Sunnybrook Apartments | 2127-2129 Chesapeake Dr
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Sunnybrook Apartments 2127-2129 Chesapeake Dr
48 Unit Block of Flats £4,644,775 (£96,766/Unit) 7.39% Net Initial Yield Chesapeake, VA 23324
INVESTMENT HIGHLIGHTS
- Remodeled units in past two years
- Strong ROI potential
- Low maintenance costs
EXECUTIVE SUMMARY
Sunnybrook Apartments is a 48 unit complex consisting of 7 buildings. 44 two bed/one bath, and 4 one bed/one bath garden style apartments with washers and dryers in all but one building. Numerous improvements within the last 18 months, including kitchen and bathroom updates, LVP flooring throughout, and extensive exterior brick and landscaping updating. Lovely, open common areas provide a homey, community back yard feeling. Extensive parking can easily accommodate 100% occupancy. Tenants pay all utilities other than trash removal. Rental prices have increased over 21% in the past 12 months and Sunnybrook currently holds 99% occupancy. Location is prime! Just minutes away from shipyard, schools, retail, and even a quaint neighborhood park with a lake. This established project will not disappoint!
FINANCIAL SUMMARY (PRO FORMA - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
£397,347
|
£10.54
|
FINANCIAL SUMMARY (PRO FORMA - 2024)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | £397,347 |
| Annual Per SF | £10.54 |
PROPERTY FACTS
| Price | £4,644,775 | Apartment Style | Low Rise |
| Price Per Unit | £96,766 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.10 AC |
| Net Initial Yield | 7.39% | Building Size | 37,700 SF |
| Gross Rent Multiplier | 10.1 | Average Occupancy | 96% |
| No. Units | 48 | Number of Floors | 2 |
| Property Type | Multifamily | Year Built | 1966 |
| Property Subtype | Apartment |
| Price | £4,644,775 |
| Price Per Unit | £96,766 |
| Sale Type | Investment |
| Net Initial Yield | 7.39% |
| Gross Rent Multiplier | 10.1 |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 2.10 AC |
| Building Size | 37,700 SF |
| Average Occupancy | 96% |
| Number of Floors | 2 |
| Year Built | 1966 |
UNIT AMENITIES
- Kitchen
- Refrigerator
- Range
- Tub/Shower
SITE AMENITIES
- Laundry Facilities
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £369,299 | |
| Land Assessment | £945,172 | Total Assessment | £1,314,471 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
£945,172
Improvements Assessment
£369,299
Total Assessment
£1,314,471
ZONING
| Zoning Code | RMF-1 |
| RMF-1 |
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Inlet Realty and Property Management
Sunnybrook Apartments | 2127-2129 Chesapeake Dr
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