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831 W Ocean View Ave 16 Unit Apartment Building $2,550,000 ($159,375/Unit) 6.16% Cap Rate Norfolk, VA 23503
Executive Summary
831 W Ocean View Ave in Norfolk offers a rate 16-unit, 2BR/1BA multifamily opportunity featuring true Class A finishes throughout. Investors will appreciate the premium unit quality and strong tenant appeal in the Ocean View submarket, minutes to the beach, dining and major commuter routes. The property has already been converted to condominiums, creating multiple exit strategies--operate as a stabilized rental, execute a phased or bulk condo sell-ff, or pursue a hybrid approach to maximize returns. Offered at a never-before-seen price of $2,550,000, this asset presents an exceptional basis for a high-finish, boutique portfolio addition or 1031 exchange replacement. Request offering memorandum, financials and condo documentation from broker. Tours by appointment only--please do not disturb residents.
Property Facts
| Price | $2,550,000 | Apartment Style | Low-Rise |
| Price Per Unit | $159,375 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.59 AC |
| Cap Rate | 6.16% | Building Size | 13,120 SF |
| No. Units | 16 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1965 |
| Zoning | R-12 | ||
| Price | $2,550,000 |
| Price Per Unit | $159,375 |
| Sale Type | Investment |
| Cap Rate | 6.16% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.59 AC |
| Building Size | 13,120 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1965 |
| Zoning | R-12 |
Amenities
Unit Amenities
- Air Conditioning
- Washer/Dryer
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Tub/Shower
- Porch
Site Amenities
- Picnic Area
- Playground
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 6 | - | - |
| 2+1 | 10 | - | - |
Property Taxes
| Parcel Number | 20011054 | Improvements Assessment | $119,500 |
| Land Assessment | $29,200 | Total Assessment | $148,700 |
Property Taxes
Parcel Number
20011054
Land Assessment
$29,200
Improvements Assessment
$119,500
Total Assessment
$148,700
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831 W Ocean View Ave
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