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406 South Armistead AVE Hampton, VA 23669
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Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Subdivision All Others Area 102
MLS Listing ID 10654943
HOA Y/N No
Year Built 1890
Annual Tax Amount $6,125
Property Description
**GREAT INVESTMENT OPPORTUNITY – 7-UNIT MULTIFAMILY PROPERTY!** Fully occupied income-producing property offering immediate cash flow with multiple opportunities for future upside. Recent improvements include **new mini-split systems, updated electrical, a new roof in 2021, and new flooring and windows in 5 of the 7 units**. Current rent roll includes several month-to-month tenancies, providing a future owner flexibility to evaluate lease terms and bring rents toward market levels as appropriate, while longer-term leases provide additional stability. Additional income/NOI potential may exist through implementation of tenant utility reimbursement or tenant-paid utility structures where legally permissible and subject to existing leases and utility configuration. Situated on approximately **0.5186 acres (22,591 SF)** with approximately **5,210 SF of building area**, the property also offers an intriguing additional development component: the front portion of the site is currently being evaluated for possible subdivision. No value for a potential subdivided parcel is included in the current financial projections, and any subdivision or development is subject to governmental approval and buyer due diligence. An excellent opportunity for investors seeking an income-producing multifamily asset, portfolio addition, or potential **1031 exchange replacement property**. **Current rent roll, survey, and preliminary pro forma are uploaded under Documents for review.**
Location
State VA
County Hampton
Area 102 - Hampton West
Zoning RM
Interior
Hot Water Gas
Heating Basebd, Forced Hot Air
Cooling Central Air, Window/Wall
Flooring Carpet, Vinyl, Wood
Exterior
Parking Features Assigned/Reserved, Multi Car, Off Street, Street
Utilities Available City Sewer, City Water, Electric, Gas
Roof Type Asphalt Shingle
Building
Story 3.0000
Foundation Crawl
Schools
Elementary Schools A.W.E. Bassette Elementary
Middle Schools C. Alton Lindsay Middle
High Schools Phoebus
Others
Senior Community No
Ownership Simple
Disclosures Disclosure Statement
Special Listing Condition Disclosure Statement
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Listed by Keller Williams Town Center