406 South Armistead AVE, Hampton, VA 23669
406 South Armistead AVE, Hampton, VA 23669
406 South Armistead AVE, Hampton, VA 23669
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$725,000
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406 South Armistead AVE Hampton, VA 23669

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Tein Hlwa

Tein Hlwa

+1(757) 349-1138

UPDATED:

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

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Tein Hlwa

Tein Hlwa

Team Leader License ID: 0225242187

+1(757) 349-1138

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