406 South Armistead Avenue, Hampton West, VA 23669

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.**