1315 Little Bay Ave Norfolk, VA 23503
12-unit multifamily property with value-add potential in Norfolk, VA.
Lot size:
11,497.00 AcresProperty Features for 1315 Little Bay Ave
General Information
- Standard status
- Active
- Zoning
- R-12
- Lot size
- 11,497.00 Acres
Building Details
- Year built
- 1979
Source:
Crexi
Listing Agency: Inlet Realty Listing Agent: Christian Phillips
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Value-Add Multifamily Opportunity
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.
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
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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 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.
