For Sale
$6,900,000

1311 Ocean View AveNorfolk, VA 23503

36-unit portfolio, high NOI, strong cap rate.

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional multifamily investment opportunity encompasses a portfolio of five properties strategically located in Norfolk, Virginia's desirable Ocean View and Historic Ghent neighborhoods. The portfolio comprises a total of 36 units, offering a diverse mix of one-, two-, and three-bedroom floor plans. Specifically, there are 14 one-bedroom/one-bathroom units, 20 two-bedroom/one-bathroom units, and 2 three-bedroom/one-bathroom units. Built between 1910 and 1983, these properties boast a three-story configuration across five buildings. Extensive renovations were completed between 2021 and 2023, enhancing both the interior and exterior aesthetics and functionality of each unit. The portfolio boasts a current Net Operating Income (NOI) of $495,907, translating to a 7.19% capitalization rate. Pro-forma NOI is projected at $467,617, resulting in a 6.78% pro-forma cap rate. The asking price for this turnkey investment is $6,900,000, representing a price per unit of $191,667. The properties are ideally situated within 10 minutes of Norfolk International Airport, IKEA, and the Simon Premium Outlet Mall, providing convenient access to major employment centers. The portfolio's history includes successful operation as fully furnished rentals for both mid-duration and long-term stays, offering flexibility for future owners to maximize rental income through various operational strategies, including short-term and corporate leasing. Some units will be offered furnished.

Highlights

  • 36-unit multifamily property featuring a mix of one- and two-bedroom units.
  • Excellent location in Norfolk's desirable Ocean View and Historic Ghent neighborhoods.
  • Convenient access to Norfolk International Airport, IKEA, and the Simon Premium Outlet Mall (within 10 minutes).
  • Turnkey and stabilized; fully renovated units, some furnished; prior short-term/corporate leasing history.

Property Details for 1311 Ocean View Ave

Property type
Residential income homes, Apartment buildings
Year Built
1910
Buildings
5
Stories
3
Units
36

Location Insight

City
Norfolk
County
Norfolk City
State
Virginia
Latitude
36.9667184
Longitude
-76.2886176
1311 Ocean View Ave, Norfolk, Virginia

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1311 Ocean View Ave
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