Marcus & Millichap is pleased to present the Pricing and Financial Analysis of 2500 Leo Street located in the Lindenwood neighborhood of Norfolk, VA. The property consists of 24 market rate units built in 1969, and situated on 0.93 Acres. The subject property neighbors Interstate 64, known as Hampton Roads Beltway, a primary traffic artery connecting Virginia Beach and Norfolk with the balance of the Hampton Roads sub-market.
2500 Leo Street consists of (24) two-bedroom, one-bathroom flats. Due to area's shortage in two bedroom units, its location to the community center and major roads, this unit mix caters well to the demographic composition of the sub-market. Each tenant is responsible for paying their own electric, while water/sewer and trash collection are included in rents. 2500 Leo Street is located two blocks from Church Street, which is a primary traffic artery through southwest Norfolk, connecting both Virginia Beach Boulevard and Granby Street. Residents are 4 miles from I-64, the primary commercial corridor providing access to downtown Norfolk and employment drivers including the US Department of Defense, Sentara Healthcare Centers, Old Dominion University, BAE Systems, Norfolk State University and more. The Virginia Zoo is 1 mile away and the MacArthur Center is located 2 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. 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.
