824 Post Ave · Chesapeake, VA 23324

$5,625,000

96 bd · 48.0 ba · — sqft · MultiFamily · 125 Days on market

Built 1970

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Schools +5.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 48 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Sunnybrook Apartments (824 Post Ave and 2127 Chesapeake Drive, Chesapeake, VA) is a 48-unit multifamily community in the Hampton Roads metro, positioned for cash flow and upside. The property offers an attractive unit mix of forty-four (44) 2BR/1BA and four (4) 1BR/1BA apartments, supporting broad renter demand. Offered at a $5,625,000 list price, buyers may benefit from assumable financing of approximately $3.5M at 5.7% interest (subject to lender approval), helping reduce interest-rate uncertainty and enhance leverage. The Chesapeake location provides convenient access to retail, dining and commuter routes. A compelling value-add story exists through rent optimization, interior upgrades a

Key facts

• Unit mix
• Retail access
• Dining access

Tags

• MULTIFAMILY COMMUNITY
• UNIT MIX
• CHESAPEAKE LOCATION
• RETAIL ACCESS
• DINING ACCESS
• COMMUTER ROUTES

Property features AI

Finance

• HOA & community: Part of Sunnybrook complex (48 total units)

Exterior

• Parking: Off-street parking (lot)
• Utilities: City water; City sewer; Electric service; Electric water heater
• Home design: 2-story building; Frame construction; Crawl foundation
• Construction: Asphalt shingle roof; Poly skin roof; Frame construction
• Exterior features: Brick siding; Garden-style apartment

Interior

• Kitchen: Electric range; Refrigerator
• Flooring: Laminate
• Heating & cooling: Baseboard heating; Window/wall cooling units
• Interior features: Laminate flooring; On-site laundry room
• Laundry & utility: Washer available; Dryer not provided

What this means for you Summary

Snapshot

• This is a 48 × 2.0-bed/1.0-bath units multifamily listed at $5.62M.

Deal economics

• At list price, monthly cash flow is $24k ($291k/yr) — positive. Per door: $504/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($80k rent vs $5.62M).
• Recommended offer: $4.95M (12.0% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 3.7% in Chesapeake — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 70/100 on livability (#236 in VA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, cost of living C-, amenities F.
• Chesapeake City Public School District (suburban): math 58% / reading 74% proficiency, ranked #31 of 131 in VA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Rena B. Wright Primary (271 students, 96% FRL); Oscar F. Smith High (math 63% / reading 75%, grade B, #170 of 319 statewide, top 55%, 2,291 students, 70% FRL) — zoned schools average 83% FRL vs 28% district-wide (55 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 116 active listings in the ZIP; 597 units permitted in Chesapeake city in 2024 (0 in 5+ unit buildings).
• At $79,854/mo this rent would consume 1680% of the median local household income ($57k/yr) (locally 1301% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $39k of loan paydown is wiped out by about $169k of value loss. Plan a longer hold.
• Chesapeake County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $1.57M cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($4.95M) is reasonable based on typical stale-listing flexibility.

Recommended offer $4,950,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.42% ✓
• Cap rate: 11.46%
• Cash-on-cash: 18.45%
• DSCR: 1.82
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.2%
• Equity multiple: 1.40×
• Total profit: $631,760
• Equity at exit: $838,706

10-year hold

• IRR: 19.3%
• Equity multiple: 2.61×
• Total profit: $2,540,652
• Equity at exit: $486,347

Cash invested: $1,575,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 55 Moderately Landlord-Leaning
• State Virginia: 55 Moderately Landlord-Leaning · D+2
• County: — inherits STATE
• City: — inherits STATE

VRLTA gives some tenant protections; Northern Virginia courts slower; rural VA landlord-leaning.

Methodology + full state rankings →

ZIP-level market 23324

• Home prices YoY: -17.3%
• Active inventory: 116
• Price-to-rent: 281.8×

Monthly cashflow live

• Estimated rent: $79,854 high
• Mortgage (P&I): −$29,498
• Tax est. 1.5%: −$7,031 /mo · $84,375/yr
• Insurance: −$2,344
• HOA: −$0
• Vacancy / Maint / Mgmt: −$16,769
• Net cashflow: $24,212

Break-even live

Break-even rent $49,206

Max offer price $5,625,000

Occupancy floor 65%

48-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 48× units	2.0	1	$79,872
Total (48 units)			$79,854

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,406,250
• Closing costs: $168,750
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $5,625,000 Active 125 DOM
2. 2026-06-17
   days on market $5,625,000 Active 124 DOM
3. 2026-06-16
   days on market $5,625,000 Active 123 DOM
4. 2026-06-15
   days on market $5,625,000 Active 122 DOM
5. 2026-06-13
   days on market $5,625,000 Active 120 DOM
6. 2026-06-09
   days on market $5,625,000 Active 116 DOM
7. 2026-06-08
   days on market $5,625,000 Active 115 DOM
8. 2026-06-07
   days on market $5,625,000 Active 114 DOM
9. 2026-06-03
   days on market $5,625,000 Active 110 DOM
10. 2026-06-02
    days on market $5,625,000 Active 109 DOM
11. 2026-06-01
    days on market $5,625,000 Active 108 DOM
12. 2026-05-31
    days on market $5,625,000 Active 107 DOM
13. 2026-02-13
    listed $5,625,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $958,248
• − Mortgage interest: −$315,087
• − Property taxes: −$84,375
• − Insurance: −$28,125
• − Repairs & maintenance: −$76,660
• − Management: −$76,660
• − Depreciation: −$163,636
• Taxable income: $213,705
• Est. tax owed @ 24.0%: −$51,289
• After-tax cash flow: $239,249/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Chesapeake City Public School District
• NCES district ID: 5100810
• Math proficiency: 58% ▼ -29.00%
• Reading proficiency: 74% ▼ -7.00%
• Median HH income: $69,356
• Composite: 57.84/100
• National rank: #1047
• State rank: #31 of 131 in VA

Livability — Chesapeake

• Score: 70/100
• State rank: #236
• US rank: #7942

Category grades

Amenities F Commute F Cost of living C- Crime C- Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chesapeake, VA
• County: Chesapeake City · 253,091 people
• City population: 253,091
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• Population (ZIP): 24,670
• Household income: $57,045
• Rent vs Own: 47.4% rent · 52.6% own
• Severe rent burden: 1301.0

Population outlook (Chesapeake County) Hauer SSP2

• Today (2025): 263,804 people
• By 2030: 276,798 · +4.9%
• By 2040: 299,906 · +13.7%
• By 2050: 318,284 · +20.7%
• By 2075: 362,137 · +37.3%
• By 2100: 372,225 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Black 58% White 27% Two or more races 9% Hispanic / Latino 9% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Slovak 2% Italian 2% Romanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Spanish 6% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Chesapeake

• 2024 margin: Toss-up / Even · D 51.3% · R 47.5% · Other 1.2%
• 2008→2024 swing: +2.5pp toward D · 2008: 1.3pp · 2024: 3.8pp
• All cycles: 2024: D+3.8 2020: D+6.5 2016: R+1.3 2012: D+1.1 2008: D+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.73%
• Current HPI: 319.2653
• Rent YoY: —
• Metro: Virginia Beach-Norfolk-Newport News, VA-NC
• State GDP YoY: ▲ 2.40%
• F500 in state: 50

Industry mix (Fortune 500 HQ in VA)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	4	$236B
▸Technology / Defense	3	$32B
▸Financial Services	2	$176B
▸Utilities	2	$27B
▸Insurance	2	$25B
▸Technology	2	$15B

Price history

1 event — show timeline

• 2026-02-13 Listed $5,625,000 REINMLS