Norfolk Multifamily Investment
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230 E 40th St, Norfolk, VA 23504
16-unit multifamily community in Norfolk, Virginia.
Property Size32,793 SF
Lot Size0.33 Acres
Price / SF$97.43
Days on Market147
Property Features for 230 E 40th St
General Information
Standard status
Active
Size
32,793 SF
Class
B
Lot size
0.33 Acres
Property subtype
Multifamily
Net Operating Income
$215,226
Building Details
Year Built
1918
Buildings
1
Stories
4
Units
16
Listing Agency:
Marcus & Millichap - Hampton Roads
Listed By:
Altay Uzun · License #VA 0225214405
Source:
Crexi
Added: Mar 19
Changed: Aug 8
Last Checked: Aug 8 at 6:32AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Hampton Roads
Investment Insights
Based on property information with market context.
Woodrow Court is a 16-unit multifamily community located at 230 East 40th Street in Norfolk, Virginia. The property consists of one four-story building constructed in 1918 and situated on approximately 0.329 acres. Woodrow Court is comprised entirely of spacious two-bedroom, two-bathroom units, offering an attractive unit mix well suited to today’s renter demand. Positioned in the heart of the Hampton Roads metropolitan area, home to more than 1.7 million residents, Norfolk serves as a major economic and cultural hub within the region. The city benefits from a diverse and stable economic base anchored by major military installations, including Naval Station Norfolk, the largest naval base in the world. The consistent presence of military personnel, defense contractors, and related industries provides durable demand for rental housing and supports long-term occupancy stability. Woodrow Court offers convenient regional connectivity with easy access to Interstates 64, 264, and 564; as well as Granby Street, one of Norfolk’s primary commercial corridors. The property is located within 10 minutes of Norfolk International Airport, IKEA, and the Simon Premium Outlet Mall; and is in proximity to numerous employment centers throughout the metro area. The combination of a strong unit mix, transit-oriented access, and proximity to major economic drivers positions Woodrow Court as a compelling multifamily investment in a stable coastal Virginia market.
Key Highlights
- 16‑unit multifamily community in Norfolk, Virginia.
- All units are spacious two‑bedroom, two‑bathroom apartments.
- Located in the heart of the Hampton Roads metropolitan area.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
333
Businesses Nearby
Explore this area
Business Placement
Demographics for 23504, VA
22,465
Population
9,462
Households
2.4
Avg Household Size
30
Median Age
24%
College-Educated
83%
High-School Grad
4.1 sq mi
ZIP Area
5,479
Density / Sq Mi
$43,156
Median Household Income
$26,707
Median Earnings
$872
Median Rent
$259,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - 16-unit multifamily community in Norfolk, Virginia.
Where is this apartment building located?
The property is located at 230 E 40th St Norfolk, VA.
What is the asking price?
The asking price for this property is $3,195,000.
What are key features of this property?
This property features: 16‑unit multifamily community in Norfolk, Virginia.; All units are spacious two‑bedroom, two‑bathroom apartments.; Located in the heart of the Hampton Roads metropolitan area.
