Norfolk Multifamily Investment
717 Guy Ave, Norfolk, VA 23505
For Sale
$4,000,000
32-unit apartment building in Norfolk, Virginia.
Property Size21,300 SF
Lot Size2.08 Acres
Days on Market220
Property Features for 717 Guy Ave
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Amenities
32 Units: A Mix of One- & Two-Bedroom
RENOVATED UNITS All interiors have been fully renovated with new cabinets, flooring, tiles and fresh paint
TRANSIT ORIENTED Easy access to I-64, I-264, I-564, and Granby Street
Building Details
Building Size
Units
Listing Agency:
Hampton Roads Office
Listed By:
Altay Uzun
(202) 536-3719
Source:
Marcusmillichap
Added: Apr 8
Changed: Aug 8
Last Checked: Aug 8 at 3:29PM
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 Hampton Roads Office
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Investment Insights
Based on property information with market context.
The property at 717 Guy Avenue, located in Norfolk, VA, presents a multifamily investment opportunity. Constructed in 1975, the building comprises thirty-two units situated on a 2.08-acre lot. The unit mix includes twenty-two one-bedroom, one-bathroom units and ten two-bedroom, one-bathroom units.
Key Highlights
- Thirty‑two total units offer significant investment potential.
- Mix of twenty‑two one‑bedroom/one‑bathroom and ten two‑bedroom/one‑bathroom units provides diverse tenant appeal.
- Located in Norfolk, VA.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$250,547
Cap Rate
6.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,010,940
$5.0M
Cap Rate 7%
$3,579,243
$3.6M
Cap Rate 9%
$2,783,856
$2.8M
Market Conditions
NOI Build-Up for 21,300 SF
Gross rent
$480.5K $22.56/SF
− Vacancy
−$25.0K −$1.17/SF
EGI
$455.5K $21.39/SF
− OpEx
−$205.0K −$9.62/SF
NOI
$250.5K $11.76/SF
Area
Norfolk, VA
Vacancy
5.20%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,010,940
Cap Rate 7%
$3,579,243
Cap Rate 9%
$2,783,856
Alternative Uses
Best Use
Apartment 5plus
$3.58M
$3.13M – $4.18M
NOI $250,547 @ 7.0% cap · market cap 6.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.52M
$3.95M – $5.27M
NOI $316,294 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Location Intelligence
Trade Area within ½ mile
696
Businesses Nearby
Explore this area
Business Placement
Demographics for 23505, VA
27,785
Population
13,715
Households
2
Avg Household Size
32
Median Age
32%
College-Educated
91%
High-School Grad
6.6 sq mi
ZIP Area
4,210
Density / Sq Mi
$55,678
Median Household Income
$40,814
Median Earnings
$1,279
Median Rent
$318,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Apartment buildings in Norfolk
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - 32-unit apartment building in Norfolk, Virginia.
Where is this apartment building located?
The property is located at 717 Guy Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: Thirty‑two total units offer **significant investment potential**.; Mix of twenty‑two one‑bedroom/one‑bathroom and ten two‑bedroom/one‑bathroom units provides **diverse tenant appeal**.; Located in Norfolk, VA.
