521 Boissevain Ave | Norfolk, VA 23507
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- LoopNet Team
521 Boissevain Ave
Norfolk, VA 23507
Pelham Place · Multifamily Property For Sale
·
74 Units
INVESTMENT HIGHLIGHTS
- The Offering: 74-unit multifamily in Norfolk’s Ghent neighborhood with strong mix of studios, 1BRs, split-levels, and 2BRs.
- Diverse Unit Mix: 34 studios, 20 one-bedrooms, 16 split-levels, and 4 two-bedrooms attract a wide range of tenants.
- Transit Access: Next to multiple bus stops and Tide Light Rail with easy access to ODU, NSU, airport, and Virginia Beach.
- Prime Walkable Location: Steps from top attractions, restaurants, schools, and lifestyle amenities in North Ghent and the Neon District.
- Value-Add Potential: Rents 35–40% below market; most units in classic condition—ideal for upgrades and rent growth.
- High-Demand Market: Located in a supply-constrained, amenity-rich submarket with strong rental demand and long-term upside.
PROPERTY FACTS
| No. Units | 74 | Construction Status | Under Renovation |
| Property Type | Multifamily | Building Size | 74,000 SF |
| Property Subtype | Apartment | Average Occupancy | 79% |
| Apartment Style | Low-Rise | No. Stories | 2 |
| Building Class | C | Year Built/Renovated | 1961/2026 |
| Lot Size | 1.17 AC | Parking Ratio | 0.71/1,000 SF |
| Zoning | HC-G2 - Ghent Historic and Cultural Conservation District | ||
| No. Units | 74 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.17 AC |
| Construction Status | Under Renovation |
| Building Size | 74,000 SF |
| Average Occupancy | 79% |
| No. Stories | 2 |
| Year Built/Renovated | 1961/2026 |
| Parking Ratio | 0.71/1,000 SF |
| Zoning | HC-G2 - Ghent Historic and Cultural Conservation District |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Carpet
- Yard
- Deck
- Den
- Freezer
- Vinyl Flooring
SITE AMENITIES
- Laundry Facilities
- Property Manager on Site
- Video Patrol
- Package Service
- Maintenance on site
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 33 | - | 486 - 500 |
| 1+1 | 36 | - | 850 - 1,200 |
| 2+1 | 5 | - | 950 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $4,351,800 | |
| Land Assessment | $1,182,200 | Total Assessment | $5,534,000 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,182,200
Improvements Assessment
$4,351,800
Total Assessment
$5,534,000
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