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29958323
29958322

831 W Ocean View Ave, Norfolk, VA 23503

CP
VA 0225248295
Inlet Realty
Listed by Inlet Realty
$2,550,000
547 days on market
Updated 99 days ago

831 Ocean View

Details
APN 1531382448
Property Type Multifamily
Sub Type Apartment Building
Units 16
Cap Rate 6.16%
NOI $157,161
Occupancy 100%
Pro-Forma Cap Rate 7.36%
Pro-Forma NOI $187,737
Class B
Year Built 1965
Stories 2
Acreage 0.590
Zoning R-12
Ownership Simple

Multifamily | 16 Units | $159,375/unit

Marketing description

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.

Investment highlights

  • Great location near beach

  • Washer and Dryer in units

  • Large parking lot

Listing Contacts

CP
VA 0225248295
Inlet Realty
Listed by Inlet Realty

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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$157,161.00
$13,096.75/mo

Valuation Metrics

0
DSCR
6.16%
Cap Rate
6.16%
ROI

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Additional Information

Name
Christian Phillips
License
0225248295
Brokerage Phone
757-675-5164
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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