electrical: In good condition. Appliances: Good condition with some recently being replaced. Occupancy: 4/5 apartments rented. Storefront not rented. The only reason the 5th apartment is not rented is due to renovation needed. CapEx + renovations of units Total: $50,000 Current rents: Apt #1 - $650 - Occupied Apt #2 - $--- - Being renovated Apt #3 - $720 – Occupied Apt #4 - $700 – Occupied Apt #5 - $750 – Occupied Store - $---- ? Vacant Potential ProForma rents: #1 1/1 (2/1) - $800 - fully renovated #2 2/1 - $900 - fully renovated #3 2/1 - $900 - fully renovated #4 2/1 - $900 - fully renovated #5 3/1 - $1,100 - fully renovated #6 Store front - $1,500 - fully renovated Residents: Each resident is currently month to month and pays cash. Asking price: $350,000 Owner financing is available, but $100,000 cash + $25,000 Earnest Money is required. Owner financing - 4% with a 5 year balloon at a 15 year amortization. Payment amount would be $1,610.00 P/Month Pictures: https://communityig-my.sharepoint.com/:f:/p/kyle/Ej2dWPhDFZ5IlxAL_F0rIeQBfXbI_nbQ_Le9J_GdS0BV4A?e=18kfwp

Legal Disclaimer:
This is a Wholesale Deal. The investor is not selling the property for the seller. The investor has the right to market the property, list the property on the MLS (Multiple Listing Service) and advertise the property on any online or offline marketing source as investor choses in order to find a prospective buyer to assign this contract to for an assignment fee.

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