1250 Little Bay Ave
Norfolk, VA 23503
Multifamily Property For Sale · 6 Units

Marcus & Millichap is pleased to present the Offering Memorandum for 1250 Little Bay Avenue, located in Norfolk, Virginia. The property consists of 6 apartment units in a single 2-story building. The building was built in 1970 and are situated on .12 acres. Located on Willoughby Split, the subject property is nested between Chesapeake Bay and Willoughby Bay, which provide the property with ample maritime activities, outdoor attractions, and a charming water-front community. The subject property neighbors Tidewater Drive and Interstate 64; primary traffic arteries through the South Hampton Roads region, and dominant routes through The City of Norfolk. The property consists of 6 one bedroom, one bathroom units. Due to the concentrated unit-mix and location in a quaint neighborhood, this property offers a unique living experience at the core of the Hampton Roads area. The property is serviced by U.S. and State Routes 64 and 168 providing intra-city access to the primary commercial and employment drivers of the area including the US Department of Defense, Sentara Healthcare Centers, Old Dominion University, BAE systems, Norfolk State University and more. Tenants with school-age children have access to public schools less than a mile away. Norfolk's oceanfront, a huge tenant driver to the area, recently completed, The Nourishment Plan which expanded and heightened the beach along Willoughby Spit. Downtown Norfolk recently renovated both the Waterside District ($50 Million) and the Hilton "Main" Hotel ($150 Million) which brings jobs, restaurants, and nightlife to the area. One of Norfolk's largest and most recent completions, The Icon at City Walk ($90 Million), provides downtown with 720 new apartments and a shift towards a luxurious lifestyle the city was lacking. ADP, Automatic Data Processing, ($32.5 Million) is expected to bring an estimated 2,000 jobs to the area and is anticipated to produce annual regional earnings of about $158 million as the overall economic impact climbs to almost $465 million, alone. This commercial focus continues its progress into 2018 with multiple projects underway such as the construction of Ikea Furniture Store aimed to extend commercial acquisition. Internationally owned brand, Ikea, broke ground for construction late last year with completion expected to conclude in mid-2019. This $75 million investment will provide the area with 500 additional mid-to-low level jobs and authenticate Virginia as a successful commercial corridor for further international companies to come.