9545-9549 5th Bay St
Norfolk, VA 23518
5th Bay Apartments · Multifamily Property For Sale · 28 Units

Marcus & Millichap is pleased to present the exclusive offering memorandum for 5th Bay Apartments located in the Oceanview neighborhood of Norfolk, VA. The Subject Property consists of 28 market-rate units built in 1972, and situated on .67 Acres. 5th Bay Apartments borders E Ocean View Avenue; a prominent traffic artery through the Ocean View strand, and a dominant route connecting Norfolk to Virginia Beach. 9545-9551 5th Bay Avenue consists of (8) one-bedroom, one bathroom units and (20) two-bedroom, one-bathroom flats. Located along the beach front, the Subject Property offers an array of ample maritime activities, outdoor attractions, and a charming waterfront community. Due to a shortage in larger housing for rent and a convenient location near primary roadways, major military installations, and Downtown Norfolk, this unit mix caters well to the demographic composition of the sub-market. The Norfolk Premium Outlets is located 6 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. The Norfolk Premium Outlets, a 332,000 sq. ft outlet mall located 6 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. Norfolk’s oceanfront, a huge tenant driver to the area, recently completed, “The Nourishment Plan” which expanded and heightened the beach along Willoughby Spit. Current re-positioning initiatives along the Chesapeake Bay beaches include redevelopment of thirty-four residences and a new 11-acre park, Bay Oaks Park, along the 3rd-7th Bay Street neighborhood in East Ocean View. Internationally owned brand, Ikea Furniture Store, 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.