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9619 Cape View Avenue

Multifamily | 6 Units | $166,667/unit

Listing Contacts

Active

Asking Price: $700,000
Earnest Money  Deposit: 1.5% min.
Address 

9619 Cape View Ave, Norfolk, VA 23503

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Date Added
Jan 28, 2025
Days on Market
85 days
Time Since Last Update
84 days

Details

Property TypeMultifamily
SubtypeApartment Building
Net Rentable (sq ft)3,500
Price/Sq Ft$200
Cap Rate6.30%
Pro-Forma Cap Rate7.49%
NOI$44,104
Pro-Forma NOI$52,415
Units6
Year Built1962
Buildings1
Stories2
Lot Size (acres)0.25
Price/Unit$166,667
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Marketing Description

Marcus & Millichap is pleased to present the commercial property for sale exclusively at 9619 Cape View Avenue in Norfolk, Virginia.​ Featuring a total of six well-designed units, the multifamily property offers a mix of one- and two-bedroom floor plans providing diverse rental options to attract a wide tenant base.​ Strategically located within 10 minutes of Eastern Virginia Medical School (EVMS) and Sentara Norfolk General Hospital, this property benefits from its proximity to major employment hubs, including the Norfolk Naval Shipyard, Downtown Norfolk, and the vibrant Waterside District.​ Easy access to I-64, I-264, and the Hampton Roads Bridge Tunnel (HRBT) ensures excellent connectivity to Norfolk’s popular commercial centers, retail areas, and leisure destinations.​

Norfolk boasts a rich array of recreational and cultural attractions, including the Chrysler Museum of Art, Nauticus Maritime Museum, USS Wisconsin battleship, Norfolk Botanical Garden, Virginia Zoo, and numerous parks and waterfront areas for outdoor activities.​ Recent development projects have greatly enhanced Norfolk's attractiveness as a place to live and work.​ The transformation of the Waterside District has revitalized the downtown waterfront with new retail, dining, entertainment, and public spaces.​ Additionally, the expansion and modernization of the Norfolk International Terminal (NIT) have bolstered Norfolk's status as a premier maritime and logistics hub on the East Coast by increasing cargo capacity and operational efficiency.​

Investment Highlights

🏠 6 units featuring a mix of 1- & 2-bedroom layouts

🌊 Only 1.5 blocks from the beach

🛠️ Modern updates in each unit

🚗 Conveniently located near EVMS, Sentara Norfolk Hospital & major highways

📍 Prime location in Norfolk, VA

Valuation Calculator

Valuation Calculator

Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$44,104.00
$3,675.33/mo

Valuation Metrics

0
DSCR
6.3%
Cap Rate
6.3%
ROI

Due Diligence

Due diligence information will be provided.
Please reach out to the listing contacts for details.

Contact

Listing Contacts


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