6255 Alexander St
Norfolk, VA 23513
Multifamily Property For Sale · 18 Units

Marcus & Millichap is pleased to present the Offering Memorandum for the Flats at Norview, located in Norfolk, Virginia. The property consists of 18 apartment units in a single 2-story building. The building was built in 1977 and is situated on .5 acres. The subject property is located one block from Chesapeake Boulevard, which is a primary traffic artery through The City of Norfolk. The Flats at Norview consists of 8 one bedroom, one bathroom units, and 10 two bedroom, one bathroom units. Due to a shortage of two bedroom housing for rent, this unit mix is highly favorable for the area. Each tenant is responsible for paying their own separately metered electricity, and the property's water expense. Sewer, trash, and common electric are paid by the property. The Flats at Norview is serviced by I-64 which is accessible in 0.4 miles from the property, the primary commercial corridors for the area, providing tenants access to all of Norfolk's 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 Norview Center Shopping Center has situated 1 mile away from the property and provides tenants with access to the area's shopping center. Downtown Norfolk recently renovated both the Waterside District ($50 Million) and the Hilton "Main" Hotel ($150 Million) which brings jobs, restaurants, and nightlife to the area.The Norfolk Premium Outlets, a 332,000 sq ft outlet mall located 2 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. The outlets paired with the location of I-64, give the residents easy access to the interstate, shopping, and restaurants.