The Albemarle at 1 E. Plume

The CBRE Southern Virginia Multifamily Team is pleased to present an exclusive investment opportunity, The Albemarle at One East Plume, a 7-unit mixed-use property located in the heart of Norfolk, Virginia.​

This historic building constructed in 1905 on the corner of Granby and Plume Street was originally a hotel and converted to an office building in the 1980’s.​ The building was recently converted to apartments using historic tax credits, preserving, and restoring the historically significant brick exterior façade.​

The first floor has been occupied by a national retail tenant, Jimmy John’s, and the second and third floors converted to elegantly appointed boutique apartments in 2022.​ This is a rare opportunity for investors to purchase one of the most premier and recognizable buildings in Norfolk.​

Located in the heart of downtown Norfolk, tenants are given the opportunity to be fully immersed in the Live-Work-Play city lifestyle.​ Residents are steps away from all Downtown restaurants, retailers, MacArthur Mall, the Waterside District, the Historic Freemason neighborhood with cobblestone lined streets and historic homes, the WWII Battleship Wisconsin, and the Norfolk Cruise terminal and picturesque waterfront.​

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  Day 1 Cash Return | 100% occupied

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  Attractive assumable debt — 10 years remaining | 3 years interest only | 5.55% interest rate

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  6 residential units (all 2 beds) beautifully built out in 2022

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  NNN National credit franchisee ground floor tenant Jimmy John’s — in the space since 2009 and renewed lease through 2029

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  Currently, ownership is investing $187,000 in the property by replacing the elevator system.