1311 Ocean View Ave Norfolk, VA 23503
- Residential income homes
Current Use by Public Records
- Residential income homes
Property Details for 1311 Ocean View Ave
- Year built
- 1910
- Property type
- Residential income homes
- Property subtype
- Apartment buildings
Description
This exceptional multifamily investment opportunity encompasses a portfolio of five properties strategically located in Norfolk, Virginia's desirable Ocean View and Historic Ghent neighborhoods. The portfolio comprises a total of 36 units, offering a diverse mix of one-, two-, and three-bedroom floor plans. Specifically, there are 14 one-bedroom/one-bathroom units, 20 two-bedroom/one-bathroom units, and 2 three-bedroom/one-bathroom units. Built between 1910 and 1983, these properties boast a three-story configuration across five buildings. Extensive renovations were completed between 2021 and 2023, enhancing both the interior and exterior aesthetics and functionality of each unit. The portfolio boasts a current Net Operating Income (NOI) of $495,907, translating to a 7.19% capitalization rate. Pro-forma NOI is projected at $467,617, resulting in a 6.78% pro-forma cap rate. The asking price for this turnkey investment is $6,900,000, representing a price per unit of $191,667. The properties are ideally situated within 10 minutes of Norfolk International Airport, IKEA, and the Simon Premium Outlet Mall, providing convenient access to major employment centers. The portfolio's history includes successful operation as fully furnished rentals for both mid-duration and long-term stays, offering flexibility for future owners to maximize rental income through various operational strategies, including short-term and corporate leasing. Some units will be offered furnished.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Norfolk
- County
- Norfolk City
- State
- Virginia
- Longitude
- -76.2886
- Latitude
- 36.9667
