1311 Ocean View AveNorfolk, VA 23503

Property Details for 1311 Ocean View Ave

Year built

1910

Property type

Investment properties

Property subtype

Multifamily properties

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.

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.9667

Longitude

-76.2886

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