Value-Add Multifamily
1315 Little Bay Ave, Norfolk, VA 23503
12-unit multifamily property with value-add potential in Norfolk, VA.
Type:Multifamily
- Added:
- Jan 28, 2026
- Days on Market:
- 104
- Last Refresh:
- Mar 17 at 1:14 pm
Property Features for 1315 Little Bay Ave
General Information
- Standard status
- Active
- Property subtype
- Multifamily
Building Details
- Year Built
- 1979
Listing agent Christian Phillips License #0225248295
Listing office Inlet Realty
Listing date Jan 28, 2026
Source Crexi
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All listing content including descriptions, pricing, images are the copyrighted material of Inlet Realty
HighLights
- Value‑add opportunity with below‑market rents and near‑term runway to renovate and raise rents.
- All 2‑bedroom unit mix in a 12‑unit multifamily property.
- Strong curb appeal with solid brick exterior and excellent interstate visibility.
- Minutes to local beaches with quick access to the interstate and major military bases.
- Opportunity to increase NOI by passing through water/sewer costs to residents (RUBS/flat rate).
- On‑site common‑area laundry for added convenience and potential income.
Overview
This is a 12-unit multifamily property located at 1315 Little Bay Ave, featuring all 2-bedroom apartments. The property benefits from its proximity to local beaches and convenient access to the interstate and major military bases. It features a solid brick exterior, strong curb appeal, and excellent interstate visibility in a high-traffic corridor. Rents are currently below market, and unit turnovers are in progress, offering the opportunity to renovate, raise rents, and capture upside. Vacancy has remained low. Water and sewer are presently included in the rent, with the option to pass through to residents for additional NOI growth. On-site common-area laundry adds convenience and potential ancillary income. The property offers pro forma upside through rent lifts, utility reimbursement, and continued unit refreshes. This property is ideal for an investor seeking stable in-place cash flow plus straightforward value-creation levers.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Norfolk
- County
- Norfolk
- State
- Virginia
- Longitude
- -76.288798
- Latitude
- 36.9659044
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 12-unit multifamily property with value-add potential in Norfolk, VA.
Where is this apartment building located?
The property is located at 1315 Little Bay Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Value‑add opportunity with below‑market rents and near‑term runway to renovate and raise rents.; All 2‑bedroom unit mix in a 12‑unit multifamily property.; Strong curb appeal with solid brick exterior and excellent interstate visibility.
