Eighteen-Unit One-Bedroom
For Sale
$2,325,000
9324 1st View St, Norfolk, VA 23503
Well-kept 18-unit multifamily property featuring one-bedroom, one-bathroom apartments built in 1978.
Property Size9,896 SF
Lot Size0.40 Acres
Days on Market209
Property Features for 9324 1st View St
General Information
Standard status
Active
Size
9,896 SF
Lot size
0.40 Acres
Property subtype
Multifamily
Site & Location
Neighborhood
Pamlico
Additional Details
Multifamily Units
18
Amenities
18 Units: All One-Bedroom & One-Bathroom
Prime Location: Within 1 Miles of Ocean View Beach
Operational Value-Add Opportunity
Day 1 Positive Cash Flow & Positive Leverage
Building Details
Building Size
9,896 SF
Year Built
1978
Units
18
Listing Agency:
Hampton Roads Office
Listed By:
Altay Uzun · License #License(s): VA: 0225214405
(202) 536-3719
Source:
Marcusmillichap
Added: Apr 1
Changed: Oct 26
Last Checked: Oct 26 at 12:50PM
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.
This multifamily property for sale includes eighteen units, each configured as one-bedroom and one-bathroom. The building was constructed in 1978 and is situated on 0.40 acres.
The offering is located at 9324 1st View Street in Norfolk, Virginia. The property size is listed as 9,896.
As presented, the building’s unit mix is consistent across the portfolio, making it well-suited for investors seeking a straightforward one-bedroom residential income configuration.
The offering is located at 9324 1st View Street in Norfolk, Virginia. The property size is listed as 9,896.
As presented, the building’s unit mix is consistent across the portfolio, making it well-suited for investors seeking a straightforward one-bedroom residential income configuration.
Key Highlights
- 18‑unit multifamily property
- All apartments are 1‑bedroom, 1‑bath units
- Built in 1978
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$116,405
Cap Rate
5.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,328,100
$2.3M
Cap Rate 7%
$1,662,929
$1.7M
Cap Rate 9%
$1,293,389
$1.3M
Market Conditions
NOI Build-Up for 9,896 SF
Gross rent
$223.3K $22.56/SF
− Vacancy
−$11.6K −$1.17/SF
EGI
$211.6K $21.39/SF
− OpEx
−$95.2K −$9.62/SF
NOI
$116.4K $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%
$2,328,100
Cap Rate 7%
$1,662,929
Cap Rate 9%
$1,293,389
Alternative Uses
Best Use
Apartment 5plus
$1.66M
$1.46M – $1.94M
NOI $116,405 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $146,950 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
387
Businesses Nearby
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Business Placement
Demographics for 23503, VA
31,932
Population
15,350
Households
2.1
Avg Household Size
35
Median Age
31%
College-Educated
91%
High-School Grad
5.0 sq mi
ZIP Area
6,386
Density / Sq Mi
$62,428
Median Household Income
$42,850
Median Earnings
$1,195
Median Rent
$273,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Well-kept 18-unit multifamily property featuring one-bedroom, one-bathroom apartments built in 1978.
Where is this apartment building located?
The property is located at 9324 1st View St Norfolk, VA.
What is the asking price?
The asking price for this property is $2,325,000.
What are key features of this property?
This property features: 18‑unit multifamily property; All apartments are 1‑bedroom, 1‑bath units; Built in 1978
