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Key Details
Property Type Multi-Family, Condo
Listing Status Active
Purchase Type For Sale
Subdivision Villa Heights
MLS Listing ID 10610417
HOA Y/N No
Year Built 1969
Annual Tax Amount $23,919
Property Description
2500 Leo Street is a rare opportunity to acquire a 24-unit multifamily asset in Norfolk with true value-add upside and plenty of “meat on the bone.” The property consists of twenty-four (24) two-bedroom, one-bath apartments, an attractive and highly rentable unit mix for the local tenant base. Current operations leave room for a new owner to reposition the asset through targeted renovations, improved management, and strategic rent increases to better align with market rates.
Investors will appreciate the straightforward layout, consistent floorplans, and the ability to add value through interior upgrades, utility optimization, and enhanced resident amenities. With scale in a single location and strong demand for well-located two-bedroom rentals in Norfolk, 2500 Leo Street is ideal for both regional and out-of-area investors seeking stable cash flow today with meaningful upside over time. This is a solid value-add multifamily play ready for its next owner to take it to the next level
Investors will appreciate the straightforward layout, consistent floorplans, and the ability to add value through interior upgrades, utility optimization, and enhanced resident amenities. With scale in a single location and strong demand for well-located two-bedroom rentals in Norfolk, 2500 Leo Street is ideal for both regional and out-of-area investors seeking stable cash flow today with meaningful upside over time. This is a solid value-add multifamily play ready for its next owner to take it to the next level
Location
State VA
County Norfolk
Area 11 - West Norfolk
Zoning R-8
Interior
Hot Water Electric
Heating Electric, Radiant
Cooling Window/Wall
Flooring Laminate/LVP
Exterior
Parking Features Lot, Off Street, Street
Utilities Available City Sewer, City Water, Electric
Roof Type Asphalt Shingle
Building
Story 2.0000
Foundation Slab
Schools
Elementary Schools Lindenwood Elementary
Middle Schools Norview Middle
High Schools Maury
Others
Senior Community No
Ownership Simple
Disclosures Disclosure Statement
Special Listing Condition Disclosure Statement
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Listed by Inlet Realty
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Davina Hughes
Team Lead