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1315 Little Bay Ave
Norfolk, VA 23503
Multifamily Property For Sale
·
12 Units
INVESTMENT HIGHLIGHTS
- Minutes to local beaches
- Excellent interstate visibility in a high-traffic corridor
- Quick access to major military bases
EXECUTIVE SUMMARY
Value-add 12-unit multifamily opportunity: (12) 2-bedroom apartments at 1315 Little Bay Ave with an all-2BR unit mix. Minutes to local beaches with quick access to the interstate and major military bases. Solid brick exterior with strong curb appeal and excellent interstate visibility in a high-traffic corridor. Rents are currently below market, while unit turnovers are in progress—creating a near-term runway to renovate, raise rents, and capture upside without betting on heavy lease-up (vacancy has remained low). Water/sewer are presently included in rent, with the option to pass through to residents (RUBS/flat rate) for additional NOI growth. On-site common-area laundry adds convenience and potential ancillary income. Pro forma upside through rent lifts, utility reimbursement, and continued unit refreshes. Ideal for an investor seeking stable in-place cash flow plus straightforward value-creation levers.
PROPERTY FACTS
| Price Per Unit | $132,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.26 AC |
| No. Units | 12 | Building Size | 9,552 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1979 |
| Apartment Style | Low-Rise | Parking Ratio | 1.46/1,000 SF |
| Zoning | R-12 | ||
| Price Per Unit | $132,500 |
| Sale Type | Investment |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 9,552 SF |
| No. Stories | 2 |
| Year Built | 1979 |
| Parking Ratio | 1.46/1,000 SF |
| Zoning | R-12 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Carpet
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 12 | - | - |
PROPERTY TAXES
| Parcel Number | 25217200 | Improvements Assessment | $940,400 |
| Land Assessment | $126,500 | Total Assessment | $1,066,900 |
PROPERTY TAXES
Parcel Number
25217200
Land Assessment
$126,500
Improvements Assessment
$940,400
Total Assessment
$1,066,900
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