1415-1419 Lois Ln
Norfolk, VA 23513
Lois Lane Apts · Multifamily Property For Sale · 30 Units

Marcus & Millichap is pleased to present the exclusive offering memorandum for Lois Lane Apartments located in the Norview neighborhood of Norfolk, VA. The Subject Property consists of 30 market-rate units built in 1988, and situated on 1.09 Acres. Lois Lane Apartments borders Interstate 64; a prominent traffic artery through the South Hampton Roads region, and a dominant route through The City of Norfolk. 1415-1419 Lois Lane consists of a single one-bedroom, one bathroom unit and (29) two-bedroom, one-bathroom flats. Nestled in the heart of the city, the Subject Property offers an array of ample maritime activities, outdoor attractions, and easy accessibility to the various Norfolk communities such as Naval Station Norfolk, Norfolk Central Business District, Old Dominion University, and the Ocean View strand. Due to a shortage in larger housing for rent and a convenient location near primary roadways, major military installations, and Downtown Norfolk, this unit mix caters well to the demographic composition of the sub-market. The Virginia Zoo is 5 miles away and the MacArthur Center is located 6 miles away and provides tenants with access to the area's premier shopping and dining options. Chuck Rigney, Director of the Economic Development Department states, “Recently, the City of Norfolk has played host to many development and redevelopment projects, with over $1 billion in new private/public investments and the addition of close to 6,000 new jobs in 2017.” Downtown Norfolk recently renovated; the Waterside District ($50 Million), Hilton Main Hotel ($150 Million), The ICON Luxury Apartments ($100 Million), and ADP ($32.5 Million). Automatic Data Processing (ADP) 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. Internationally owned brand, Ikea Furniture Store, 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. The Norfolk Premium Outlets, a 332,000 sq. ft. outlet mall located 3 miles away, opened June 2017 and will have 50 retail and restaurant locations for residents and tourists to experience high-end shopping. The completion of the outlets will add an additional 500 new full-time jobs to the local sub-market.