2412-2414 Azalea Garden Rd
Norfolk, VA 23513
Southern Park II · Multifamily Property For Sale · 24 Units

Marcus & Millichap is pleased to present Southern Park II located near the River Oaks & Elmhurst neighborhoods of Norfolk, VA. The property consists of 24 market-rate units in 2 two-story buildings. The buildings were originally constructed in 1963 and are situated on 1.15 acres. The subject property neighbors Interstate 64, a primary traffic artery through the South Hampton Roads region, and a dominant route through The City of Norfolk. Southern Park II consists of (2) two one bedroom, one bathroom units and (22) twenty-two two bedroom, two bathroom units. Due to a shortage of two bedroom housing for rent, this unit mix is highly favorable for the area and offers a unique living experience at the core of the Hampton Roads area. The property is serviced by I-64, known as Hampton Roads Beltway and accessible in just over a mile of the property, provides tenants access to Norfolk's major commercial corridors and top employment drivers 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. The Norfolk International Airport, which serves the entire Hampton Roads, is located only 2.5 miles from the property. 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. 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.