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1314-1318 Little Bay Ave 20 Unit Apartment Building $2,200,000 ($110,000/Unit) Norfolk, VA 23503
EXECUTIVE SUMMARY
1314-1318 Little Bay Avenue presents a rare opportunity to own a 20-unit, 1-bedroom, 1-bath multifamily property in sought-after Norfolk, VA. With eight current vacancies (six of which have just been made rent ready, 2 need full turns), this property offers tremendous value-add potential, including separating water from rent (2 new leases already have this), turning select units, adding laundry in the units, bringing existing rents to market rates, and filling the remaining vacancies. The two buildings are in excellent condition, featuring newer roofs, windows, and well-maintained brick siding. Property has a common area laundry with coin operated machines. Gas heat and wall AC make for low maintenance costs. To maximize appeal, envision adding a mural to enhance its coastal charm and solidify its place in this sought-after community. Don’t miss this chance to capitalize on a well-maintained property with exceptional upside!
PROPERTY FACTS
| Price | $2,200,000 | Apartment Style | Low-Rise |
| Price Per Unit | $110,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.40 AC |
| Gross Rent Multiplier | 21.06 | Building Size | 13,806 SF |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1970/1984 |
| Property Subtype | Apartment | Parking Ratio | 2.17/1,000 SF |
| Zoning | R-12 | ||
| Price | $2,200,000 |
| Price Per Unit | $110,000 |
| Sale Type | Investment |
| Gross Rent Multiplier | 21.06 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.40 AC |
| Building Size | 13,806 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1970/1984 |
| Parking Ratio | 2.17/1,000 SF |
| Zoning | R-12 |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Refrigerator
- Oven
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 20 | - | 700 |
1 1
PROPERTY TAXES
| Parcel Number | 38116500 | Improvements Assessment | $1,522,900 |
| Land Assessment | $193,900 | Total Assessment | $1,716,800 |
PROPERTY TAXES
Parcel Number
38116500
Land Assessment
$193,900
Improvements Assessment
$1,522,900
Total Assessment
$1,716,800
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1314-1318 Little Bay Ave
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